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Chicago & Midwest  + North Side  + Apartments  | 

Ravenswood Multifamily Property Trades Above Asking Price

Kiser Group’s Lee Kiser, Andy Friedman and Jake Parker recently brokered a $9.72-million transaction at 5017 N Wolcott Ave. in Chicago’s Ravenswood neighborhood, selling at $220,000 above listing price.  

The property comprises 44 units, including one-bedroom and studio apartments. Approximately 25% of the total units have been renovated.  

“The buyer owns additional properties in Ravenswood and was looking to add to his portfolio,” said Parker. “This building accomplishes that goal and also provides the opportunity to renovate the remaining 75% of units to subsequently increase rents.” 

The Ravenswood property includes 10 parking spaces, a fitness room, and a laundry facility to provide additional income.   

“High quality properties in Ravenswood such as 5017 N Wolcott don’t trade very frequently- and when they do, they don’t last long,” said Friedman. “This one was under contract a few days after first tours and was fully non-contingent shortly after.” 

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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