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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.”
- ◦Sale/Acquisition
