Multifamily N Illinois

SVN brokers East Village multifamily sale for $1.3M

SVN brokers East Village multifamily sale for 1.3M,ph1

A four-unit multifamily building which featured recent gut renovation sold at 1761 W. Augusta Boulevard in Chicago’s East Village neighborhood. SVN Chicago Commercial’s Cawthon-Labriola Group advisors Paul Cawthon and Angelo Labriola were the sole brokers in the transaction. After receiving multiple offers, the property went under contract within days of releasing it to the market. The asset sold for $1,300,000.

The property highlights included two full-floor units, modern interiors, three of the four units include in-unit washer and dryer, private rear decks and tall ceiling heights. The first-floor unit was converted from a former bar space to a residential unit and features soaring 14-foot ceilings. The building also had a detached three-car brick garage and a full basement.

“The property had an attractive cap rate for a newer renovated building in a highly sought-after neighborhood of Chicago. The condition of the asset, the upside in rents and the location of the property appealed to the buyer’s investment criteria,” Cawthon said.