Bronzeville Condo Deconversion Sold For $1.2M By ROC Advisory Group

The property involved in this transaction is a condo deconversion located at 4516 S Vincennes Ave in Bronzeville, Chicago. The property consists of 8 units with a total square footage of 15,170. The asking price for the property was $1,275,000, and it was ultimately sold for $1,191,275. This translates to a price per unit of $148,909 and a price per square foot of $79.

Summary of transation details

• Property Type: Condo Deconversion
• Transaction Amount: $1,191,275
• Units: 8
• Price per Unit: $148,909
• Square Footage: 15,170
• Price per Square Foot: $79

In this transaction, the seller was the 4516 S Vincennes Ave Homeowners Association. Representing the association board and the homeowners in the sale was Kevin "K-Roc" Rocio of ROC Advisory Group Properties Commercial. K-Roc marketed all 8 units to be sold as a whole, allowing the buyer to deconvert the association and operate the property as an apartment building. The property was ultimately purchased by a Local MultiFamily Investor for $1,191,275.

The neighborhood of Bronzeville, where 4516 S Vincennes Ave is located, has experienced a resurgence of economic growth. The area has seen the development of new retail spaces and single-family homes priced above $650,000. It is predominantly occupied by the black middle class, college-educated professionals, providing easy access to downtown Chicago as well as recreational and cultural amenities.