SOLD
Aaron Sklar, Noah Birk & Dan Gonzalez Acquire Multifamily Property In Chicago For $2.4M
1846 South Loomis Street
MultiFamily
18,324 SF
18,324 SF
Sold 28 days ago
Summary
Sale
ILLINOIS
MultiFamily
18,324 sqft
1846 South Loomis Street is an 18,000 square foot multifamily property located in Chicago's Pilsen neighborhood. The property comprises sixteen fully leased units and was sold for $2,425,000, equating to approximately $151,563 per unit. The building features large-sized units that were renovated twenty years ago from a cold storage facility, including upgraded kitchens, bathrooms, separate HVAC systems, and laundry hookups.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $2,425,000
- Units: 16
- Price Per Unit: $151,563
- Square Footage: 18,324
- Price Per Square Foot: $132
- Address: 1846 South Loomis Street, Chicago
- Market: Chicago
The sale of 1846 South Loomis Street was facilitated by the brokerage team of Greenstone Partners, with Jason St. John and Jordan Multack representing both the seller, a Chicago-based private investor, and the buyer, a private local investment group. Greenstone Partners executed an exclusive marketing strategy that garnered significant interest, leading to over 20 property tours and multiple competing offers.
Players
All
3
Agents
2
Agencies
1
Details
SOLD
IMAGE: Jordan Multack & Jason St. John
DATE: 03/29/2024
ADDRESS: 1846 South Loomis Street
MARKET: Chicago
ASSET TYPE: Multifamily
BUYER: Aaron Sklar, Noah Birk & Dan Gonzalez
BROKERS: Jason St. John (@JasonStJohn) & Jordan Multack (@Tackness) - Greenstone Partners (@GreenstonePartners)
SALE PRICE: $2,425,000
UNITS: 16 ~ PPU: $151,563
SF: 18,324 ~ PPSF: $132
NOTE FROM BROKERS: Greenstone Partners successfully sold 1846 South Loomis, an 18,000 square foot value-add building in Chicago's highly sought-after Pilsen neighborhood. The fully leased sixteen-unit property closed at $2,425,000, or just over $150,000 per unit.
Buyers were drawn to the investment due to the large-sized units that had been thoughtfully renovated twenty years ago from an early 1900s cold storage facility. Renovations included new kitchens, bathrooms, separated HVAC, and laundry hookups. Furthermore, the property could mark rents to market with an ability to immediately push rental rates by 20% and boost parking rents. The property is centrally located in Pilsen, one-half a block south of the 18th Street corridor, close to numerous restaurants, retail, and transportation. Its prime location makes it easily accessible to the CTA 18th Street Pink Line stop and various bus lines.
Greenstone Partners’ Jason St. John and Jordan Multack exclusively represented the seller, a Chicago-based private investor, and procured the buyer, a private local investment group. Greenstone Partners’ exclusive marketing process yielded more than 20 property tours and multiple offers.View on map
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Address1846 South Loomis Street
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