25-Unit Multifamily Property Sold In Chicago For $2.98M With Brokers Jack Stanton & Kyle Stengle

The transaction involved a 25-unit multifamily apartment property located at 2253 West 111th Street in Chicago. The sale was completed for a total of $2,983,500, translating to $119,340 per unit. The property encompasses a total area of 31,185 square feet, with a price per square foot calculated at $96 and is situated on 0.35 acres of land.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $2,983,500
• Units: 25
• Price Per Unit: $119,340
• Square Footage: 31,185
• Price Per Square Foot: $96
• Address: 2253 West 111th Street
• Market: Chicago
• Acres: 0.35

The transaction was facilitated by brokers Jack Stanton and Kyle Stengle from Marcus & Millichap. The buyer recognized the opportunity to convert two-bedroom units into three-bedroom units, aiming to increase the property's appeal in the developing Morgan Park neighborhood.