A 13-unit multifamily building located at 2842 W Fletcher St in Avondale, Chicago has recently been sold. The property, marketed by Doug Imber and Kate Varde of Essex Realty Group, Inc., was sold for a closing price of $2,175,000. This transaction reflects a 5.4% cap rate and a GRM of 11.2. The unit mix consists of one- and two-bedroom apartments, with the majority of them being in vintage condition. The average rent for the one-bedroom apartments was approximately $1,100. Similar properties in the area are achieving rents between $1,400 and $1,500. Several of the one-bedroom units have the potential to be converted into two-bedroom units, which would further enhance the income.

Summary of transation details

• Property Type: Multifamily
• Transaction Amount: $2,175,000
• Units: 13
• Price Per Unit: $167,308
• Square Feet: 9,220
• Price Per Square Foot: $236
• Address: 2842 W Fletcher St, Avondale, Chicago
• BROKERS: Doug Imber & Kate Varde - Essex Realty Group, Inc.

According to Doug Imber, the Avondale neighborhood has become one of the new, compelling submarkets, making the property attractive to investors. The neighborhood has seen the development of new restaurants and improved housing options, and its proximity to Logan Square adds to its desirability.

Please contact Essex Realty Group, Inc. with any questions regarding this sale.