The multifamily property located at 348 West 74th Street in Chicago was sold for $1,325,000. The asset spans 29,000 square feet, offering a total of 38 units at an average price per unit of $34,868. With a price per square foot of $46, the property represents a significant investment opportunity in Chicago's Gresham neighborhood.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $1,325,000
• Address: 348 West 74th Street
• Market: Chicago
• Units: 38
• Square Footage: 29,000
• Buyer: Jonathan Kranzler
• Buyer's Representative: Lucas Fryman - Interra Realty
• Buyer's Note: The buyer was attracted to the property due to its low basis and existing vacancy, enabling the implementation of a proven value-add strategy.

Lucas Fryman of Interra Realty, LLC represented Jonathan Kranzler in the transaction, which closed in a swift 35 calendar days. The sale presented an opportunity for the buyer to leverage their experience as owners and operators of similar assets over the past 9 years, further enhancing the property's value through their established strategies.