Cedar Street Sells 40-Unit Multifamily Property In Chicago For $8.175 Million

The Synagogue is a 40-unit multifamily property located at 5029 North Kenmore Avenue in Chicago. Originally built as a temple in 1922, the building underwent conversion into luxury apartments in 2019. The sale price for the property was $8,175,000, translating to a price per unit of $204,375. This investment opportunity displayed a strong in-place cap rate appealing to local private investors.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $8,175,000
• Units: 40
• Price Per Unit: $204,375
• Seller: Cedar Street
• Market: Chicago
• Brokers: Jon Morgan & Michael Duckler - Interra Realty

Jon Morgan and Michael Duckler from Interra Realty facilitated the transaction for the multifamily property, highlighting their role in successfully brokering this deal within Chicago's Uptown neighborhood.