Christian Arai Of CRER Represents Buyer In Chicago Multifamily Sale At $1.575M

Multifamily building located at 2056 West Summerdale Avenue in the Chicago market has been sold. The transaction for the vintage 7-unit property closed at a price of $1,575,000. The building encompasses 9,375 square feet and is priced at $225,000 per unit, reflecting a price per square foot of $168.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $1,575,000
• Units: 7
• Square Footage: 9,375
• Price Per Unit: $225,000
• Price Per Square Foot: $168
• Buyer's Representative: Christian Arai - CRER (Chicago Real Estate Resources)
• Seller's Representative: Ted Kuhlmann - Compass

This transaction marks the change of ownership after decades of long-term ownership. The property presents value-add potential with unused square footage, allowing the new ownership to consider reconfiguring layouts and enhancing the building. The Bowmanville neighborhood location is advantageous for future ownership to pursue long-term value initiatives.