Kevin Metz Purchases Multifamily Building From Ken & Michael Motew For $1.575M In Chicago

The property asset involved in the transaction is a multifamily building located at 738 North May Street in Chicago. It was sold for a price of $1,575,000 and consists of 3,400 square feet. The building features a total of 6 units, with an average price per unit of $262,500 and a price per square foot of $463. The asset includes 2 parking spots and a mix of 5 two-bedroom, one-bath units, and 1 one-bedroom, one-bath unit.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $1,575,000
• Address: 738 North May Street
• Market: Chicago
• Units: 6
• Parking Spots: 2
• Size (SF): 3,400
• Price per Unit (PPU): $262,500
• Price per Square Foot (PPSF): $463
• Buyer: Kevin Metz
• Seller: Ken & Michael Motew
• Buyer's Representative: Brian Semel & Connor Loughlin - 95 Realty
• Seller's Representative: Giancarlo Iannotta - Mo2 Properties

The transaction was executed off-market, which presents the new owner with opportunities to maximize rental income through cosmetic updates and the addition of in-unit laundry facilities. The asset is conveniently located close to downtown Chicago, with easy access to restaurants and nightlife along Chicago and Milwaukee Avenues, as well as being just two blocks from the CTA Blue Line. The area is also near Wicker Park, West Town, and River North, making it an attractive investment for tenants.