SOLD
Adi Hileli Acquires Mixed-use Property In Chicago For $2.1M
5755-57 West Fullerton Avenue
Mixed-use
2,700 SF
2,700 SF
Sold 1 year ago
Summary
Sale
ILLINOIS
Mixed-use
2,700 sqft
5755-57 W Fullerton Ave is a mixed-use property located in the Belmont Craigin neighborhood of Chicago. The concrete and steel elevator building was built by the owner's father in the late 60s and offers a range of retail spaces, apartments, and parking spots. The property consists of 4 retail spaces, with 2 currently occupied, 23 apartments (including studios and 1 bedrooms) all occupied, a penthouse unit suitable for office or retail use, and 9 indoor parking spots. This off-market transaction was a private sale.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $2,100,000
- Market: Chicago
- Units: 28
- Price Per Unit: $75,000
The previous owner of 5755-57 W Fullerton Ave is Barron Harmon, a prominent real estate attorney in Chicago. The property was sold to Adi Hileli, represented by Sperry Van Ness. The buyer plans to invest in the units to improve the property, increase below-market rents, and explore renting out the parking spaces.
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Agents
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Details
SOLD
IMAGE: Richard A Smith Soto
DATE: 04/30/2021
ADDRESS: 5755-57 W Fullerton Ave
MARKET: Chicago
ASSET TYPE: Mixed-use
BUYER: Adi Hileli
SELLER: Barron Harmon
BUYER's REP: Sperry Van Ness
SELLER's REP: BROKER: Richard A Smith Soto
SALE PRICE: $2,100,000
UNITS: 28 ~ PPU: $75,000
NOTE: 5755-57 W Fullerton is a concrete and steel elevator building in the Belmont Craigin neighborhood, which is about 8 miles west from Lincoln Park, bordering Lake Michigan. The building was built by the owner’s father in the late 60’s and consists of 4 retail spaces (2 occupied), 23 apartments (studios and 1 bedrooms all occupied), one penthouse unit for office or retail application, and 9 indoor parking spots. This was an off market, private transaction.
The previous owner is a prominent real estate attorney in Chicago. The property was sold to a group with various assets and holdings in the surrounding neighborhoods. They will seek to improve the property by investing in the units and increasing long time below market rents and renting the parking spaces for example.View on map
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Address5755-57 West Fullerton Avenue
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