5 Notable Chicago Multifamily Sales in Feb 2014

February 2014, a month when the spring market in Chicago should have been getting into high gear, was slow.  Compared to previous years, very few new listings hit the market so pent up buyer demand persists.  Here are 5 notable sales that closed in Feb 2014. (Contract dates are typically 30-60 days prior to close dates.)

#1
2765 W Francis Place
2 units // Bank-owned // Sale price: $281,000
 

One of the few properties that was listed and sold in the same month.  This property reflected a great value-add opportunity in a solid, yet still up and coming location.  The proximity to all that is good about Logan Square and easy access to public transportation (Blue line & expressway) make this buy a no-brainer.  

(click on the images to enlarge)

 

#2
1618 W Lemoyne Street
4 units // Sold pre-market // Sale price: $440,000

Not much is known about this property other than the location (Bucktown) and the number of units (4).  Looking at the satellite picture, this looks like a 3 flat with a coach house.  At $110,000 per unit, this is a great deal for the buyer despite the fact that the 1600 block of LeMoyne is not the most desirable street in the neighborhood.  

 

#3
3342 N Sheffield Avenue
3 units // Sold pre-market // Sale price: $650,000

I know nothing about this property other than the location (Lakeview) -check, lot size (25 x 125) -check and the zoning (b3-2) -check.  This is a great redevelopment play.  Look for condos here soon.

 

#4
2310-12 W Palmer Street
3 units + side lot // Sale price: $871,000

Ok, this one is a little more interesting.  It hit the market for $800K and sold for cash within a day or so.  The lot is 48' x 100' (zoned RT-4).  Single 25 x 100 RT-4 lots in this NW Bucktown neighborhood were selling in the high $300's to low $400's in 2013.  This property was purchased by a developer.  The brick 3 flat has a window well that jets out on to a small portion of the vacant parcel that limits the optimal development potential for the site unless you tear the 3 flat down.  If you demo the building, the zoning allows for 5 condos or 2 single family homes.  Unfortunately for the preservationists out there, demoing the building might be the best option to maximize the site.  We'll see what this builder has planned soon enough.

 

#5
660 W Melrose Street
2 units // Tear-down site // Sale price: $950,000

This property was on the market for years.  I can remember talking with the owner just as we were going into the market crash that started in late 2006 and thinking they'll never get their asking price.  Well, they never did (ask was $1,150,000).  They ended up selling for a reasonable market price of $950,000. That's still not cheap considering you can only build 4 condos here (or a single family home) and there is no alley so the garage will take away from the usable finished space.  Total sell out for the condos should be in the range of $2.8M+ but it will also be an expensive build.  Anyway, I'm glad to see the property finally sold. 

 

Brent Hall is a Broker Associate with Jameson Sotheby's International Realty, Chicago. Contact Brent Hall to discuss buying and selling real estate in Chicago.


Photo credit: sheila scarborough