3727 N Magnolia

 

Dear Mr. Killinger,

I greatly appreciate the opportunity to consult with you on your property at 3737 N Magnolia, Chicago. Below you will find a detailed property and market analysis that you can use to help you evaluate your next steps.  

The market for 2-4 unit buildings on the north side of Chicago is currently very exciting. With far more buyers than sellers entering the market over the past 24 months, momentum remains in favor of Sellers in most cases. Pricing continues to be robust and pushing new highs in many areas throughout the north side of Chicago, especially in neighborhoods with excellent access to public transportation.

3737 N Magnolia is a fairly typical 3-unit greystone building for the area.  In terms of establishing an ideal list price, this is good as we know the data is not very subjective. 

I hope you find this report informative and comprehensive and that it demonstrates my commitment to working diligently on your behalf to maximize your sale price when you sell.  If you have questions/concerns, I will be happy to review with you. Note, for a more accurate assessment of value, I will need to tour the property first hand. 

To your success,

Brent Hall
773-727-2381


3737 N. Magnolia Ave.

Unit 1: 7 rooms / 3 beds / 1 bath - $1,950
Unit 2: 7 rooms / 3 beds / 1 bath - $1,950
Unit 3: 7 rooms / 3 beds / 1 bath - $1,950
Basement: Full, unfinished. Storage & laundry.
Laundry: $TBD
Lot size: 30 x 125 (approx)
Zoned RT-3.5

Pricing summary:
The comparable sales listed below closed within the last 12 months and are located within 1.5 miles of the subject property. Historically, these multifamily buildings have tended to trade on income multiples (i.e. 10 x gross income for instance), but these buildings are also favored by owner-occupy buyers due to the location within the Blaine School District and central north side location. 

Based on what I know about 851 W. Addison, it appears the fair market value is in the $800,000 (+/-) range. If you decide to test the market in 2015, we can discuss a strategic listing price that will appeal to the broader market without leaving money on the table.

Elizabeth Smith

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William Torres

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