Chicago Multifamily Property Sells for $1.11 Million
1222 West Fletcher Street, Chicago, IL 60657, USA sells for $1.11 million at $356 per square foot.
A Chicago-based multifamily property located at 1222 West Fletcher Street has sold for 1.11 million, according to public records. The sale price equates to 356 per square foot for the 3,125 square foot property. The deal was brokered by Julia Stoner, Roman Serra, and Anish Sheth.
The property is located in the Lakeview neighborhood of Chicago, which is known for its vibrant nightlife and proximity to Wrigley Field, home of the Chicago Cubs. The property is a three-story walk-up with six units, each with one bedroom and one bathroom. The building was constructed in 1920 and has been well-maintained over the years.
The buyer of the property is a local real estate investor who plans to hold the property as a long-term investment. The seller is a private individual who had owned the property for several years. The sale was financed with a conventional mortgage from a local lender.
According to data from CoStar, the multifamily market in Chicago has remained strong despite the challenges posed by the COVID-19 pandemic. The average rent for a one-bedroom apartment in Lakeview is 1,500 per month, which is slightly higher than the citywide average of 1,400 per month. The vacancy rate for multifamily properties in Lakeview is currently 4.5%, which is lower than the citywide average of 5.1%.
The brokers involved in the deal noted that the property’s location and strong rental demand were key factors in attracting interest from potential buyers. They also noted that the property’s well-maintained condition and attractive unit mix made it an appealing investment opportunity.
Overall, the sale of 1222 West Fletcher Street is a testament to the strength of the multifamily market in Chicago and the continued demand for well-located, well-maintained properties in desirable neighborhoods.