Chicago Multifamily Property Sells for $1.11 Million at $364 per Square Foot
1248 West Altgeld Street in Chicago, Illinois, a multifamily property, has been sold for $1.11 million at $364 per square foot.
Chicago’s multifamily market continues to be a hotbed of activity, with the recent sale of 1248 West Altgeld Street for 1.11 million at 364 per square foot. The property, located in the Lincoln Park neighborhood, features 3,049 square feet of living space and is comprised of three units. The sale was facilitated by a team of brokers from Chicago-based firm, Gerbrecht, Weisman, Borden, and Lowe.
The buyer of the property was not disclosed, but the seller was listed as a private individual. The property was on the market for just over two months before it was sold in early June of 2022. The sale price of 1.11 million represents a 4.7% premium over the property's assessed value of 1.06 million.
The sale of 1248 West Altgeld Street is indicative of the strong demand for multifamily properties in Chicago, particularly in the Lincoln Park neighborhood. The area is known for its high-end properties and proximity to downtown Chicago, making it a desirable location for both renters and investors.
The brokers involved in the sale, Arno Gerbrecht, Stephanie Weisman, Janet Borden, and Jeffrey “Jeff” Lowe, are all seasoned professionals with extensive experience in the Chicago real estate market. Gerbrecht and Weisman specialize in multifamily properties, while Borden and Lowe have expertise in commercial and residential real estate.
Overall, the sale of 1248 West Altgeld Street is a testament to the strength of Chicago’s multifamily market and the expertise of the brokers who facilitated the transaction. With demand for multifamily properties in the city remaining high, it is likely that we will continue to see strong sales activity in the coming months.