Chicago Multifamily Success: 3036-44 N. Lockwood / 5302 W. Nelson Sells for $1.38M—A Story of Legacy and Opportunity

Sale at a Glance

A quintessential 12-unit multifamily at the prime corner of N. Lockwood and W. Nelson in Chicago’s Belmont Cragin has changed hands for $1.38 million on July 17, 2025. Represented by Triton Realty Group’s Matthew Fritzshall and Harrison Cohen, the sale showcases the enduring appeal of classic Chicago apartments rich with value-add potential. This 9,162-square-foot property stood out not just for its pedigree and location, but for a story that unfolded on the sidewalk outside—a moment where human connection met investment insight.

Sale Details

This multifamily transaction underscores the strength of Chicago’s mid-market investment sector and the power of authentic, on-the-ground brokerage.

• Sale Price: $1,380,000 

• Date Closed: July 17, 2025 

• Represented By: Triton Realty Group, Matthew Fritzshall and Harrison Cohen 

• Asset Type: 12-unit multifamily apartment building 

• Square Footage: 9,162 SF 

• Year Built: 1930 

• Location: Corner of N. Lockwood & W. Nelson, Belmont Cragin, Chicago

Property Highlights

This property’s solid bones and corner presence provide a canvas for investment creativity and long-term security.

• Corner Building: Maximizes street exposure and natural light, increasing tenant appeal

• Diverse Unit Mix: Suits singles, couples, and families, supporting stable occupancy

• Classic Architecture: 1930s construction with vintage charm and durability

• Strategic Location: Sits at a key intersection just blocks from neighborhood amenities

Key Investment Features

With promising value-add upside and a proven track record, the property invites both vision and ambition.

• Value-Add Upside: Opportunity to update interiors and boost rental income

• Consistent Occupancy: Historically strong rent rolls reflect market demand

• Neighborhood Momentum: Belmont Cragin’s ongoing revitalization signals future appreciation

• Flexible Layouts: Units can be tailored to evolving renter demographics

Market Strategy and Positioning

This deal was born not just from market analytics, but from genuine presence and intuition. After touring another nearby building, Harrison Cohen noticed sheriff’s deputies outside this property—an unusual sight that pointed to a possible eviction or building issue. Driven by curiosity and experience, he approached and found the owner’s son and broker Lester outside. That conversation unveiled a backstory of a father’s legacy and a son ready to sell after personal loss. Recognizing both the emotional nuance and the market opportunity, Triton Realty Group tailored their approach—honoring the family’s journey while crafting a compelling investment narrative for buyers. Their hands-on, empathetic strategy ensured maximum visibility and a strong sale in a competitive environment.

Frequently Asked Questions (FAQs)

The story behind this sale sets it apart in Chicago’s dynamic multifamily market. Here’s what investors often ask:

Q. What inspired the sale of this property?

A. The owner’s passing prompted his son to evaluate options, ultimately deciding to sell after a heartfelt, chance meeting with the Triton team.

Q. How did the deal originate?Harrison Cohen’s local prospecting and quick intuition—sparked by seeing sheriff’s deputies—led to an impromptu introduction with the seller’s family.

Q. What makes this asset a compelling investment?

A. The building offers a rare blend of classic architecture, flexible layouts, and untapped value-add potential at a prime corner location.

Q. Did the property have any challenges at time of sale?

A. The building’s legacy ownership and familial circumstances required a sensitive, tailored marketing approach to bridge transition and value.

Q. How did Triton Realty Group maximize the result?

A. By blending neighborhood expertise with authentic relationship-building, Triton connected with the seller’s story and brought the right buyer to the table.

Want to achieve results like this?

Contact Triton Realty Group, Matthew Fritzshall or Harrison Cohen to discuss your property goals in Chicago.