Edgewater Church-to-Residential Conversion: Triton Realty Group Brokers $2.48M Sale of 32-Unit Adaptive Reuse Opportunity
Edgewater Church-to-Residential Conversion: Triton Realty Group Brokers $2.48M Sale of 32-Unit Adaptive Reuse Opportunity
Sale at a Glance
In September 2026, Triton Realty Group’s Matthew Fritzshall, Harrison Cohen, and Nicole Linares orchestrated the $2,475,000 sale of 1232-1246 W. Thorndale Ave. & 5938-5950 N. Magnolia Ave., a rare by-right church-to-residential conversion in Chicago’s Edgewater Glen. This historic campus, steps from the Thorndale CTA Red Line and Lake Michigan, offers an unparalleled opportunity to transform an early-20th-century church into a 32-unit boutique multifamily property. The transaction sets a benchmark for adaptive reuse in one of Chicago’s most resilient and desirable neighborhoods.
Sale Details
A transformative deal in Edgewater Glen, this sale highlights the potential of historic preservation and forward-thinking development.
Brokerage Team: Triton Realty Group – Matthew Fritzshall, Harrison Cohen, & Nicole Linares
Closed Date: September 24, 2026
Sale Price: $2,475,000
Address: 1232-1246 W. Thorndale Ave. & 5938-5950 N. Magnolia Ave., Chicago, IL 60660
Asset Type: By-right adaptive reuse; church campus to 32-unit multifamily
Neighborhood: Edgewater, Chicago
Property Highlights
This church campus conversion opportunity merges architectural grandeur with modern urban living.
Historic 43,545 GSF Masonry Complex: Multi-level campus with structural basement and detached parsonage, preserving the irreplaceable early-20th-century brick exterior.
Architectural Distinction: Vaulted sanctuary volumes, exposed heavy timber ceilings, lofted spaces, and private patios deliver unmatched character.
Designed for Flexibility: Kennedy Mann Architecture’s near-complete permit set and adaptable MEP/structural plans allow new ownership to tailor the final product.
Shovel-Ready Demo: Interior demolition permit secured and executed, enabling immediate mobilization for redevelopment.
Immediate Income: Generates $10,700/month from existing tenants, with an additional $3,500/month possible from leasing the vacant parsonage.
Key Investment Features
This Edgewater Glen property offers a powerful fusion of financial upside and architectural uniqueness.
32-Unit Engineered Mix: Studios, junior one-bedrooms, one-bedrooms with dens, and large two- and three-bedroom layouts (593–1,852 SF).
Premium Rents: Average projected rent of $2,825 per unit ($3.00/SF), driven by design and location.
Strong Yield: Stabilized net operating income projected in the high-$700,000s; 7.64% anticipated return on cost.
Transit-Oriented Corner Site: Steps from the Thorndale CTA Red Line, Broadway retail, and Lake Michigan beaches.
By-Right Zoning: Fully aligns with 48th Ward policy—no variances or special approvals required, minimizing entitlement risk.
Mitigated Pre-Development Risk: With permits and demo work completed, investors can bypass entitlement delays and focus on construction and lease-up.
Market Strategy and Positioning
The marketing campaign for this Edgewater Glen conversion opportunity was meticulously crafted to speak to visionaries in urban residential development. By foregrounding the property’s by-right status and highlighting its blend of historic preservation with modern multifamily demand, the brokers positioned the asset as a rare, shovel-ready opportunity in a supply-constrained market. The offering’s immediate income, architectural distinction, and transit-oriented location were leveraged to attract a competitive pool of buyers who recognize the long-term value in reimagining iconic urban spaces. Triton Realty Group’s expertise in adaptive reuse and deep market knowledge ensured the asset’s true potential was realized, achieving a result that sets a new standard for Chicago conversions.
Frequently Asked Questions (FAQs)
This Edgewater Glen case is a showcase for adaptive reuse potential and strong investment fundamentals.
Q: What makes this property stand out among Edgewater multifamily opportunities? A: The property is a historic church campus with irreplaceable architectural character, offering a by-right, ready-to-convert 32-unit multifamily project just steps from the Red Line and the lake.
Q: Are there risks associated with the conversion? A: Major pre-development risks have been mitigated—permits are in place, demolition is complete, and the project aligns with existing zoning, allowing for immediate vertical development.
Q: What is the projected financial performance after conversion? A: The property is expected to achieve a stabilized net operating income in the high-$700,000s, with a projected 7.64% return on cost and average rents of $2,825 per month.
Q: Can an investor customize the final unit mix or design? A: Yes, the permit set is nearly complete but leaves room for a new owner to adapt MEP/structural plans with their own consultants.
Q: Is there any income during the redevelopment phase? A: The property currently generates $10,700 per month from tenants, with potential to lease the parsonage for an additional $3,500, providing valuable carry income during construction preparation.
Want to achieve results like this?
Contact Harrison Cohen, SVP & Principal, at harrison@tritonrealtygroup.com or (847) 624-6639 to awaken hidden value in your Chicago property portfolio.
