6-Unit Multifamily Gem Sold in Uptown Chicago: 1347 W Carmen Ave Closes at $1.34M
6-Unit Multifamily Gem Sold in Uptown Chicago: 1347 W Carmen Ave Closes at $1.34M
Sale at a Glance
In the heart of Uptown, Chicago, 1347 West Carmen Avenue—a classic six-unit multifamily—sold for $1,336,610 on May 1, 2020. Triton Realty Group’s Matthew Fritzshall represented the seller, delivering a smooth transaction for an existing client and achieving a standout result amid competitive market conditions. This sale exemplifies strategic brokerage and the enduring appeal of boutique multifamily assets in Uptown’s vibrant landscape.
Sale Details
A prime Uptown multifamily asset changed hands with notable efficiency and expertise.
Sale Price: $1,336,610
Closing Date: May 1, 2020
Broker: Matthew Fritzshall, Triton Realty Group
Buyer Profile: Existing client, underscoring repeat confidence in Uptown’s rental market
Asset Class: Multifamily (6 units)
Neighborhood: Uptown, Chicago
Property Highlights
This classic Chicago brick building is a testament to the neighborhood’s historic charm and strong rental demand.
Unit Mix: Six total residential units
Architecture: Vintage brick construction with period details
Location: Steps from bustling Broadway Avenue, public transit, and the best of Uptown’s dining and entertainment
Walkability: Highly walkable address in a sought-after tree-lined enclave
Key Investment Features
The value of 1347 W Carmen Ave lies in its blend of stability, upside, and location.
Proven Cash Flow: Fully leased at time of sale, providing immediate income
Value-Add Potential: Classic floorplans offer opportunity for future upgrades and rent growth
Strong Demographics: Uptown’s tenant base drives consistent demand for well-located multifamily
Transit-Oriented: Easy access to Red Line CTA and major bus routes enhances tenant appeal
Market Strategy and Positioning
Triton Realty Group leveraged its deep Uptown expertise and strong client relationships to position this boutique asset for maximum exposure. The team targeted investors seeking stability and long-term growth, highlighting the property’s proven performance and future upside. Despite the uncertainties of early 2020, the sale closed seamlessly, reflecting confidence in both the asset class and the Uptown submarket.
Frequently Asked Questions (FAQs)
This transaction captured the essence of Uptown’s dynamic rental market and the proven performance of boutique multifamily assets.
Why is Uptown a strong market for multifamily investment? Uptown combines a diverse tenant base, excellent transit, and vibrant retail, driving steady rental demand.
What sets 1347 W Carmen Ave apart from other buildings in the area? Its classic architecture, six-unit size, and walkable location create an ideal blend for both stable cash flow and future appreciation.
How did the sale process stand out compared to others in 2020? The deal closed swiftly for an existing client despite pandemic uncertainties, showcasing the power of trusted broker relationships.
What types of tenants are typically attracted to this property? Renters seeking historic charm, proximity to transit, and access to Uptown’s nightlife and culture are drawn to this address.
What investment opportunities does a property like this offer? Immediate income, plus the potential to modernize units and capture rent growth as the neighborhood continues to evolve.
Want to achieve results like this?
Contact Matthew Fritzshall at 847-778-8746 to discuss your property goals in Chicago.
