Timeless Charm Meets Investment Opportunity: The Sale of 1455-1457 W Farragut Ave, Andersonville, Chicago
Sale at a Glance
Nestled in the soul of Andersonville, 1455-1457 W Farragut Ave stands as a testament to generational legacy and the magnetic pull of Chicago’s historic neighborhoods. Sold for $1,260,000 on October 13, 2020, this rarely available center-entrance six-flat captured the imagination of seasoned investors and dreamers alike. Triton Realty Group orchestrated a targeted, story-driven campaign that brought a long-time client to the table, securing a prized asset in a market where opportunities like this are fleeting. With multiple offers and 100% occupancy, this sale was a beacon of what’s possible when heritage, strategy, and desire converge.
Sale Details
The sale of this property was a symphony of deep-rooted history, strategic marketing, and a neighborhood on the rise.
Sale Price: $1,260,000, reflecting strong demand for well-located vintage assets.
Closing Date: October 13, 2020, during a period of heightened investor focus on resilient, established neighborhoods.
Brokerage: Triton Realty Group, renowned for its expertise and track record in Andersonville.
Buyer Profile: A sophisticated, repeat investor seeking to deepen their portfolio in one of Chicago’s most dynamic submarkets.
Occupancy at Sale: 100%, thanks to loyal long-term tenants and family members.
Ownership Tenure: Held by a single family for 70 years, offering a rare, unbroken history.
Marketing Process: Targeted outreach designed to uncover buyers who recognize both the nostalgia and the untapped potential of the property.
Competitive Dynamics: Multiple offers underscored the scarcity and desirability of prime Andersonville multifamily buildings.
Property Highlights
This six-unit classic radiates warmth, flexibility, and the enduring beauty of meticulous craftsmanship.
Unit Mix: 3 spacious two-bedroom units and 3 comfortable one-bedroom units, ideal for a diverse tenant base.
Parking Advantage: A rebuilt five-car garage delivers coveted off-street parking and additional revenue streams—a true rarity in the neighborhood.
Outdoor Living: A generous backyard offers residents urban tranquility, enhancing the property’s livability and curb appeal.
Layout: Each unit boasts a separate dining room and an enclosed rear porch, inviting gatherings and quiet moments alike.
Recent Upgrades: Major capital improvements include a rebuilt garage, a modern boiler (approx. 5 years old), and structurally renewed lintels (approx. 5 years old).
Historic Character: Original built-ins and woodwork remain intact, infusing each apartment with soul and authenticity.
Flexible Appeal: The building’s configuration and features offer a compelling opportunity for an owner-occupant to craft their own sanctuary, or for an investor to optimize returns.
Key Investment Features
A canvas for visionaries, this property bridges the past and the promise of future growth.
Below-Market Rents: Due to the presence of long-term tenants and family members, existing rents offer immediate upside for a hands-on owner willing to reposition units over time.
Stable Cash Flow: Full occupancy at closing and a legacy of tenant loyalty provide a reliable income foundation.
Value-Add Potential: Investors can unlock significant returns by updating interiors and realigning rents to Andersonville’s robust market rates.
Neighborhood Magnetism: Andersonville’s reputation as one of the world’s coolest neighborhoods is more than hype—it’s a daily reality that attracts renters and retail alike.
Strategic Flexibility: The asset’s size, parking, and outdoor amenities cater to a wide range of investment strategies—from long-term hold to creative redevelopment.
Emotional Appeal: The story of a building loved and cared for by the same family for generations adds intangible value, resonating with buyers who seek more than just numbers.
Market Strategy and Positioning
Triton Realty Group recognized that this sale was about more than bricks and mortar—it was about legacy, opportunity, and the future of Andersonville. The marketing campaign blended targeted outreach with narrative-driven positioning, speaking directly to buyers who understood the value of heritage and the promise of transformation. By highlighting the property’s historic pedigree, below-market rents, and rare amenities, the team created a sense of urgency that resulted in multiple competitive offers. Timing was everything: with Andersonville gaining international acclaim, the campaign tapped into a wave of renewed interest and optimism, securing a sale that honored the past while unlocking new potential for the future.
Client Testimonial
“Timeout recently named Andersonville one of the coolest neighborhoods in the world…Triton has known that for a long time as we have facilitated many investment properties sales right here in our Andersonville backyard.”— Matthew Fritzshall, President & Founder
Frequently Asked Questions (FAQs)
This Andersonville gem sparked curiosity and competition. Here’s what buyers wanted to know:
Q: Why are rents in this building below market, and how can a new owner capitalize?A: Rents are below market primarily due to long-term tenants and family occupancy. A new owner can gradually update units and bring rents in line with Andersonville’s premium rates, maximizing income over time.
Q: What is the significance of the property being family-owned for 70 years?A: Such continuous ownership is rare, often resulting in properties that are well-maintained, cherished, and full of original details—traits highly sought after by both investors and tenants.
Q: How does the garage and outdoor space impact value?A: The five-car garage and private backyard are exceptional amenities in Andersonville, boosting rental appeal, generating extra income, and setting the property apart from typical multifamily offerings.
Q: Was the sale process competitive, and why?A: Yes—the unique combination of location, upside potential, and family history attracted multiple buyers, resulting in a competitive bidding environment.
Q: What makes Andersonville such a compelling place to invest?A: Andersonville’s blend of vibrant local businesses, historic architecture, and strong community spirit ensures enduring tenant demand and long-term appreciation.
Want to achieve results like this?
Contact Matthew Fritzshall, President & Founder, at Triton Realty Group (312) 788-9379 or visit tritonrealtygroup.com to discuss your vision for property success in Andersonville and beyond.
