Vision Realized: Transformative Andersonville Six-Unit Apartment Building Sold for Value-Add Renaissance
Sale at a Glance
Nestled in the vibrant heart of Andersonville, 1656-1658 W. Summerdale Ave. was sold for $900,000 on May 17, 2018, marking a pivotal transition for a classic Chicago six-flat. Orchestrated by Triton Realty Group—led by President & Founder Matthew Fritzshall and SVP & Principal Harrison Cohen—this transaction tells a story of legacy, opportunity, and neighborhood evolution. The sale stands out for its deft navigation of estate complexities, a direct marketing comeback after initial buyer turbulence, and the property’s immense potential for a transformative repositioning in one of Chicago’s most coveted rental corridors.
Sale Details
This six-unit, side center entrance building was more than just bricks and mortar—it was a legacy asset, offered for the first time in decades and representing a blank canvas for a new era of investment.
Sale Price: $900,000
Sale Date: May 17, 2018
Brokerage: Triton Realty Group
Building Size: Six oversized one-bedroom units, all with conversion potential
Buyer Profile: Private local investor with a strategic vision for repositioning
Deal Structure: Initiated as a direct sale out of an estate; after a seller’s unsuccessful attempt with another buyer seller engaged Triton Realty Group. The estate trustee and Triton Realty Group entered the market with a targeted approach, securing a trusted investor.
Property Highlights
Every corner of 1656-1658 W. Summerdale Ave. whispers of untapped potential and classic Chicago charm, waiting for a future-forward investor to breathe new life into its walls.
Unit Configuration: Spacious one-bedroom apartments, each with the flexibility to convert to two-bedroom units—unlocking higher income and broader tenant appeal.
Outdoor Amenities: A substantial rear yard offers rare outdoor space for residents, enhancing lifestyle value and marketability.
Architectural Character: The side center entrance design provides a stately, authentic feel that appeals to renters seeking both nostalgia and functionality.
Deferred Maintenance: The property required significant capital investment, presenting a prime opportunity for a full-scale renovation and repositioning.
Location Dynamics: Situated in Andersonville, a neighborhood renowned for its walkability, eclectic dining, and vibrant cultural scene—fueling strong rental demand and future appreciation.
Key Investment Features
What lies beneath the surface is what elevates this opportunity from ordinary to extraordinary:
Value-Add Canvas: The substantial deferred maintenance and untouched interiors provide a blank slate for transformative capital improvements, tailored to today’s discerning renters.
Layout Flexibility: Large footprints allow for easy conversion into two-bedroom apartments, maximizing rent potential and catering to modern living needs.
Neighborhood Prestige: Andersonville’s enduring popularity ensures enduring renter demand and stability, even in shifting markets.
First-Time Availability: The property’s long-standing single-family ownership means the market hasn’t seen this asset in generations, amplifying interest among seasoned investors.
Rare Opportunity: In a market where small multifamily buildings are tightly held, this offering stood out as a unique chance to create significant value.
Market Strategy and Positioning
True real estate artistry lies in turning challenge into opportunity. The initial buyer attempted to renegotiate, threatening the estate’s value. Recognizing the asset’s unique appeal and the risk of a stalled deal, Triton Realty Group partnered directly with the estate’s trustee to relaunch the marketing process. Harnessing their extensive network of local investors and a keen understanding of Andersonville’s market dynamics, the team targeted buyers who could see past the deferred maintenance to the building’s future. This bespoke approach—eschewing a broad, impersonal listing—allowed for curated conversations with investors who valued both the property’s bones and its rare neighborhood positioning. By aligning timing, buyer profile, and the estate’s goals, Triton Realty Group delivered an outcome that honored the property’s legacy while igniting its next chapter.
Client Testimonial
“Triton Realty Group has been a tremendous partner with us over the last decade. We have closed many deals with them and they always do a great job. Whether helping us find a great off-market deal for a project or helping us sell a stabilized repositioned asset, their team is stacked with hard working, likeable, and intelligent brokers. When business associates become good friends you know you have a good thing going.....keep up the good work, Triton!”— Adam Saffro, Principal & Co-Founder of New Era Chicago
Frequently Asked Questions (FAQs)
This Andersonville sale is a study in both vision and execution. Here’s what local investors are asking:
Q: What is the greatest hidden value in this Andersonville six-flat?A: The oversized one-bedroom layouts provide a rare opportunity for conversion to two-bedroom units, which can dramatically increase rental income and attract a wider tenant base.
Q: How did estate ownership shape the transaction?A: With the property held in trust after long-term, single-family ownership, the sale required sensitivity to both legacy and financial objectives. Triton Realty Group’s direct collaboration with the estate trustee ensured all parties’ needs were respected and met.
Q: What challenges did the deferred maintenance present?A: While significant, the deferred maintenance actually enhanced the property’s appeal for savvy investors—a true value-add scenario where vision and capital could yield outsized returns.
Q: Why is Andersonville considered a strong multifamily investment market?A: Andersonville’s unique blend of historic charm, vibrant commerce, and strong community spirit consistently drives rental demand and property value appreciation, even as other neighborhoods see more volatility.
Q: How was Triton Realty Group able to secure a successful outcome after the initial deal fell apart?A: Their hyper-local relationships and tailored marketing approach allowed them to quickly identify and engage a local investor who appreciated the property’s potential, restoring momentum to the sale and maximizing the estate’s return.
Want to achieve results like this?
Contact Triton Realty Group — President & Founder Matthew Fritzshall and SVP & Principal Harrison Cohen — to discuss your property goals in Chicago. Visit tritonrealtygroup.com or call (312) 788-9379. Let’s reimagine what’s possible for your investment.
