Ravenswood 4-Unit Apartment Building Sells for $1,040,000: A Multifamily Success
Ravenswood 4-Unit Apartment Building Sells for $1,040,000: A Multifamily Success
Sale at a Glance
In January 2025, a beautifully updated four-unit apartment building at 1941 W Balmoral Ave in Chicago's coveted Ravenswood neighborhood traded hands for $1,040,000. The sale was expertly brokered by Harrison Cohen and James Thompson of Triton Realty, marking a standout transaction in the vibrant North Side multifamily market. This legal four-unit, fully renovated in 2014, attracted attention for its blend of vintage charm and modern finishes, ultimately closing above market expectations and setting a benchmark for boutique multifamily assets in the area.
Sale Details
This transaction highlights the enduring appeal and strong fundamentals of well-maintained, small-scale multifamily properties in Ravenswood.
Brokers: Harrison Cohen & James Thompson, Triton Realty
Sale Price: $1,040,000
Close Date: January 15, 2025
Asset Type: Multifamily (legal 4-unit)
Location: 1941 W Balmoral Ave, Ravenswood, Chicago
Property Highlights
A rare blend of classic Chicago architecture and contemporary upgrades, this building stands out in the Ravenswood neighborhood.
Unit Mix: Three 2-bedroom/1-bath apartments and one 3-bedroom/2-bath duplex-down
Renovation: Comprehensive renovations completed in 2014, including updated kitchens, baths, and mechanicals
Total Beds/Baths: 9 bedrooms, 5 baths across four units
Curb Appeal: Classic brick façade with timeless character
Neighborhood: Situated on a quiet, tree-lined street within walking distance to restaurants, parks, and public transit
Key Investment Features
This property’s features captured the imagination—and investment appetite—of discerning buyers.
Turnkey Asset: Fully stabilized and upgraded, requiring minimal capital improvements
Legal 4-Unit: Rare zoning in this desirable pocket of Ravenswood
Strong Rent Roll: Updated units command premium rents relative to the submarket
Low Vacancy: Highly sought-after unit layouts lead to consistent occupancy
Appreciation Potential: Located in an area with a track record of rising property values and tenant demand
Market Strategy and Positioning
1941 W Balmoral Ave was positioned to awaken the desires of investors seeking both stability and upside in North Side Chicago. The Triton Realty team harnessed modern marketing strategies, professional photography, and deep local connections to reach both seasoned multifamily buyers and newcomers to Ravenswood. Their soul-driven approach emphasized the property’s renovation story and enduring appeal, sparking competitive interest and culminating in a sale that reflected both current market strength and future rental upside.
Frequently Asked Questions (FAQs)
This property’s unique story and location inspire plenty of questions from buyers and sellers alike.
Q: What makes 1941 W Balmoral Ave stand out among other North Side apartment buildings?
A: Its rare legal four-unit status, modern renovations, and prime Ravenswood location make it a true gem for both investors and tenants.
Q: Were there any recent upgrades or capital improvements before the sale?
A: Yes, the building was fully renovated in 2014 with updated kitchens, baths, and mechanical systems, ensuring turnkey condition.
Q: What types of renters are most attracted to this building?
A: The spacious layouts and high-end finishes appeal to young professionals, small families, and long-term Chicago residents seeking quality living.
Q: How does the Ravenswood submarket compare to other Chicago neighborhoods for multifamily investment?
A: Ravenswood offers a blend of historic charm, walkability, and rising property values, making it one of the most desirable and stable multifamily submarkets in Chicago.
Q: What strategies contributed to the successful sale of this property?
A: Professional marketing, strategic pricing, and highlighting the property’s turnkey features helped generate multiple offers and a swift, above-market sale.
Want to achieve results like this?
Contact Harrison Cohen at 847-624-6639 to discuss your property goals in Chicago.
