Lincoln Park Living Leverage: 2244 N. Halsted St. Unlocks Untapped Upside
Sale at a Glance
On October 21, 2025, 2244 N. Halsted St.—an architecturally rich, six-unit multifamily gem in the heart of Lincoln Park—sold for $1,620,188. Triton Realty Group’s Matthew Fritzshall and Harrison Cohen acted as dual agents, representing both buyer and seller in a transaction that exemplified strategic vision and market mastery. The sale drew attention for its rare blend of historic character, adaptive layout, and the promise of future expansion in one of Chicago’s most dynamic rental corridors.
Sale Details
Every detail of this deal was curated to elevate the asset’s story and potential, harnessing the power of expert brokerage and in-depth market knowledge.
Sale Price: $1,620,188
Date of Sale: October 21, 2025
Broker: Dual agency by Matthew Fritzshall (President & Founder) and Harrison Cohen (SVP & Principal) of Triton Realty Group
Buyer: Seasoned investor, returning client, focused on unlocking additional value through unit additions and reconfiguration, leveraging as-of-right zoning
Occupancy at Sale: Five of six units leased; one unit’s lease lapsed during the transaction, highlighting steady demand
Building & Lot Size: 6,063 square feet on a 3,125 SF lot—maximizing density in a prime urban core
Property Highlights
2244 N. Halsted St. captures the essence of Lincoln Park living, offering a fusion of historic elements and forward-looking enhancements.
Unbeatable Location: Steps from DePaul University, walkable to boutique shopping, dining, and CTA transit—ensuring perennial renter appeal
Adaptive Conversion: Street-level retail was thoughtfully redeveloped into spacious residential units, increasing income potential and living options
Recent Improvements: 2019 capital enhancements and ongoing cosmetic upgrades kept the property competitive and attractive
Classic Brick Facade: Timeless curb appeal blends seamlessly with the neighborhood’s architectural vernacular
Efficient Urban Footprint: The lot’s compact size is balanced by a substantial building envelope, optimizing cash flow per square foot
Key Investment Features
The property’s blueprint for the future is written in its adaptability, location, and zoning-driven upside.
Zoning-Enabled Expansion: As-of-right entitlements allow for the addition of more units, providing a direct path to enhanced revenue and long-term appreciation
Proven Occupancy: High historical lease rates, even during transaction transitions, underscore strong and stable demand
Income Optimization: Conversion from retail to residential maximizes rentable area, reducing vacancy risk and broadening tenant profiles
Value-Add Canvas: The buyer’s vision aligns with the property’s inherent potential, setting the stage for innovative reconfiguration and repositioning
Market Strategy and Positioning
Triton Realty Group charted a nuanced sales strategy tailored to the seller’s pricing expectations and the asset’s latent potential. Rather than casting a wide net, the team targeted a select cadre of entrepreneurial investors capable of seeing beyond current cash flows to envision the building’s future. By leveraging deep-rooted relationships and market intelligence, the brokers sparked competitive interest among buyers who could unlock additional units under the existing zoning framework. The result was a record-setting price that validated the seller’s patience and the property’s transformative possibilities.
Frequently Asked Questions (FAQs)
Investors, owners, and neighborhood-watchers alike have asked insightful questions about this Lincoln Park landmark:
Q: How did the retail-to-residential conversion impact the building’s value?
A: By transforming underutilized retail space into desirable apartments, the property’s income profile was significantly enhanced, making it more appealing to multifamily-focused investors.
Q: What strategies did Triton Realty Group use to reach the right buyers?
A: The brokers relied on a curated network of repeat clients and visionary investors, emphasizing the unique expansion and reconfiguration opportunities that set this asset apart.
Q: Why is Lincoln Park such a strong market for multifamily investments?
A: With its proximity to DePaul University, abundant amenities, and enduring tenant demand, Lincoln Park consistently delivers high occupancy, rent stability, and long-term appreciation.
Q: What are the buyer’s plans for the property?
A: The buyer intends to unlock further value by reconfiguring layouts and adding units as permitted by zoning, optimizing both short-term cash flow and long-term appreciation.
Q: Were there any hurdles during the transaction?
A: The deal required finding a buyer willing to meet the seller’s ambitious pricing, as well as managing the transition of one unit to vacancy—a challenge overcome by focusing on the property’s future potential.
Want to achieve results like this?
Contact Matthew Fritzshall, President & Founder, or Harrison Cohen, SVP & Principal, to learn more about Triton’s multifamily investment services. Visit tritonrealtygroup.com or call (312) 788-9379 to discuss your property goals in Chicago.
