Turnkey 12-Unit Multifamily Sale in Belmont Cragin: 2735-2741 N. Lockwood Ave
Turnkey 12-Unit Multifamily Sale in Belmont Cragin: 2735-2741 N. Lockwood Ave
Sale at a Glance
In the heart of Belmont Cragin, 2735-2741 N. Lockwood Ave stood as a beacon for investors seeking stability and upside in Chicago’s dynamic multifamily scene. Represented by Triton Realty Group’s Matthew Fritzshall and James Thompson this classic 12-unit apartment building traded hands on November 30, 2020, for $1,155,000. The deal captured the attention of market-watchers for its solid unit mix, strong location, and seamless execution—setting a new benchmark for similar assets in the neighborhood.
Sale Details
A seamless transaction that spoke to the enduring value of vintage Chicago multifamily.
Broker: Matthew Fritzshall and James Thompson, Triton Realty Group
Sale Price: $1,155,000
Closing Date: November 30, 2020
Total Units: 12
Location: Belmont Cragin, Chicago
Property Highlights
This building blends timeless Chicago architecture with practical investment features.
Vintage Construction: Built in 1932, preserving classic Chicago character
Efficient Layouts: 12 apartments with thoughtfully designed floor plans
Solid Size: Building spans three stories and offers units ranging from 700–900 sq ft
Desirable Neighborhood: Located in the vibrant Belmont Cragin area with access to transit, retail, and employment
Key Investment Features
Investors saw a future rich with cash flow and appreciation potential.
Stabilized Asset: Consistent occupancy history and strong rental demand
Turnkey Condition: Well-maintained with recent updates to common areas and select units
Value-Add Upside: Opportunity for further renovations or rent growth
Attractive Price Per Unit: Competitive pricing relative to area comps
Market Strategy and Positioning
The property was positioned to capture both seasoned and emerging multifamily investors, highlighting its mix of classic appeal and modern updates. Marketing efforts emphasized the building’s strong rent roll and potential for value enhancement, drawing significant interest. Triton Realty Group’s expertise and deep neighborhood knowledge ensured a swift, competitive process—ultimately delivering a top-of-market outcome for the seller.
Frequently Asked Questions (FAQs)
This sale prompted many questions from investors and observers alike.
Q: What makes 2735-2741 N. Lockwood Ave stand out in Belmont Cragin? A: Its blend of vintage charm, solid construction, and value-add potential make it a rare find in a sought-after neighborhood.
Q: How was the building maintained prior to sale? A: The property featured recent updates in common areas and select units, supporting stable occupancy and attractive rents.
Q: What was the buyer’s investment strategy? A: The buyer targeted stable cash flow with the option to pursue further renovations for rent growth.
Q: How does the sale price compare to similar properties? A: The $1,155,000 price reflected a competitive per-unit value, aligning with demand for quality multifamily in the area.
Q: What is the outlook for multifamily properties in Belmont Cragin? A: Investor demand remains strong thanks to neighborhood vibrancy, solid tenant demand, and upside for well-maintained assets.
Want to achieve results like this?
Contact Matthew Fritzshall at 847-778-8746 to discuss your property goals in Chicago.
