Avondale Value-Add: 10-Unit Apartment Sale
3101-03 N. Springfield | 3956-58 W. Barry
Avondale Value-Add: 10-Unit Apartment Sale
Sale at a Glance
In the heart of Avondale, 3101-03 N. Springfield and 3956-58 W. Barry recently changed hands for $1,790,000, illustrating the neighborhood's enduring investor appeal. Broker Matthew Fritzshall orchestrated the June 27, 2024 transaction, connecting a new owner with a rare, contiguous 10-unit multifamily asset. This sale highlights the strength of Chicago’s mid-sized apartment market, with the property’s blend of classic character and modernized layouts fueling competitive interest.
Sale Details
This transaction stands out as a showcase of Avondale’s robust multifamily fundamentals and the power of targeted brokerage expertise.
Broker: Matthew Fritzshall
Sale Price: $1,790,000
Closing Date: June 27, 2024
Asset Type: 10-unit apartment building
Location: Avondale, Chicago
Property Highlights
These twin brick walk-ups offer both investors and residents a rare combination of historic charm and modern convenience.
Unit Mix: A variety of 1 bed/1 bath and 2 bed/1 bath layouts, designed for comfort and versatility
Design Details: Hardwood floors and exposed brick, blending vintage allure with contemporary updates
Neighborhood Appeal: Prime Avondale location, close to transit, dining, and shopping
Spacious Living: Units range from approximately 1,000 to 1,200 square feet
Building Configuration: Two adjacent buildings, maximizing both operational scale and neighborhood presence
Key Investment Features
This sale speaks to the enduring value of well-located, stabilized multifamily in one of Chicago’s most dynamic neighborhoods.
Strong Rentability: In-demand layouts and finishes command premium rents
Walkable Setting: Steps from local parks, CTA Blue Line, and Milwaukee Avenue corridor
Turnkey Asset: Modern systems and finishes simplify management and attract quality tenants
Future Upside: Value-add potential through continued interior upgrades or repositioning
Market Strategy and Positioning
The marketing strategy drew upon Avondale’s trajectory as a destination for both renters and investors seeking authentic Chicago character with urban convenience. By highlighting the buildings’ spacious layouts, walkable location, and blend of vintage and modern details, the campaign connected with buyers envisioning long-term growth and stability. Matthew Fritzshall’s deep neighborhood knowledge and precise valuation skills positioned the asset to attract multiple competitive offers, ultimately delivering a strong price reflecting both current income and future upside.
Frequently Asked Questions (FAQs)
This Avondale sale demonstrates the strong demand for mid-sized apartment buildings in Chicago’s emerging neighborhoods.
Q: What makes Avondale attractive for multifamily investment?
A: Avondale offers a mix of historic charm, rapid transformation, and excellent transit access, drawing both renters and investors seeking long-term value.
Q: What types of units are in these buildings?
A: The property features a mix of 1 bed/1 bath and 2 bed/1 bath apartments with spacious floor plans and modern finishes.
Q: Was the property renovated prior to sale?
A: The buildings showcase updated interiors—including hardwood floors and exposed brick—enhancing both appeal and rentability.
Q: How does this sale compare to others in the area?
A: This transaction sets a benchmark for 10-unit buildings in Avondale, reflecting the neighborhood’s rising profile and investor demand.
Q: Who brokered the deal?
A: Matthew Fritzshall represented the property, leveraging neighborhood expertise to achieve maximum value.
Want to achieve results like this?
Contact Matthew Fritzshall to discuss your property goals in Avondale and throughout Chicago.
