Avondale Allure: Attractively-Updated, Fully-Leased Five-Flat Fetches Favorable Price at 3228 N. Hamlin Ave.

Sale at a Glance

Nestled in Chicago’s ever-evolving Avondale neighborhood, 3228 N. Hamlin Ave. proved irresistible for investors seeking both present-day returns and future upside. Skillfully represented by Harrison Cohen, SVP & Principal of Triton Realty Group, this five-unit multifamily gem was purchased by SierraOne Capital—an out-of-state investor harnessing a 1031 exchange for a strategic foothold in Chicago’s thriving rental scene. The $1,275,000 closing in September 2025 underscores both the draw of Avondale and the power of a turnkey, income-generating asset.

Sale Details

This transaction stands as a shining example of how thoughtful renovations and expert guidance can drive premium results in one of Chicago’s most in-demand submarkets.

Sale Price: $1,275,000
Sale Date: September, 2025
Buyer: SierraOne Capital (out-of-state, 1031 exchange investor)
Broker: Harrison Cohen, SVP & Principal, Triton Realty Group
Asset Type: Five-unit, multifamily apartment building
Occupancy at Closing: Fully leased at the time of sale

Property Highlights

Completely renovated in 2021, this oversized-lot five-flat blends the best of Avondale’s historic charm with modern amenities that elevate the living experience for every tenant.

Distinctive Unit Mix: Five two-bedroom, one-bath apartments—each with a unique, thoughtfully designed layout
Contemporary Comforts: Central heat and air, in-unit laundry, and new kitchens and baths in every residence
Oversized Lot Advantage: Enhanced privacy, curb appeal, and potential for future expansion or amenities
Prime Location: Situated amid Avondale’s celebrated destinations—Avondale Bowl, Sleeping Village, Live Wire Lounge—and just steps from the Belmont Blue Line, offering seamless city connectivity
True Turnkey Offering: Fully stabilized and leased, this building provides hands-off income with no immediate capital needs

Key Investment Features

This property stands out as a rare convergence of location, condition, and cash flow, making it a top target for investors prioritizing both stability and upside.

Renovated Excellence: 2021 upgrades minimize maintenance and maximize tenant satisfaction
Immediate Income Stream: 100% occupancy at sale assures instant, reliable cash flow from day one
1031 Exchange Magnet: Appeals directly to buyers seeking a smooth, tax-advantaged transition into a high-performing asset
Tenant Magnetism: Features and finishes that command strong rents, set within one of Chicago’s most desirable neighborhoods
Appreciation Potential: Avondale’s ongoing revitalization fuels rising property values and rental demand

Market Strategy and Positioning

To maximize this property’s potential, Triton Realty Group targeted sophisticated out-of-state capital, presenting Avondale as a destination for yield and growth. The marketing narrative emphasized the rare blend of modern renovations, stabilized tenancy, and prime location—all elements that resonate with 1031 exchange buyers seeking hassle-free, high-performing assets. Through curated outreach, insightful market positioning, and deep neighborhood expertise, Harrison Cohen ensured this opportunity rose above the competition, culminating in a swift, successful sale.

Frequently Asked Questions (FAQs)

This Avondale five-flat sale highlights the market’s appetite for quality, stability, and location—all expertly delivered in this transaction.

Q: What distinguishes this five-unit building from others in Avondale?

A: Beyond its recent top-to-bottom renovation, each unit offers central heat/air, in-unit laundry, and unique layouts, all on an oversized lot mere steps from the neighborhood’s best amenities.

Q: How did the buyer leverage a 1031 exchange for this acquisition?

A: SierraOne Capital reinvested proceeds from a prior sale, deferring capital gains taxes and securing a turnkey, income-producing asset in a growing Chicago market.

Q: What rent growth or value-add potential exists for the new owner?

A: With Avondale’s ongoing popularity and the property’s premium features, there’s strong potential for future rent increases as the neighborhood continues to attract high-quality tenants.

Q: What type of investor was this property best suited for?

A: Turnkey buyers seeking reliable cash flow, minimal management headaches, and long-term appreciation—especially those utilizing 1031 exchanges—found this asset especially compelling.

Q: How did the Avondale location influence the sale result?

A: The neighborhood’s blend of nightlife, culture, and transit access fueled tenant demand and underpinned the property’s premium pricing.