Portage Park Powerhouse: Dual-Frontage Deal Delivers at Milwaukee & Byron
Sale at a Glance
A rare gem in the heart of Portage Park, the mixed-use asset at 3922–3924 N. Milwaukee Ave. and 4714–4716 W. Byron St. achieved a $2,175,000 sale, closing on May 8, 2026. Uniquely structured as a single property with two separate entrances—one on Milwaukee Avenue and one on Byron Street—this double-sided, conjoined building drew swift and robust investor interest. Triton Realty Group LLC, led by Matthew Fritzshall and Harrison Cohen, expertly matched the asset’s distinctive configuration and value-add potential with a buyer poised to harness both present cash flow and future upside. This standout success underscores the enduring allure of the Six Corners district for forward-thinking investors.
Sale Details
This transaction exemplifies strategic brokerage and the magnetic pull of a rare dual-frontage building in one of Chicago’s most dynamic neighborhoods.
Sale Price & Date: Closed at $2,175,000 on May 8, 2026
Brokers: Exclusively marketed and sold by Triton Realty Group LLC; Matthew Fritzshall and Harrison Cohen represented both buyer and seller
Configuration: A single property comprised of two masonry brick buildings conjoined front-to-back, offering dual frontage and entrances on both Milwaukee Ave. and Byron St.
Unit Mix: 13 above-grade units—11 residential apartments and 2 ground-floor retail spaces—plus 2 non-conforming 1 bed/1 bath units for additional income and future value-add
Building Size: Approximately 16,743 gross square feet with 14,200 rentable square feet
Buyer Profile: Local investor skilled in gut rehabs and ground-up development, ideally matched to unlock the property’s potential
Property Highlights
This property stands out as a rare, non-contiguous double-sided building, blending historic character with operational efficiency and modern amenities.
Dual Frontage: Exceptional visibility and access via both Milwaukee Avenue and Byron Street, thanks to two conjoined buildings with separate entrances
Vintage Masonry: Classic 1930s construction with architectural charm and enduring curb appeal
Recent Renovations: Nine units—including apartments and a retail space—renovated in 2020 with hardwood floors, modern kitchens, and updated finishes, creating immediate and stable cash flow
Income Enhancement: Two non-conforming units offer bonus income today and a clear path to future legalization and increased returns
Operational Strength: Features include common area laundry and an expense recovery program (bundled services and CAM fees) for optimized net operating income
Location: Steps from the historic Six Corners commercial district, surrounded by retail, reinvestment, and robust transit options
Key Investment Features
This sale ignited the ambitions of investors attracted to both its present yield and its transformative potential in a sought-after neighborhood.
Flexible Value-Add Play: Strong in-place cap rate in the mid-6% range, with the ability to grow yields through strategic rent increases, operational improvements, and modernization of remaining units
Renovation and Repositioning Upside: Scope for comprehensive renovations, HVAC modernization, and in-unit laundry additions, with projected cap rates rising to the mid-7% range upon stabilization
Revenue Diversity: Balanced residential (five 1 bed/1 bath and six 2 bed/1 bath apartments) and approx. 2,400 square feet of retail for a resilient income mix
Legalization Potential: Non-conforming units present a built-in value-add lever for the savvy investor
Strategic Location: Situated in an area experiencing ongoing investment and heightened demand, near major transit and commercial amenities
Market Strategy and Positioning
Triton Realty Group’s approach was as unique as the asset itself. Rather than a broad campaign, the team leveraged their deep network to target experienced local investors who could appreciate the property’s rare dual-frontage configuration and cap-ex upside. Messaging focused on the asset’s blend of stabilized income, architectural distinction, and transformative potential—sparking strong, targeted demand. The process moved quickly, with minimal time on market and seamless negotiations. Even when post-inspection price negotiations arose, Triton’s skillful mediation ensured a solution-focused resolution, keeping all parties aligned and the deal on track for a timely close.
Frequently Asked Questions (FAQs)
This exceptional Portage Park property continues to provoke interest among investors seeking one-of-a-kind opportunities.
Q: What distinguishes this property from other mixed-use assets in the area?
A: Its dual frontage along Milwaukee Avenue and Byron Street—through two conjoined buildings with separate entrances—is exceptionally rare, boosting both visibility and operational flexibility.
Q: How does the presence of non-conforming units impact the investment?
A: These units currently generate additional income and present a clear value-add opportunity if legalized, enhancing overall returns and property value.
Q: What advantages does its Six Corners location offer?
A: The property sits at the epicenter of one of Chicago’s most active retail corridors, ensuring strong tenant demand and future appreciation thanks to retail density, reinvestment, and transit access.
Q: How did Triton Realty Group identify the ideal buyer so rapidly?
A: By focusing on their proprietary network of investors experienced with cap-ex heavy, value-add buildings, Triton quickly matched the property to a buyer with the right vision and capabilities.
Q: What type of investor benefits most from a property like this?
A: Operators with experience in renovations and repositioning—who seek both current income and the potential for transformative growth—are best suited for this asset.
Want to achieve results like this?
Contact Harrison Cohen at (847) 624-6639 or harrison@tritonrealtygroup.com to discover how Triton Realty Group can unlock your next investment triumph in Chicago.
