Renovated Albany Park 12-Unit Sells Fast for $2M: Turnkey Cash Flow Meets Future Upside
Sale at a Glance
In November 2021, two prominent multifamily buildings at 4500-4502 N. Whipple St. and 3040-3042 W. Sunnyside Ave. in Chicago’s Albany Park neighborhood were sold for $2,000,000. Represented by Triton Realty Group’s President & Founder Matthew Fritzshall and Senior Advisor James Thompson, this transaction underscored the demand for stabilized, value-add properties in one of Chicago’s most culturally rich corridors. The offering—totaling 12 fully leased, newly renovated units—drew significant investor attention for its blend of immediate cash flow, long-term upside, and strategic location.
Sale Details
This off-market, expertly executed transaction exemplifies the successful marriage of capital improvements and market timing.
Sale Price: $2,000,000
Date of Sale: November 4, 2021
Units: 12 residential apartments across two adjacent buildings
Broker: Matthew Fritzshall (President & Founder), James Thompson (Senior Advisor), Triton Realty Group
Buyer Profile: Local private investor partnership seeking stabilized, income-producing assets with future value-add potential
Occupancy at Closing: 100%—all units leased at time of sale
Financing: Acquired with 3.00% fixed-rate debt, enhancing cash-on-cash returns
Property Highlights
The buildings, positioned on quiet, tree-lined streets just steps from parks, transit, and Albany Park’s vibrant retail scene, have been transformed into contemporary havens for urban renters.
Extensive Capital Improvements: Seller invested heavily in comprehensive renovations, including updated kitchens, new stainless steel appliances, and modernized bathrooms.
Efficient Mechanical Systems: Upgraded boiler heat and building systems reduce operating costs and ensure resident comfort.
Premium Finishes: Durable flooring, fresh paint, and stylish fixtures attract quality tenants and command premium rents.
Optimal Unit Mix: Thoughtfully designed units appeal to a wide range of renters, from young professionals to small families.
Walkable Locale: Residents enjoy immediate access to public transportation, local schools, parks, and a diverse mix of dining and shopping options.
Key Investment Features
This sale offered the rare blend of immediate stability and clear value-add upside in one of Chicago’s fastest-growing rental submarkets.
Turnkey Asset: Delivered in move-in ready, stabilized condition with no deferred maintenance.
Rent Upside: Opportunity to realize increased revenue by aligning existing rents with robust market levels as leases renew.
Low-Cost Leverage: Secured below-market, 3.00% fixed financing, allowing for higher leveraged returns and predictable cash flow.
Reduced Risk Profile: 100% occupancy at closing minimized lease-up risk and provided instant NOI.
Cash Flow with Appreciation: The asset’s recent upgrades and prime location position it for both income and long-term capital growth.
Market Strategy and Positioning
From the moment the seller completed major renovations, the property was primed for a strategic exit. Recognizing surging investor appetite for stabilized, well-located multifamily assets, Triton Realty Group tailored a marketing campaign that highlighted the property’s transformation, turnkey condition, and the rare opportunity for both cash flow and value appreciation. The team leveraged professional photography, detailed investment memos, and hyperlocal outreach to target sophisticated buyers who understood the Albany Park story. By positioning the asset as a bridge between reliable income and future upside, the brokers sparked robust demand and competitive offers, ultimately delivering a premium price for the seller—and a springboard for the new owner’s long-term success.
Frequently Asked Questions (FAQs)
This sale of two stabilized, renovated apartment buildings in Albany Park answers several common investor questions.
Q: What sets these buildings apart from other multifamily assets in Albany Park?
A: The combination of comprehensive renovations, 100% occupancy, and the potential for further rent growth created a compelling investment profile rarely available in this neighborhood.
Q: How did the capital improvements impact the sale?
A: The seller’s substantial investment in modernizing units and building systems not only attracted quality tenants but also enabled premium pricing and a swift sale.
Q: Who was the ideal buyer for this opportunity?
A: A local private partnership seeking stabilized cash flow, low-cost debt, and the ability to unlock additional value through rental optimization.
Q: Why was the property fully leased at closing?
A: The upgrades and desirable location drove strong tenant demand, allowing the seller to achieve full occupancy prior to marketing the asset.
Q: What was unique about the marketing approach?
A: Triton Realty Group emphasized the property’s post-renovation stability and future upside, focusing their outreach on investors seeking both immediate returns and growth potential in a dynamic neighborhood.
Q: How does Albany Park’s market dynamic affect future returns?
A: Albany Park’s ongoing gentrification, transit access, and cultural vibrancy continue to drive rental demand and price appreciation, positioning assets like these for lasting performance.
Want to achieve results like this?
Contact Triton Realty Group to discuss your investment goals or to unlock the hidden potential in your Chicago multifamily portfolio. Let’s shape your next success story in the heart of the city.
