Timeless Investment in Albany Park: The Renovated Seven-Unit Gem at 4830-4832 N. Drake Ave.
Sale at a Glance
On July 19, 2018, 4830-4832 N. Drake Ave. emerged as a beacon of opportunity in the heart of Chicago’s Albany Park. Brokered by Triton Realty Group and led by President & Founder Matthew A. Fritzshall, this meticulously renovated seven-unit apartment building sold for $900,000—a testament to its blend of historic character, modern comfort, and strong neighborhood fundamentals. This sale was distinguished by fierce investor interest, ultimately attracting a local buyer with the vision to amplify their portfolio’s future in one of Chicago’s most resilient rental corridors.
Sale Details
This transaction exemplified the power of strategic positioning and neighborhood insight, setting a new benchmark for mid-sized multifamily assets in the area.
Sale Price: $900,000
Date of Sale: July 19, 2018
Asset Type: Seven-unit apartment building
Buyer: Local investor focused on scaling within the Albany Park submarket
Broker: Triton Realty Group, Matthew A. Fritzshall (President & Founder)
Deal Motivation: Acquisition of a stabilized, income-generating asset with immediate and future upside
Property Highlights
Standing since 1918, this classic brick building honors its heritage while embracing modern living—an irresistible combination for discerning tenants and investors alike.
Diverse Unit Mix: Features (3) three-bedroom/one-bath, (3) three-bedroom/two-bath, and (1) one-bedroom/one-bath garden unit, maximizing rental flexibility and market appeal.
Thoughtful Renovations: Prior owner’s careful upgrades ensured major systems, interiors, and common areas required no further capital investment—delivering peace of mind and cash flow certainty to the buyer.
Expansive Layouts: Each unit boasts oversized sunrooms and generous living areas, fostering a sense of openness and comfort rarely found in vintage Chicago apartments.
Prime Locale: Nestled in Albany Park, steps from the Brown Line, vibrant local markets, and an eclectic mix of restaurants, the property sits at the crossroads of convenience and community.
Key Investment Features
The building’s intrinsic value is matched only by its future potential—a canvas for wealth creation rooted in classic Chicago architecture.
Stabilized, Turnkey Asset: Buyers inherited a property with strong in-place income and minimal deferred maintenance, reducing operational headaches and vacancy risk.
Rent Growth Potential: With units updated and layouts that command premium rents, there remains significant upside by aligning all leases to current market rates.
Appeal to Families and Professionals: Spacious three-bedroom units cater to families and roommates, while the garden unit adds flexibility for singles or couples.
Portfolio Synergy: A rare opportunity for the buyer to deepen their footprint in Albany Park—a submarket known for its enduring rental demand and cultural richness.
Historic Charm with Modern Touches: The building’s 1918 bones are accentuated by contemporary finishes, marrying old-world craftsmanship with today’s tenant expectations.
Market Strategy and Positioning
The marketing approach for 4830-4832 N. Drake Ave. was meticulously crafted to evoke both the property’s soul and its investment promise. Triton Realty Group spotlighted the oversized layouts, recent renovations, and neighborhood amenities, positioning the asset as a rare convergence of stability and upside in a supply-constrained market. By tapping into their deep network of local and regional investors, the brokerage ignited competitive interest and created an atmosphere of urgency. The narrative was simple yet compelling: here stood a building where the past and future intertwined, promising not only immediate cash flow but also a foundation for generational wealth.
Frequently Asked Questions (FAQs)
This Albany Park sale captured the imagination of investors seeking properties where history, location, and opportunity align.
Q: What unique advantages did the building’s renovated layouts offer?
A: The property’s large sunrooms and open living spaces set it apart, allowing tenants to enjoy flexible, light-filled homes—a rare commodity in vintage North Side buildings.
Q: How did proximity to transportation and local amenities impact the investment case?
A: Just steps from the Brown Line and major bus routes, the building offers tenants an easy commute and instant access to the city’s best dining, shopping, and cultural experiences, driving consistent occupancy.
Q: What was the buyer’s long-term vision in acquiring this asset?
A: The buyer sought to scale their portfolio with a property offering stable returns now and the ability to capture rent growth through strategic leasing and market repositioning.
Q: Why is Albany Park considered a resilient submarket for multifamily investment?
A: Albany Park’s diverse population, access to public transit, and robust local economy create a steady demand for rental housing, insulating investors from broader market volatility.
Q: What role did Triton Realty Group’s expertise play in the deal’s outcome?
A: By leveraging hyper-local market knowledge and a tailored marketing campaign, Triton Realty Group connected the right buyer with a property perfectly aligned to their growth strategy, ensuring a seamless transaction from listing to closing.
Want to achieve results like this?
Contact Triton Realty Group, President & Founder Matthew A. Fritzshall, to discuss your property goals in Chicago’s North Side. Let your next investment story begin where heritage and opportunity meet.
