Renovated Andersonville Seven-Unit Apartment Building Commands $2.6M in Highly Competitive Sale
Sale at a Glance
The sale of 5019-21 N. Ashland Ave., strategically located in the southern portion of Chicago’s highly sought-after Andersonville neighborhood, marked a pivotal moment for boutique multifamily investments in the city. Closing at $2,600,000 on September 30, 2025, this meticulously restored seven-unit apartment building captivated investors with its rare blend of historic character and contemporary luxury. Represented by Harrison Cohen, SVP & Principal at Triton Realty Group, the buyer secured this prized asset after a fiercely competitive bidding process. The transaction stands as a benchmark for renovated vintage properties on Chicago’s North Side, reflecting both the enduring appeal of Andersonville and the building’s compelling investment profile.
Sale Details
A robust marketing campaign and strong buyer interest fueled a record-setting transaction for this Andersonville treasure.
Sale Price: $2,600,000, underscoring the value of turnkey, value-add opportunities in prime locations.
Date Closed: September 30, 2025, exemplifying an efficient and timely closing.
Buyer Representation: Triton Realty Group's Harrison Cohen expertly guided the buyer through a competitive landscape.
Asset Overview: Boutique seven-unit apartment building, fully renovated and stabilized.
Buyer Profile: Family partnership investor focused on long-term value creation in core Chicago neighborhoods.
Property Highlights
5019-21 N. Ashland Ave. is a showcase of how thoughtful restoration unlocks both beauty and financial value.
Architectural Heritage: Built in 1908, the building exudes Andersonville’s signature charm while embracing modern comfort.
Comprehensive Modernization: A sweeping 2018 renovation brought custom kitchens, spa-inspired bathrooms, in-unit laundry, and hardwood floors, elevating every unit.
Expansive Layouts: Large, well-designed apartments attract tenants seeking spaciousness and character.
Prime Southern Andersonville Location: Situated in the southern portion of Andersonville, residents enjoy walkability, vibrant amenities, and transit access.
Immediate Revenue Upside: Current rents are below market, offering a clear path to higher income through natural rent growth.
Stabilized, Turnkey Asset: The property’s boutique scale and recent upgrades minimize maintenance and operational risks for the new owner.
Key Investment Features
This asset’s unique fundamentals and location drew intense interest from the investment community.
Historic Meets Modern: A blend of original architecture and contemporary finishes appeals to a broad renter base.
Organic Rent Growth: Below-market in-place rents provide immediate income upside through lease renewals and tenant turnover.
Neighborhood Strength: Andersonville’s southern corridor continues to attract renters with its dynamic culture, amenities, and community spirit.
Low Future CapEx: The 2018 renovation ensures low near-term capital expenditure, allowing ownership to focus on asset management and growth.
Market Strategy and Positioning
Triton Realty Group, with Harrison Cohen at the helm, expertly represented the buyer, leveraging deep market insight to identify and secure this rare opportunity. The property’s southern Andersonville location and blend of historic and modern appeal were highlighted through targeted outreach and data-driven analysis. Intense investor interest led to a competitive bidding process, with Triton navigating negotiations to ensure the buyer emerged successful. The transaction is a testament to strategic buyer representation, timing, and a nuanced understanding of Chicago’s multifamily dynamics.
Frequently Asked Questions (FAQs)
This southern Andersonville sale generated strong interest and plenty of questions from the local real estate community.
What makes the southern portion of Andersonville so desirable for multifamily investment?
The area offers unmatched walkability, cultural vibrancy, and a strong tenant base, supporting rental growth and stability.
How did the 2018 renovation impact the property’s value?
High-end kitchens, modern bathrooms, and in-unit laundry positioned the building at the top of the market for quality and convenience.
Why were there so many competing offers on this asset?
Its turnkey condition, below-market rents, and unbeatable Andersonville location created a rare, high-upside opportunity.
Who represented the buyer in this transaction?
Triton Realty Group, led by Harrison Cohen, provided expert guidance and market insight throughout the process.
What is the buyer’s investment plan for the property?
The family partnership investor intends to capitalize on organic rent growth while enjoying low-maintenance ownership in a stabilized, high-demand building.
Want to achieve results like this?
Contact Harrison Cohen, SVP & Principal at Triton Realty Group, to discuss how strategic buyer representation and local expertise can help you secure the best multifamily opportunities in Chicago.
