Premier Corner Andersonville 14-Unit Apartment Building Sells for $2.8M
Sale at a Glance
Commanding a premier corner in the heart of Andersonville, the apartment buildings at 5304-5306 N. Ashland Ave. and 1604-1606 W. Berwyn Ave. sold for $2,800,000 in November 2017. Represented by Triton Realty Group, this rare multifamily investment stood out with its prominent corner presence, updated interiors, and enduring architectural charm. Boasting 100% occupancy at closing, the asset attracted a local private partnership committed to expanding in one of Chicago’s most sought-after neighborhoods.
Sale Details
This Andersonville transaction highlighted the draw of well-maintained, high-visibility assets in a premier location.
Sale Price: $2,800,000
Date of Sale: November 28, 2017
Broker: Triton Realty Group, President & Founder Matthew Fritzshall
Asset Type: 14-unit multifamily (no commercial units)
Building Size: 22,356 square feet
Occupancy at Closing: 100%
Year Built / Renovated: Built in 1926, tastefully renovated in 2017 (not a full gut rehab)
Property Highlights
Situated on a notable Andersonville corner, these buildings blend classic architecture with thoughtful updates for modern living.
Premier Corner Presence: Highly visible double-frontage at Ashland and Berwyn, maximizing curb appeal and natural light.
Spacious, Flexible Layouts: Large 1-bedroom apartments with potential for conversion to 2-bedrooms, allowing for future rent growth.
Recent Renovations: 2017 updates enhanced unit interiors and building systems while preserving historic character.
Additional Revenue Stream: T-Mobile cell tower contract with nine antennas on the roof, providing supplementary income.
Long-Term Family Ownership: Meticulously maintained by the same family for years, ensuring an excellent baseline condition.
Key Investment Features
This property offered rare stability, upside, and a coveted Andersonville address.
100% Occupancy: Sold fully leased, underscoring its desirability.
Prime Walkable Location: Steps from Andersonville’s vibrant retail, dining, and entertainment scene.
Income Growth Potential: Convertible unit layouts and ongoing cell tower lease present clear revenue opportunities.
Turnkey Appeal: Renovated, well-cared-for asset ready to generate immediate returns.
Market Strategy and Positioning
Triton Realty Group’s deep roots and direct relationship with the longtime sellers paved the way for this unique opportunity. The property’s standout corner location and history of family ownership were central to its marketing, emphasizing stability and pride of place. Strategic renovations and the added cell tower income made it a compelling choice for buyers aiming to secure a foothold in Andersonville’s competitive rental market. The resulting sale connected a private local partnership with a trophy building positioned for lasting success.
Frequently Asked Questions (FAQs)
This Andersonville corner building garnered strong investor attention for its location, updates, and unique income streams.
Why was the corner location significant?The property’s dual frontage on Ashland and Berwyn offers exceptional visibility, natural light, and tenant appeal—attributes rarely available in Andersonville.
Were the renovations a full gut rehab?No, the 2017 renovations were significant but not a complete overhaul, balancing modern upgrades with preserved vintage character.
How does the cell tower contract benefit the new owner?The T-Mobile lease brings reliable additional income, boosting annual returns beyond typical rental receipts.
Is there upside potential with the unit layouts?Yes, several 1-bedroom layouts can be converted into 2-bedrooms, providing an avenue to increase rents as demand evolves.
How long had the building been in the same family?The property was family-owned and carefully maintained for many years, contributing to its solid condition and reputation.
Want to achieve results like this?
Contact Triton Realty Group, President & Founder Matthew Fritzshall at (312) 788-9379 or visit tritonrealtygroup.com to discuss your property goals in Chicago.
