Timeless Andersonville Multifamily: 5454 N Paulina St Sells for $1.7M, Unlocking Value-Add Opportunity
Sale at a Glance
The sale of 5454 N Paulina St in Chicago’s coveted Andersonville neighborhood marked a pivotal moment for both seller and market. This classic 10-unit center-entrance multifamily building, lovingly maintained by one family for over two decades, closed in November 2023 for $1.7 million. Orchestrated by Matthew Fritzshall of Triton Realty Group, the transaction stands out for its blend of historic charm, untapped rental potential, and the emotional transition for long-time owner-operators ready to turn the page.
Sale Details
A well-preserved early 20th-century multifamily asset, 5454 N Paulina St attracted strong investor attention for its scale, upside, and location.
Sale Price: $1,700,000
Sale Date: November 14, 2023
Brokerage and Agent: Triton Realty Group, Matthew Fritzshall
Asset Type: Multifamily, center-entrance
Unit Count: 10 residential apartments
Square Footage: 9,500 SF
Year Built: 1915
Property Highlights
This stately brick building offers residents oversized layouts and classic Chicago character, with key systems and amenities already updated.
Large Layout Apartments: Each unit provides generous living space, a rarity in today’s market.
Recent Capital Upgrades: 2022 complete porch rebuild and 2013 upgrade to 400AMP electrical service with circuit breakers.
Under-Rented in Present Condition: Immediate upside for new ownership without significant renovation.
Historic Appeal: Timeless architectural details from the building’s 1915 construction.
Prime Andersonville Location: On a quiet, tree-lined street with easy access to neighborhood amenities and transit.
Key Investment Features
Savvy buyers recognized the unique mix of stability and upside at 5454 N Paulina St.
Value-Add Potential: Rents below market present a clear path for income growth by bringing units to market rate.
Turnkey Foundation: Major building systems and structure already improved, minimizing initial capital outlay.
Stable Asset in a Coveted Submarket: Andersonville’s enduring demand for quality rental housing drives long-term investment value.
Market Strategy and Positioning
This sale was the closing of one chapter and the opening of another. The building, managed with care by a husband-and-wife team for more than 20 years, was positioned to attract buyers seeking both legacy and opportunity. Marketing focused on the property’s voluminous layouts, recent capital investments, and the immediate rent growth it offered. Matthew Fritzshall’s tailored approach honored the sellers’ journey while attracting investors who saw the property’s soul and potential. The process built momentum that delivered a seamless closing and a bright new beginning.
Frequently Asked Questions (FAQs)
Curious about the story behind this Andersonville success? Here are answers to common questions about 5454 N Paulina St and its sale:
What made 5454 N Paulina St stand out to buyers?The property combined spacious, classic floorplans, recent building upgrades, and clear value-add potential, all in a premier Andersonville setting.
How was a strong sale price achieved with under-market rents?By emphasizing completed capital improvements and the building’s upside, marketing drew in investors focused on appreciation and future income.
Were there any challenges in selling a long-held family property?Yes—balancing the emotional journey of owners closing a significant life chapter required sensitivity and expert guidance for a rewarding outcome.
What is the outlook for Andersonville multifamily properties?Demand remains high due to limited supply, walkability, and strong tenant demographics, making assets like this especially desirable.
What recent improvements were made to the property?Major projects include a full porch rebuild in 2022 and a 400AMP electrical service upgrade in 2013, lowering near-term expenses for the buyer.
Want to achieve results like this?
Contact Triton Realty Group, Matthew Fritzshall to discuss your property goals in Chicago.
