Multifamily Success: 5627-5629 N. Wayne Ave., Chicago, IL 60660

Introduction

On the picturesque, tree-lined Wayne Avenue in Chicago’s vibrant Edgewater neighborhood, 5627-5629 N. Wayne Ave. has become the latest testament to the enduring appeal of multifamily investments in the city’s urban core. This center-entrance building, featuring 7 spacious residential apartments and untapped potential for an additional accessory dwelling unit, was sold for $1.8 million in October 2024. Triton Realty Group’s Matthew Fritzshall and Harrison Cohen orchestrated the transaction, connecting a long-time northside owner with a buyer hungry to grow their portfolio and awaken the hidden value within these timeless walls.

Sale & Property Details

Sale Price: $1,800,000
Sale Date: 10/31/2024
Broker: Triton Realty Group, Matthew Fritzshall and Harrison Cohen
Asset Class: Multifamily, center entrance
Residential Units: 7 apartments (plus ADU potential)
Total Square Footage: 9,162 SF
Year Built / Renovated: Built 1910, Renovated 2013

Building Features & Amenities

Spacious living spaces with hardwood flooring throughout
Butterfly MX controlled access for security and convenience
Rent includes heat, water, trash, and recycling
Shaker soft-close custom cabinets and quartz kitchen countertops
In-unit washer/dryer and residence A/C
Crown molding, dining room space, and both front & back porches
Private balcony space for select units
New kitchen appliance package (microwave & dishwasher)
Garage parking available (extra)

Investment Highlights

This transaction offers immediate and future value: with all 7 units in excellent condition, the new owner can elevate rents to market levels and pursue value-add upside by building out an additional ADU. The building’s 2013 renovation ensures modern comforts while preserving historic character, making it a magnet for discerning renters.

Transaction Strategy and Execution

The sale of 5627-5629 N. Wayne Ave. required a nuanced approach. The seller, Winnemac Properties—a trusted name in Chicago multifamily, known for decades of management and stewardship—was seeking to divest from smaller assets to upleg into a larger 150+ unit property. Triton Realty Group crafted a focused marketing campaign emphasizing the building’s immaculate upkeep, strong location, and clear path to value creation. Ultimately, the buyer recognized the property’s potential to enhance their personal portfolio, drawn by the excellent address, contemporary amenities, and the rare opportunity to unlock further value with an ADU addition.

Neighborhood Overview

Andersonville Commercial District (Clark St.) – A lively hub for independent cafes, boutiques, and nightlife.
Lakefront Trail (Foster Ave. Access) – Iconic miles of biking and running paths along Lake Michigan’s shoreline.
Whole Foods Market (6009 N. Broadway) – Upscale grocery shopping just blocks away.
Edgewater Branch Library (6000 N. Broadway) – Beloved community resource for all ages.
Senn Park (5887 N. Ridge Ave.) – Local parkland for outdoor play, relaxation, and connection.

Wayne Avenue sits at the heart of Edgewater, offering an unmatched blend of walkability, vibrant culture, and easy access to beaches, transit, and the city’s northside energy. Residents enjoy everything from convenient groceries to serene lakefront mornings—all within a neighborhood known for its warmth and inclusivity.

Conclusion

The sale of 5627-5629 N. Wayne Ave. is a story of vision and legacy—where a seasoned owner passes the torch to a new investor ready to build on decades of stewardship. With a foundation rooted in classic Chicago architecture and a future brimming with possibility, this multifamily gem is poised to inspire and welcome generations of residents for years to come.

Frequently Asked Questions (FAQs)

What is the history of this property?Built in 1910 and extensively renovated in 2013, the building blends historic charm with modern upgrades.
Why was this location so attractive to the buyer?The address offers proximity to Andersonville, the lakefront, and top amenities, making it highly desirable for renters and investors alike.
What is the value-add potential?The buyer can bring rents to market levels and add an additional ADU, further boosting income.
What amenities set this building apart?Residents enjoy in-unit laundry, controlled access, updated kitchens, private balconies, and optional garage parking.
Who represented the sale?Triton Realty Group, Matthew Fritzshall and Harrison Cohen, expertly guided the transaction.