6229 W Belmont Ave: Classic Six-Unit Value-Add Multifamily Sale in Belmont Cragin

Sale at a Glance

6229 W Belmont Ave stands as a testament to the enduring allure of Chicago’s classic apartment buildings, where history and opportunity converge. Orchestrated by the accomplished team at Triton Realty Group—Matthew Fritzshall, Harrison Cohen, and Luke Wojcik—this fully leased, six-unit property drew in a seasoned local investor seeking to unlock hidden value. The transaction, marked by a 6.02% cap rate and robust in-place NOI, underscores the strength of Belmont Cragin as a neighborhood of both stability and future promise, even amidst the challenge of city violations.

Sale Details

A seamless sale driven by market expertise and a keen understanding of local investor appetite.

Listing Brokers: Matthew Fritzshall, Harrison Cohen, and Luke Wojcik of Triton Realty Group represented the seller.
Buyer: Local investor with an established area portfolio, targeting value-add opportunities.
Occupancy at Sale: 100% leased across all six units.
In-Place NOI: $51,739 at closing.
Cap Rate: 6.02% at the time of sale.
Unique Challenge: City violations required a buyer able to leverage hard money or work with a lender willing to overlook existing issues.

Property Highlights

A building that celebrates Chicago’s architectural heritage and offers practical amenities for today’s tenants.

Vintage Condition: Units offer classic layouts and finishes, providing a canvas for future upgrades.
Parking Advantage: Six rear parking spaces—rare and desirable for prospective tenants.
Tenant Comfort: Units feature window AC, electric baseboard heating, and access to a washer/dryer in the basement common area.
Desirable Location: Nestled in the heart of Belmont Cragin, close to retail, restaurants, and transit.

Key Investment Features

A rare blend of reliable income and untapped potential, poised for transformation.

Stabilized Income: Full occupancy ensures immediate cash flow for the new owner.
Value-Add Upside: Clean vintage interiors allow for cosmetic upgrades and rent growth.
Market Appeal: Sought-after amenities such as ample parking and in-building laundry enhance tenant retention and asset value.
Flexible Strategy: Suitable for investors seeking either passive income or an active repositioning project.

Market Strategy and Positioning

The sale strategy for 6229 W Belmont Ave was crafted with soul and foresight. Triton Realty Group leaned into the property’s full occupancy and vintage charm, painting a vivid picture of long-term growth for local investors ready to solve for city violations. By targeting buyers with the resources and vision to address these challenges, the team unlocked a transaction where the past and future meet—transforming obstacles into opportunity. The result: a deal that not only delivered immediate income but also awakened hidden desires for transformation and stewardship in one of Chicago’s most resilient neighborhoods.

Frequently Asked Questions (FAQs)

6229 W Belmont Ave invites questions from those who see beyond the surface—here are the most common:

What made this property attractive despite the city violations? The combination of full occupancy, strong in-place income, and value-add potential outweighed the challenges, especially for buyers equipped to resolve the violations.

Were there any recent renovations or upgrades? The property was maintained in clean vintage condition, providing a blank slate for modernization or continued cash flow as-is.

How does the parking amenity impact investment value? Six rear parking spaces are a significant draw for tenants and add measurable value to the investment.

What was the ideal buyer profile? The property was best suited for local investors prepared to address existing violations and capitalize on both immediate and future returns.

How did the broker team overcome the deal’s challenges? Triton Realty Group’s market knowledge and strategic targeting of resourceful buyers ensured a smooth closing despite financing hurdles.