Renovated 6-Unit Buena Park Gem Sold for $1.355M: 652 W Gordon Terrace Apartment Building Success
Renovated 6-Unit Buena Park Gem Sold for $1.355M: 652 W Gordon Terrace Apartment Building Success
Sale at a Glance
At the heart of Chicago’s vibrant Buena Park, 652 W Gordon Terrace stands as a testament to the power of strategic investment and vision. This fully renovated 6-unit apartment building sold for $1,355,000 on September 6, 2024, with Matthew Fritzshall of Triton Realty Group representing the transaction. The sale showcases not only the enduring appeal of classic Chicago architecture but also the market’s hunger for modernized, high-quality rental assets in prime urban neighborhoods.
Sale Details
This successful transaction drew on the property’s exceptional location and recent upgrades, culminating in a competitive sale process.
Broker: Matthew Fritzshall, Triton Realty Group
Sale Price: $1,355,000
Date Closed: September 6, 2024
Asset Class: 6-unit apartment building
Neighborhood: Buena Park, Chicago
Property Highlights
A historic structure, thoroughly reinvented for contemporary living, 652 W Gordon Terrace is a rare find in Buena Park.
Comprehensive Renovation: Units were redone from the studs up, featuring high-end finishes, new electrical, plumbing, and windows throughout.
Unit Mix: Spacious 2-bedroom, 2-bathroom apartments, each over 1,500 square feet.
Architectural Character: Classic Chicago brick façade paired with modern interiors.
Prime Location: One block from the lake, with easy access to parks, public transit, and neighborhood amenities.
Key Investment Features
Investors were drawn to the building’s blend of historic charm and modern efficiency, promising strong returns and future growth.
Turnkey Condition: Extensive renovations eliminate immediate capital needs, offering stable cash flow from day one.
Strong Rental Demand: Premium finishes and location yield above-market rents, with units reportedly leasing at over $3,200/month.
Value Stability: Buena Park’s robust rental market and proximity to the lakefront drive long-term asset appreciation.
Desirable Demographics: Attracts young professionals and families seeking upscale urban living with neighborhood charm.
Market Strategy and Positioning
The marketing campaign for 652 W Gordon Terrace was crafted to awaken buyers’ deepest aspirations—offering not just a building, but a lifestyle vision. By emphasizing the seamless marriage of historic detail and contemporary luxury, the listing captured the imagination of investors looking to satisfy the city’s surging demand for quality rental housing. Strategic timing and expert negotiation by Matthew Fritzshall ensured a swift, competitive sale at a premium price, demonstrating the power of tailored marketing and deep neighborhood expertise.
Frequently Asked Questions (FAQs)
This Buena Park sale highlights core strengths of the Chicago multifamily market as well as unique property-specific details.
Q: What made 652 W Gordon Terrace especially attractive to investors?
A: The building’s full-gut renovation, large two-bedroom layouts, and proximity to the lakefront set it apart from typical multifamily offerings in the area.
Q: Were the units leased at the time of sale?
A: The property featured strong occupancy with several units leased at top-of-market rents, providing immediate income for the new owner.
Q: How does Buena Park’s market support continued rent growth?
A: The neighborhood’s blend of historic charm, improved amenities, and convenient transit access continues to attract high-quality tenants and support premium rents.
Q: What types of renters are most attracted to this building?
A: Young professionals, couples, and small families seeking spacious, modern apartments with classic Chicago character and walkable access to the lake.
Q: What role did renovations play in driving value?
A: The comprehensive, high-end renovations transformed the property into a turnkey investment, dramatically increasing both rental income and asset value.
Want to achieve results like this?
Contact Matthew Fritzshall at Triton Realty Group to discuss your property goals in Chicago and discover how strategic marketing and market insight can unlock your building’s full potential.
