Renovated 24-Unit South Shore Corner Building Commands $2M, Unlocking Value for Visionary Investor
Sale at a Glance
In a landmark August 2023 transaction, a meticulously restored 24-unit multifamily building at 7200-02 S. Stony Island Ave. and 1539-49 E. 72nd St. in Chicago’s South Shore soared to a $2,025,000 sale. Orchestrated by Harrison Cohen, SVP & Principal of Triton Realty Group LLC, this sale epitomized the intersection of historic preservation and modern luxury, captivating the discerning eye of an East Coast investor hungry for yield, scale, and long-term upside in one of the city ’s most dynamic neighborhoods. The transaction’s backstory—emerging from a national investment scandal and culminating in a strategic 1031 exchange—only adds to its intrigue.
Sale Details
This South Shore trophy asset drew a wave of investor interest for its robust blend of stability, scale, and sophistication.
Sale Price: $2,025,000
Closing Date: August 28, 2023
Brokerage and Representation: Triton Realty Group LLC, led by Harrison Cohen (SVP & Principal)
Buyer Profile: Out-of-state East Coast investor seeking superior returns and operational efficiency
Occupancy at Sale: 100% leased, offering immediate cash flow
Seller Journey: West Coast investor and former major LP in Equity Build, seized full control post-renovation, and executed a well-timed exit as the national investment firm unraveled
Property Highlights
This stately brick walk-up is a masterclass in blending Chicago’s architectural heritage with high-end, contemporary living.
Unit Mix: Twelve spacious 2 bed/1 bath and twelve 1 bed/1 bath layouts, appealing to a diverse tenant base
Total Square Footage: 22,146 SF of thoughtfully designed living space
Premium Renovations: Stainless-steel appliances, in-unit laundry, condo-quality finishes, gleaming hardwood floors, and modernized bathrooms
Historic Character: Classic brick façade, open floor plans, sunlit interiors, and preserved architectural details
Major Capital Improvements: Separate utilities per unit, upgraded electric and plumbing, steel porch system, and extensive masonry and tuckpointing investments
Key Investment Features
This acquisition delivers both immediate stability and future growth—every investor’s dream in a rising neighborhood.
Turnkey Asset: Significant renovations completed, minimizing future capex and maximizing peace of mind
Income Upside: Below-market rents create a clear path for rental growth and NOI expansion
Operational Efficiency: Individual utilities for each unit reduce owner overhead and streamline management
Prime Urban Location: Situated in rapidly appreciating South Shore, steps from transit, parks, and the lakefront
Risk-Adjusted Opportunity: Stable, fully leased income stream with genuine appreciation potential
Market Strategy and Positioning
Triton Realty Group LLC’s approach fused storytelling and strategy, shining a spotlight on the property’s transformation from a distressed legacy asset to a fully renovated, income-generating powerhouse. By emphasizing the building’s classic Chicago bones and high-end finishes, marketing attracted sophisticated buyers seeking a blend of character and cash flow. The seller’s narrative—navigating away from the shadow of Equity Build, regaining control, and executing a 1031 exchange—was leveraged to create urgency and trust. Ultimately, the campaign matched the asset with a buyer ready to seize South Shore’s next wave, underscoring the power of local expertise and timing.
Frequently Asked Questions (FAQs)
This South Shore success story weaves together resilience, vision, and real estate excellence.
How did the seller regain control after Equity Build’s collapse? By purchasing out the GP’s interest pre-SEC investigation, the seller secured full ownership and stability, setting the stage for a drama-free sale.
What makes this property stand out among Chicago multifamily opportunities? A rare combination of full renovation, classic architecture, and efficient operations, all nestled in a neighborhood poised for appreciation.
Is there room for the new owner to raise rents? Absolutely—the property’s current rents are below market, offering near-term upside as leases renew.
Why did an East Coast investor target this asset? Drawn by higher yields than their home market and the ability to further enhance value through management and rental growth.
How does separate utilities benefit the new owner? Tenants pay their own utilities, minimizing owner expenses and reducing operational complexity.
What’s the long-term outlook for South Shore multifamily? With ongoing neighborhood revitalization and increasing demand for quality housing, South Shore stands out as a market with both stability and upside.
Want to achieve results like this?
Contact Triton Realty Group LLC at (312) 756-0600 to discuss your vision for multifamily investment in Chicago’s South Shore and discover your next success story.
