Edison Park Six-Unit Apartment Building Sale Showcases Portfolio Growth Opportunity in Chicago

Sale at a Glance

The sale of 7356 N. Harlem Ave. in Chicago’s coveted Edison Park neighborhood highlights a compelling acquisition story in the city’s multifamily market. Triton Realty Group LLC, led by SVP & Principal Harrison Cohen, brokered the $778,200 transaction on October 25, 2019. This well-maintained six-unit building, positioned on a prominent corner lot, offered significant value-add potential with below-market rents and flexible leasing, making it a standout for both investors and residents seeking a prime Chicago address.

Sale Details

A classic Edison Park multifamily asset, this property drew competitive buyer interest and delivered a strong outcome for all parties.

Sale Price: $778,200
Date Sold: October 25, 2019
Brokerage: Triton Realty Group LLC
Broker: Harrison Cohen, SVP & Principal
Residential Units: 6
Building Size: 7,188 square feet
Lot Dimensions: 150 x 30 (corner lot)

Property Highlights

This six-unit walkup stands out with its blend of classic features and well-kept condition.

Location: Prime Edison Park setting with immediate access to transportation
All Units Above Grade: Ensures natural light and enhanced appeal for tenants
Upgrades: Roof replaced in 2015, new hot water tank, newer coin-operated washer/dryer
Unit Finishes: Hardwood floors throughout, eat-in kitchens, spacious dining areas
Parking: Four rear parking spaces plus ample street parking on a corner lot

Key Investment Features

The property delivered a rare combination of stability and upside potential for multifamily investors.

Below-Market Rents: All units leased month-to-month, offering immediate value-add opportunity
Strong Rental Demand: Edison Park’s desirability supports rent growth and low vacancy
Flexible Leasing: Month-to-month leases provide transition flexibility for new ownership
Exceptional Gross Rent Multiplier: Attractive pricing relative to market rents and area comps

Market Strategy and Positioning

This deal was the result of a targeted search for a local buyer with a vision to expand his holdings near his existing portfolio. Over six months, numerous properties were underwritten before this opportunity emerged as the right fit. The competitive sale environment was met with a decisive offer, leveraging the property’s inherent potential and strategic location. Broker expertise and persistence ensured the buyer was positioned to win against other interested parties, capitalizing on timing and neighborhood knowledge.

Frequently Asked Questions (FAQs)

This Edison Park multifamily sale brings several unique aspects to light for investors and residents alike.

Q: What makes Edison Park an attractive neighborhood for multifamily investment?

A: Edison Park offers a suburban feel within Chicago, excellent public transit, and a stable tenant base, making it a preferred location for both renters and investors.

Q: How does the building’s rent roll affect investment returns?

A: With all units on month-to-month leases and rents significantly below market, the new owner can reposition the property for higher returns through strategic rent increases.

Q: What value-add opportunities exist for this property?

A: Immediate potential exists to upgrade units, adjust rents to market rates, and optimize operational efficiencies, enhancing both cash flow and long-term value.

Q: Was there strong competition for this property?

A: Yes, the building was acquired in a competitive environment, with the buyer prevailing due to local market knowledge and a strong acquisition strategy.

Q: How accessible is the property for tenants?

A: The building offers excellent transportation options right outside its doors, along with ample parking and walkability to neighborhood amenities.