CHICAGO - @properties Commercial brokered two apartment building sales recently: a 16-unit building at 6304 N. Oakley Ave. for $1.13 million and a six-unit building at 4420 N. Winchester St. for $850,000.
Kevin Rocio, real estate advisor for @properties Commercial, represented the sellers in both transactions. The owners were not identified.
The Oakley property, located in Chicago's West Ridge neighborhood, is a walk-up that includes one- and two-bedroom units, all of which were leased at the time of sale. The building currently has Class 9 Tax Status, offering the owner reduced property taxes as a result of below-market rents.
“The taxes are half what they would be on a similar property with market-rate rents. The buyer has the opportunity to keep rents low and enjoy the tax benefit or bring the rents in line with the market,” Rocio says in a release.
The Winchester property, located in Chicago's Ravenswood neighborhood, was an estate sale that was originally offered for sale by owner. The building has one 1-bedroom, 1-bath unit and five 2-bedroom, 1-bath units, as well as parking for eight cars.
Rocio said he approached the owner and told him the property was underpriced.
“We had four offers within a week, and the property sold, all cash, for $75,000 above where the seller had valued it," Rocco says, adding that "It's the perfect example of why it pays to use a broker. A lot of owners think they're saving money by doing it themselves, when in reality they're leaving money on the table.”
@properties Commercial is a full-service Chicago commercial real estate firm offering leasing and sales, property management, investment-advisory services, and special-asset services for distressed and REO properties.
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