Kiser Group is pleased to announce the successful closing of a historic property located in the charming Morgan Park neighborhood of Chicago. The property, known as ‘The Castle’ and located at 2324 W. 111th Street, has been a symbol of the neighborhood’s rich history. This unique transaction, brokered by Advisors John George and Joe Bianchi, involved the sale of this property for a final price of $1,925,000.
What makes ‘The Castle’ stand out is its prime location on the desirable pocket of 111th Street, east of Western Ave, which serves as the neighborhood’s retail corridor. The property presented an exceptional investment opportunity as all 16 residential units were vacant at the time of sale.
According to George, “The Beverly/Morgan Park market is extremely hot right now. Demand for properties in this neighborhood is significantly outpacing supply. Most transactions in this area are happening off-market, and buyers are willing to pay north of $100,000 per unit, a trend that has not been seen in years past.”
This transaction was notable for several reasons, including the property’s impressive history. Originally built in the late 1800s as a funeral home, it was later converted to a mixed-use property in the 1920s. ‘The Castle’ is entirely constructed of 16-inch concrete, an expensive and durable construction method that ensures its structural integrity.
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