Kiser Group is excited to announce the successful closing of the distinguished property located at 3935-45 W Division st in the vibrant Humboldt Park neighborhood.
With a total of 41 units, comprising 37 apartment units and 4 retail spaces, the building was initially classified as condos at the time of sale. This property boasts a captivating history. Originally converted into condominiums in 2006, it underwent a remarkable transformation when 85% of its units were acquired through a bank sale following the market downturn of 2008-2009.
Director Danny Logarakis, commented, “The buyer was drawn to this property from the very beginning due to its outstanding cash flow potential. The strategic location, predominantly housing Section 8 voucher tenants, perfectly complements the buyer’s existing portfolio, which includes neighboring properties.”
While situated further west from the heart of Humboldt Park, this area has recently demonstrated an upward trajectory in rent growth. The property’s location holds promise for future value appreciation, solidifying its appeal to the buyer.
Logarakis further remarked, “The property’s robust cash flow and substantial upside potential make it an attractive investment. With minor cosmetic enhancements planned, the buyer is poised to increase rents, presenting a value-add opportunity that perfectly aligns with their investment strategy.”
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