Kiser Group’s Managing Broker Lee Kiser, Director Andy Friedman, and Advisor Jake Parker recently brokered a $9.72 million transaction in Ravenswood at 5017 N Wolcott Ave, selling at $220,000 above listing price.
“The building is a corridor style building but in the shape of a half-courtyard,” said Director, Andy Friedman. “A portico in front of the courtyard area gives it incredible curb appeal.”
The property comprises 44 units, made up of one bedroom apartments and studio apartments. Approximately 25% of the total units have been renovated with new kitchens and/or bathrooms. “The buyer owns additional properties in Ravenswood and was looking to add to his portfolio,” said Jake Parker. “This building accomplishes that goal and also provides the opportunity to renovate the remaining 75% of units to subsequently increase rents.”
The Ravenswood property was meticulously maintained by the previous owner and includes ten parking spaces, a fitness room, and a state-of-the-art laundry facility to provide additional income.
“High quality properties in Ravenswood such as 5017 N Wolcott don’t trade very frequently- and when they do, they don’t last long,” said Friedman. “This one was under contract a few days after first tours, and was fully non-contingent shortly after.”
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