12.02.20
Humboldt Park apartment building hits the market
Kiser Group has listed 3432-40 W. Franklin Boulevard for sale. The 46-unit multifamily property, located in Chicago’s South Humboldt Park neighborhood, is seeking $4,325,000.
“We anticipate seeing local and out-of-state interest for this Opportunity Zone property,” said Jack Petrando, who, along with Danny Logarakis and Rick Ofman—all advisors with Kiser Group, are marketing the property. “The heavy lifting has already been done, and this multifamily asset is fully renovated and stabilized.”
“3432-40 W. Franklin presents an investor with a rare opportunity to acquire a high-unit-count property in South Humboldt Park before values climb closer to levels seen in West Town and Wicker Park,” said Logarakis.
The property was originally built in 1927 and was fully gut-renovated by the current owner. Floor plans include 23 one-bedroom/one-bathroom units, 22 two-bedroom/one-bathroom units and one three-bedroom/one-bathroom unit. Rents range from $624 to $1,375 per month.
“Multifamily investment properties in this area experience high occupancy rates with long-term tenants and cash flow stronger than similar properties in other Chicago neighborhoods,” said Ofman.
