We saw this as a great opportunity for an individual investor looking for quality real estate, with great cash-on-cash returns, to add to their portfolio.
Chicago, IL (PRWEB) November 28, 2012
@properties Commercial recently brokered the sale of a four-unit new-construction apartment building at 1261 N. Honore, in Chicago’s Wicker Park neighborhood, for $1.625 million.
Kevin Rocio, real estate advisor for @properties Commercial, represented the building’s developer in the bank-approved short sale. Rocio said the building was under contract within 15 days, after receiving more than 30 showings and a dozen offers. The sales price was $125,000 above the minimum approved by the project’s lender, he said.
Rocio took over the listing after another broker failed to find a buyer. “I told the seller I thought the price was too low and that the building wasn’t positioned properly in the marketplace,” Rocio said. “We properly underwrote the asset and marketed it to a broader pool of investors – not just the traditional, neighborhood apartment landlord. We saw this as a great opportunity for an individual investor looking for quality real estate, with great cash-on-cash returns, to add to their portfolio,” he said.
Built in 2007, and originally marketed as condominiums, the building includes four duplex 3-bedroom, 2.5-bath units with high-end finishes, including Viking, Sub-Zero and Bosch appliances and Italian cabinetry. The building also features four garage parking spaces, one outdoor space, two decks per unit and a common deck on top of the garage. The building was 100-percent leased at the time of sale, with rents ranging from $2,500 to $2,650 per month.
About @properties Commercial
@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. For more information, visit http://www.atproperties.com/commercial.