Steven Rapoport with CRER represented the seller in the disposition of the five-unit apartment building located at 7506-7508 N Oakley Ave in the West Rogers Park neighborhood of Chicago.
The property was sold after being on the market for 9 days and the property was traded at a 6.3% capitalization rate. The five-unit property is situated on a huge 7,125 sf (57’ X 125′) site with a detached (3) car garage and two outdoor parking spaces.
Over the past few years, the Chicago real estate market has shown rapid appreciation. As property performance has improved, capitalization rates have compressed in some cases below rates seen in the pre-recession market. With the threat of new rental inventory entering the real estate market combined with the seemingly inevitable increases in both interest rates & real estate taxes, now is a great time to consider selling.
Contact me for a free valuation report for your Chicago commercial or investment property.
Steven Rapoport, CCIM | Chicago Real Estate Resources | Cell: 847-863-2707 | Email: Stevenr@crer.com