Real Estate Broker Steven Rapoport represented the seller of the mixed use building located at 2004 W Armitage. This property traded for $900,000 this is double the $450,000 price the seller paid 6 years prior. In 2013 Steven leased the retail space at 2004 W Armitage to 24 Karrots Juice Bar. The terms of the retail lease Steven negotiated helped the seller maximize the value of this asset. This property traded at a 5.7% capitalization rate.
The real estate market in Wicker Park / Bucktown has shown rapid appreciation over the past few years. In particular, over the past year, we have seen more activity in the luxury real estate market in Wicker Park / Bucktown.
In 2015 the sale price per unit for an apartment building in Wicker Park / Bucktown ranged from $124,167 to $275,000 with an average sale price per unit of $189,956. In 2016 the sale price per unit for an apartment building in Wicker Park / Bucktown ranged from $90,000 to $400,000 with an average sale price per unit of $231,190. The average sale price per unit went up 22% in 2016 compared to 2015.
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.
