Nate Gautsche and Ben Berenstein represented both the buyer and seller of a 3-unit investment property located at 1036 N Orleans. This was a rare 3-unit opportunity at the edge of Old Town and River North amongst existing hi-rise developments and 2,915 planned or under-construction apartments in the immediate area.
The building was fully gut rehabbed in 2001 with efficient 2BR/2BA layouts that are in high demand with the ability to increase rents substantially with limited building updates. The property is centrally located within walking distance to the Clark/Division CTA and all of the bars, restaurants and nightlife on Wells Street in Old Town as well as River North.
The property sold at 97% of the broker opinion of value, which was a sub 5% cap rate on in-place income and expenses. Multiple offers were procured in less than 3 weeks of marketing time.