Real Estate Broker Steven Rapoport sold the 21 unit apartment building located at 5135-5145 S Ingleside Ave in the Hyde Park neighborhood of Chicago. The seller, a legacy Hyde Park owner was motivated to cash in on recent appreciation in the neighborhood. The buyer of this property will be doing extensive renovations.
In 2015 the sale price per unit for apartment buildings in Hyde Park ranged from $19,038 to $179,167 with an average sale price per unit of $103,409. In 2016 and the beginning of 2017 the sale price per unit for apartment buildings in Hyde Park ranged from $12,419 to $304,791 with an average sale price per unit of $166,950. The average sale price per unit went up 61% in 2016 and the beginning of 2017 compared to 2015.
Over the past few years, we have witnessed increasing rents combined with compressing capitalization rates leading to rapid appreciation in property value. This environment has created a prime opportunity for owners to sell properties at favorable values. With increasing taxes & interest rates along with an influx of competing for rental inventory entering the market, it is only a matter of time before we see another market correction.
Interested in selling your property? Contact Steven Rapoport, CCIM for a free current market valuation.