September 3, 2019
A 14-unit, 19,075-square-foot, mixed-use building at 5601 W. Belmont Ave. on Chicago’s Northwest Side sold at an 8.5% cap rate for $2.4 million. Paul Cawthon, Angelo Labriola and David Miller of SVN Chicago Commercial’s Cawthon-Labriola Group were the sole brokers on the deal.
The property includes a mix of new and long-term commercial tenants, including the locally-renowned Artel Jewelers, along with six gut-rehabbed apartments on the upper level. The property is commonly referred to as the “Boolookas Building” because of the iconic Boolookas marking on the hard corner above the second-story window of the apartments.
“This was a unique value-add opportunity for the buyer, where a majority of the exterior and interior improvements have already been completed and new ownership can focus on increasing current below-market rents,” said Labriola. “It was a strong cap rate deal with significant upside for the buyer.”
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