SVN | Chicago Commercial has completed the sale of a multifamily property in Chicago’s Noble Square neighborhood, underscoring investor interest in well-located value-add assets. The six-unit Greystone and accompanying coach house, located at 950–952 N. Noble Street, traded for $1.56 million.
The property, described as a value-add opportunity, consists of a classic Greystone building with additional residential space in a coach house configuration. While specific details on the unit mix or renovation history were not disclosed, the asset’s potential for further enhancement was cited as a key driver of buyer engagement during the marketing process.
Wayne Caplan, Senior Vice President with SVN | Chicago Commercial, represented the seller in the transaction. According to the brokerage, the listing generated immediate interest from prospective purchasers, with multiple tours and offers materializing shortly after the property came to market.
Caplan reported that the property attracted five showings and five offers in a single day, reflecting what he characterized as strong demand for multifamily investments in established Chicago neighborhoods. The competitive bidding environment ultimately pushed pricing above the initial asking level.
The Noble Square location was highlighted as a central component of the property’s appeal. The neighborhood setting, combined with the potential to upgrade or reposition the existing units, made the offering particularly attractive to investors seeking to add value through capital improvements or operational enhancements.
SVN | Chicago Commercial noted that buyers in the market for multifamily assets in areas like Noble Square are prepared to move quickly when properties with desirable locations and clear upside potential become available. The speed and intensity of interest in this sale illustrate how competitive the buyer pool can be for smaller apartment assets that offer both current income and the possibility of future value creation.
Further transaction specifics, including the identity of the buyer, details on the seller, and any planned improvement program, were not disclosed. However, the outcome of the marketing campaign suggests continued depth of capital targeting infill Chicago multifamily properties, particularly those positioned as value-add opportunities in established neighborhoods.
