Kiser Group successfully completed the acquisition of a one-of-a-kind property in Chicago’s Morgan Park neighborhood. The iconic “Castle” at 2324 W. 111th Street holds great significance to the area’s rich history. This deal, facilitated by Advisors John George and Joe Bianchi, concluded with a final price of $1.925 million.
Originally constructed as a funeral home in the late 1800s, it was later transformed into a mixed-use building in the 1920s using solid concrete walls measuring an impressive sixteen inches thick. With all sixteen residential units unoccupied at time of purchase, this property presented an exceptional investment opportunity.
According to George: “The Beverly/Morgan Park market is currently experiencing high demand and low supply for properties like this one.” He further adds that most transactions are occurring off-market with buyers willing to pay over $100,000 per unit – something not seen before in recent years.
This article was originally published on Connect CRE.
