Ashland Ravenswood - SOLD

Realized Gross Returns:
IRR: 39%
Equity Multiple: 2.7x
Hold Period: 8.3 Years

5019-5021 N Ashland Ave, Chicago, IL 60640
Strategy: Add Value, Cash Out Refinance
Status: Realized
Purchase Price: $1,450,000
Acquisition Date: 6/28/2017
Sale Price: $2,600,000
Sale Date: 9/30/2025
Units: 7 Units
Off-Market, Repeat Broker

Ashland is a 7-unit multifamily property located in the Ravenswood neighborhood of Chicago.

Breneman Capital originally sourced Ashland off-market and through a repeat broker. With the owner needing to sell the property with minimal hassle as well as certain timing and occupancy constraints to be met, Breneman Capital was the only potential buyer with whom the opportunity was shared given our strong reputation.

Ashland was only a 6-unit building upon acquisition, but there was potential to duplex the first-floor unit or add a new basement unit with the city’s approval. In addition, the property had been partially renovated but was extremely outdated. During the acquisition process, we applied for a zoning change to have a 7th unit be added. Our zoning change was obtained shortly after closing, and we ultimately added the 7th unit.

We raised the rental income by 38% in the first year of ownership, reduced property taxes, and switched vendors for trash/recycling to reduce expenses.

Within the first 13 months of ownership, we distributed 107% of the initial required equity via tax-free refinance net proceeds. The property appraised for $2.45M, 48% above our basis of $1.66M and 69% above our purchase price.

Over the entire hold period, we increased revenue by 77% and drove a 79% increase in value. Ashland serves as another full-cycle example of Breneman Capital’s ability to identify and execute high-quality investments on behalf of our investors.