2737 W. Diversey Avenue
8,000 SF Fire House | Avondale
NelsonHill was hired by GW Properties to sell a history renovation of an original fire house at 2737 W. Diversey. With an asking price of $1,950,000 ($243 PSF) – NelsonHill was pushing to achieve a record say price for a vacant building of this caliber in the Avondale Neighborhood. NelsonHill came up with a powerful signage strategy with 8’ x 25’ wide banner capturing the visibility of 150,000 cars per day on Kennedy Expressway. Signage cost to NelsonHill was $4,000.
The subject property is a 8,000 SF two-story building, with a 4,000 SF basement on a 9,000 SF Site.
POSITIONING THE PROPERTY FOR MAXIMUM VALUE
NelsonHill’s mandate was to reposition the property for highest and best use and find the highest paying buyer which was most likely a user drawn high visibility off the Kennedy Expressway. The challenges were the property had limited parking and still needed approximately $450,000 in renovations to finish the building to office grade.
NelsonHill achieved a sale of $1,800,000 ($225 PSF) – a record sale at the time for this type of building in Avondale.