Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the $2.5 million sale of 1439 N. Milwaukee Ave., a mixed-use building with five apartments and approximately 2,000 square feet of street-level retail in Chicago’s Wicker Park neighborhood. The price per unit was $416,667.
Interra Senior Managing Partner Joe Smazal represented the private seller. The buyer was represented by Danny Spitz, chief executive officer and managing partner of Chicago-based Greenstone Partners. Interra ran a proactive marketing campaign that resulted in a strong sale price, according to Smazal.
“1439 N. Milwaukee was a natural choice for investors thanks to its great Wicker Park location, national retail tenant and updated apartments,” said Smazal. “We were able to successfully complete the sale at an under-6% cap rate, which illustrates that demand and pricing for mixed-use assets are back to pre-pandemic levels.”
Built in 1878, 1439 N. Milwaukee includes three one-bedroom units, one two-bedroom and one three-bedroom. The apartments, which were fully leased at the time of sale, feature open-concept layouts, hardwood floors, kitchens with granite countertops and stainless appliances, and central air. The building includes two surface parking spaces.
Located near the intersection of Damen, Milwaukee and North avenues, 1439 N. Milwaukee has ground-floor retail space leased to Taco Bell Cantina, which selected the property for the concept’s first U.S. location.
1439 N. Milwaukee is steps to several bus routes and the Damen Blue Line station, offering service to downtown Chicago. It also offers convenient access to the Kennedy Expressway.