Interra Realty, a Chicago-based commercial real estate investment services firm, brokered the $2.58 million sale of a 31-unit apartment building at 6949-6959 S. Merrill Ave. in Chicago’s South Shore neighborhood. The transaction equated to $83,225 per unit.
Interra Director Max Grossman represented the local confidential buyer. Senior Managing Partner Joe Smazal and Managing Partner Lucas Fryman represented the seller, a private investor based on the East Coast. The property was approximately 90% occupied at the time of sale. The courtyard property includes a mix of studio to three-bedroom apartments, some of which have been updated with new kitchens and baths. Two units were reconfigured to include an additional bedroom, which generated additional rent of $300 per month. New ownership could elect to continue that strategy or push rent levels in the units’ current condition.
6949-6959 S. Merrill is a few blocks south of Jackson Park, home to the Museum of Science and Industry and the under-construction Obama Presidential Center. The property is also close to South Shore Beach, retail offerings along 71st Street and the Bryn Mawr station on the Metra Electric line.
