Interra Realty brokered the $3.43 million sale of an eight-unit rental property at 2501 N. Southport Ave. in Chicago’s Lincoln Park neighborhood. The transaction equated to $428,750 per unit.
Interra Senior Managing Partner Brad Feldman represented the private local buyer. Interra Senior Managing Partner Joe Smazal, Director Colin O’Malley and Director Mark Dykstra represented the confidential seller. O’Malley had previously assisted the seller in its acquisition of the property in 2018.
Originally constructed in 1907 as a funeral home, the property was redeveloped by the seller into a high-end apartment building offering four two-bedroom and four three-bedroom layouts, each with modern finishes, dedicated HVAC and in-unit laundry, as well as nine on-site parking spaces. The property was fully occupied at the time of sale.
In the past year, Interra has brokered 57% of Lincoln Park multifamily transactions involving properties of six units or more, according to CoStar data, representing sales in excess of $27 million. This includes the $11.25 million sale of 2200 N. Clark St. in November, the $3.4 million sale of 2642-50 N. Marshfield Ave. in May and the $9.6 million sale of 1900-16 N. Lincoln Ave. in December 2023.
2501 N. Southport is one block north of the Fullerton Avenue retail corridor and is surrounded by Lincoln Park’s numerous dining, shopping and entertainment options. Also within walking distance are DePaul University and the CTA’s Fullerton station, served by the Red, Brown and Purple lines.
