Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it negotiated the $5.2 million sale of 3546 N. Southport Ave., a mixed-use property with 21 apartments and two commercial spaces in the Southport Corridor of Chicago’s Lakeview neighborhood. The price per unit was $226,000.
Interra Senior Managing Partner Brad Feldman represented the seller, a family trust that had owned the building for nearly 50 years, as well as the private buyer. The new owner plans to gut-renovate the apartments, update hallways and common areas, add a bike room and potentially add a rooftop deck.
“Lakeview is always popular, and the Southport Corridor has transformed dramatically in recent years, with many new retail stores, restaurants and apartments,” said Feldman. “3546 N. Southport is a rarely available, well-located building in the heart of this vibrant district. After marketing the property to our investor network, we led almost 30 tours and received more than a half-dozen written offers, accepting one near list price.”
Built in 1930, 3546 N. Southport includes 12 studio and nine one-bedroom units. The apartments were approximately 97% leased at the time of sale. The ground-floor commercial spaces were fully leased and occupied by Real Good Juice Co. and The Denim Lounge.
Located about 7 miles north of downtown Chicago, 3546 N. Southport is two blocks from the Southport Brown Line station and close to several bus routes, including those connecting to the Red and Blue lines. A Jewel-Osco grocery store and numerous boutiques, restaurants and coffee shops are among the offerings in the immediate neighborhood. Residents also are three blocks from the Music Box Theatre, a half-mile from Wrigley Field and about 2 miles from the lakefront.