Interra Realty closed on a 13-unit mixed-use property at 1157 W. 18th St. for $3.1 million in Chicago’s Pilsen neighborhood.
Interra brokers Jeremy Morton and Ted Stratman represented both the buyer and the seller in the deal. The sale was the second highest price-per-unit sale in Pilsen history at $238,462 per unit. The closing price represents a 7.6 percent cap rate and gross rent multiple of 10.23.
The property is located at 1157 W. 18th Street and has 12 high end gut-rehabbed residential units and one street level retail space. The 2016 renovation of the building includes all new kitchens and baths with quartz counter tops and custom reclaimed wood framed islands. Other improvements include all new windows, plumbing, electrical, roof and new retail storefront with cast iron details.
The 2,300-square-foot retail space has a new exterior, large windows, exposed brick walls, high ceilings and access to additional basement storage.