Interra Realty brokered the sale of a mixed-use building at 5300 S. Blackstone Ave. featuring 24 apartments and two ground-floor commercial spaces.
The property sold for $9.025 million, equating to $347,115 per unit.
Interra Senior Managing Partner Joe Smazal and Director Mark Dykstra brokered the deal on behalf of the buyer, Estia Properties, a Chicago-based real estate investment and management company. Smazal and Dykstra also represented the confidential seller, an East Coast-based investment group.
Originally constructed in 1907, the property includes one one-bedroom, 11 two-bedroom and 12 three-bedroom layouts. All apartments feature renovated kitchens and bathrooms, in-unit laundry and individual HVAC. The property also features a 16-car parking lot.
The building’s corner retail space is leased to Philz Coffee. The other commercial space is occupied by a local property management company.
Located on the busy 53rd Street retail corridor, 5300 S. Blackstone is within walking distance of the University of Chicago, Museum of Science and Industry, and amenities along the Lake Michigan shoreline. It is also near the Metra Electric line’s 51st/53rd Street station and served by multiple CTA bus routes.
