Interra Realty brokered the $2.65 million sale of 6403 N. Wayne Ave., a 16-unit mixed-use building with two first-floor commercial spaces along the border of Chicago’s Edgewater and Rogers Park neighborhoods. The sale price equates to $165,625 per unit.
Interra Senior Managing Partner Brad Feldman represented both the seller, a local private investor, and buyer, a local real estate partnership that plans to make minor cosmetic improvements to the building to bring rents to market.
“Even in a rising interest rate environment, multifamily investors remain eager to acquire well-located assets with upside potential,” said Feldman. “We see this demand reflected in the high number of tours and written offers received – in this case, nearly a half-dozen.”
The fully leased property includes one three-bedroom and 13 two-bedroom apartments, along with the two commercial units, which offer frontage along Devon Avenue. They are leased to Isel’s Cleaners, a dry cleaner, and Sky Thai Cuisine, and account for nearly 25% of the building’s income.
6403 N. Wayne is less than a half-mile from Loyola University Chicago’s Lake Shore Campus and within walking distance of the Red Line and retail at the intersection of Broadway, Devon Avenue and Sheridan Road.
