Interra Realty brokered the sale of two North Side multi-family properties in Chicago for a total of $1.94 million, while representing the buyers and sellers in both deals.
A four-unit walk-up building at 3502 N. Sheffield Ave. in Chicago’s Wrigleyville neighborhood closed at $871,500. Interra Realty’s Brad Feldman, managing partner, and Brian DiBasilio, director, represented the seller, Ivan Perini. Craig Martin, director, represented the buyer.
“The property is a value-add project since the building and units need an extensive rehab and unit re-configuration to move rents in line with the market,” Feldman said.
Once the company completes its renovations, the property will have three units with three-bedrooms/two-baths; and one two-bedroom/two-bath garden unit.
An 11-unit multi-family property at 1403 W. Sherwin Ave. in the Rogers Park neighborhood sold for $1.065 million, approximately $97,000 per unit. Interra’s Feldman and DiBasilio represented both the buyer and seller in the deal, which had a 7.1 cap rate/8.8 GRM with an upside in rents.
“The new owner, a local buyer, is adding to his portfolio and sees an ability to push rents and continue to operate the apartment building,” DiBasilio said. All 11 one-bedroom/one-bath units have large layouts and the property has eight parking spaces.
