Interra Realty managing partner Brad Feldman closed on three Chicago multi-family properties in the past week for a total of $2.24 million. Feldman represented buyers and sellers in all three deals and is off to a productive year with a total of eight closings in the first two months of 2015.
An eight-unit walk-up property at 5417-19 S. Drexel in Hyde Park sold for $1.06 million. The building consists of six three-bedroom/one-bath units and two studios. “This comp demonstrates value growth in Hyde Park as the neighborhood has been transformed in recent years. Contributing to this growth are the significant financial investments made by the University of Chicago in the area,” said Feldman.
A four-unit apartment building at 1900 W. Oakdale in the Lake View neighborhood sold for $750K. The property is made up of four two-bedroom units and includes a two-car garage. “The buyer liked the long-term value in Lake View where numerous tear-down properties are available to be converted into newly-built single-family residences. The seller had purchased the building during the market downturn, made improvements and sold because of current market opportunity,” added Feldman.
A vacant 12-unit multi-family building at 4034-42 W. Palmer in the Hermosa neighborhood sold for $430K. The building has newer windows and the brickwork is in good shape. The new owner plans to gut and upgrade the property which is comprised of 12 one- and two-bedroom units.
