Interra Realty has closed on two multi-family properties in Oak Park for a total of $2.1 million. An 11-unit apartment building at 426 South Wesley Avenue sold for $1,240,000. Interra Realty agents Patrick Kennelly, James Clough and Joe Smazal represented both the seller and buyer in the transaction.
The property is brick and flexicore construction and features an elevator and a 12-car parking lot in the rear of the property generates supplemental income. The unit mix includes one and two bedroom apartments with most featuring granite countertops, stainless steel appliances and cherry cabinets. The property boasts a number of recent capital improvements including roof, windows, plumbing and electrical service.
A mixed-use property at 113 North Oak Park Avenue sold for $865,000 representing approximately a 7% cap rate. Interra Realty Managing Partners Joe Smazal and James Clough, and Associate Patrick Kennelly, represented the seller and buyer. The property has four spacious apartments above a first floor retail space occupied by a restaurant tenant. Steps away from the Green Line train stop, it has high street appeal and is located just south of the intersection of Lake Street in a low sales velocity pocket with dynamic retail and multi-family fundamentals.