Interra Realty closed on two multi-family properties in Chicago’s South Shore neighborhood for a total of $1.85 million.
The final sale price reflected a cap rate just north of 11% and a GRM slightly below 5 times.
Built in 1920, the two courtyard buildings at 7625-33 and 7635-43 S. East End Ave. have a total of 51 one-bedroom units. Recent improvements to both properties included the installation of new windows in 2014 as well as new porches and roofs in 2013.
David Goss and Jon Morgan, Managing Principals at Interra, represented the seller and Brad Feldman, Managing Partner at Interra, represented the buyer in the transaction.