Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the $10 million sale of 1650 W. Roscoe St., a vintage mixed-use building with 54 apartments and four street-level retail spaces totaling 31,500 square feet in Chicago’s Lakeview neighborhood. The price per unit was $169,492.
Interra Managing Partner Craig Martin represented both the undisclosed buyer and seller, BuolProperties. Buol, which had owned and operated the property for four decades, undertook significant capital improvements during that time, including upgrading the electrical service and plumbing and installing new windows. But the property offered considerable value-add opportunity, including the chance to modernize the units, utilize an empty room near the lobby and build out the large basement space to add amenities.
“This vintage, transit-oriented property in Lakeview, one of Chicago’s most popular rental communities, offered plenty of upside potential, which was attractive to the pool of prospectivebuyers,” said Martin. “After we ran a competitive marketing campaign, we had over 30 property tours and secured eight offers, with the seller ultimately selecting the buyer it thought would best steward the property.”
Built in 1930, 1650 W. Roscoe includes 40 studios and 15 one-bedroom apartments, as well as four retail spaces currently occupied by Verizon, Shearstyle, Vital Nail Salon and Boutique Cleaners.
The building was 22% occupied at the time of the sale, while the retail space was fully leased.
Located near the intersection of Roscoe Street and Lincoln Avenue, 1650 W. Roscoe is adjacent to the Paulina Brown Line station and steps from a number of restaurants and storefronts, including a small-format Target.