Jameson Commercial Real Estate‘s Michael Shiff represented an investor in the $1.7 million acquisition of 1030 N. Ashland Avenue in Chicago’s Wicker Park neighborhood.
The buyer, whose name was not disclosed, had a limited time-frame to complete a 1031 Tax-Deferred Exchange and paid all cash. Kevin Schnell of MO2 Properties LLC represented the seller, a limited partnership.
Located in the heart of Chicago’s popular Wicker Park and Ukranian Village neighborhoods, the building is close to CTA Blue Line stop on Milwaukee and Division Avenues.
The 7,450-square-foot masonry mixed-use building has six apartment units and one ground floor commercial space leased to long-term tenant. The property included more than 67 feet of frontage on Ashland Ave. Zoned B2-2, including on-site parking for 6-12 cars.
Apartments were updated with granite counter tops, stainless steel appliances, in-unit laundry, hardwood floors and Central Heat & Air Conditioning.
The property had an 11-day market time with an in-place CAP Rate of 7.8 percent. The building was 100 percent occupied at time of closing.