Jameson Commercial Real Estate’s Michael Shiff was instrumental on three multifamily transactions on Chicago’s near northwest side. The three properties sold for a combined $2,976,000.
Shiff represented a partnership in the $800,000 sale of the first property, an apartment building and development parcel at 2450 W. Cortland Street in the Bucktown neighborhood. The 5,952-square-foot property has four two-bedroom units and one three-bedroom garden apartment. It included an adjacent side-lot with separate tax PIN that buyer intends to develop separately.
Also in Bucktown, Shiff represented an investor in the $741,000 acquisition of 1856 N. Western Avenue. Built in 1887, the mixed-use, 4,986-square-foot apartment building with retail sits on a 2,175-square-foot lot with commercial C1-2 zoning and features five two-bedroom units and a retail storefront. It is occupied by long-term tenants at below market rents. The buyer intends to gut rehab the building and upgrade the apartments with condo-quality finishes and hold as part of a long-term portfolio.
In the Noble Square neighborhood, Shiff advised Wicker Park Apartments in the $1,435,000 acquisition of a mixed-use apartment building with retail at 1026 N. Milwaukee Avenue. Erected in 1886, the 6,663-square-foot building is zoned commercial C1-2 and has seven units ranging from studio to two-bedroom, as well as a 2,200-square-foot retail space currently occupied by a salon.
The buildings are all one to two blocks from the CTA Blue Line, offer easy access to I-90/I-94 and are within walking distance of great boutique shopping, restaurants and nightlife. All three properties were 100 percent leased at the time of their transactions.