Michael Shiff, Senior Associate with Jameson Real Estate LLC, worked with both the owner of record and the buyer, Puerto Rican Cultural Center, in the $1,025,000 sale of 2701 W. Division & 1146-48 N. Washtenaw in downtown Chicago.
Located in between Wicker Park and Humboldt Park, the property is a 10,500 sqft mixed-use corner building zoned B1-1. The building has 9 units – (7) 600-800sqft 2 bedroom 1 bath, (1) 1,600sqft top-floor 2 bedroom 2 bath loft and (1) 1,800sqft ground floor retail commercial space.
The property has undergone significant renovations and PRCC plans to update apartments further and expand its local neighborhood operations in ground floor retail space on Division Avenue.
The property had a 22 day market time and sold for 91% of the asking price, with an in-place CAP rate of 7.2%. Michael generated multiple offers for the building from both local and national real estate investment and capital groups, with the PRCC ultimately winning a competitive bidding process.
