Steven Livaditis, vice president-investments and Joseph Scheck, an investment specialist in Marcus & Millichap‘s Chicago O’Hare office, announced the sale of a 29-unit mixed-use property located in the Uptown neighborhood of Chicago.
The property is located at 944 West Montrose Avenue in Chicago and sold for a price of$1,950,000 net to the seller. The 27 apartments were convertible 1 bedroom units and the ground floor featured 2 commercial stores.
The seller had owned the property for approximately 30 years and the rents were far below market. The new buyers saw this has a “value-add” opportunity and are planning to rehab the apartments while upgrading the common areas.
