Interra Realty, a Chicago-based commercial real estate investment services firm, announced it brokered the $5.12 million sale of 3501 N. Pine Grove Ave., a 16-unit rental building in Chicago’s Lakeview neighborhood. The price per unit was $320,000, making it the third Interra-brokered transaction in the Lakeview submarket to exceed per-unit pricing of $300,000 so far in 2021.
Interra Senior Managing Partner Joe Smazal represented the East Coast-based seller, while the private local buyer was represented by Interra Senior Managing Partner Brad Feldman. Although the seller modernized most units, the buyer plans to make additional upgrades to achieve higher rents and is permitted to add up to five units, a significant value-add opportunity.
“Lakeview is one of Chicago’s most popular rental neighborhoods, and local investors continue to target well-located, stabilized buildings that have performed well during the pandemic,” said Smazal. “3501 N. Pine is just a block from the lakefront and close to popular shops, restaurants and nightlife along Broadway, Halsted and Clark streets. These locational advantages, along with the property’s upside potential, made it a compelling investment opportunity.”
Built in 1924, 3501 N. Pine Grove includes eight two-bedroom, four three-bedroom and four four-bedroom residences. Units have hardwood floors, stone countertops and stainless steel appliances. The building was more than 95% occupied at the time of sale.
Located about 4 miles north of downtown Chicago, 3501 N. Pine Grove is a short walk from the No. 146 bus, offering direct service to the Loop via Lake Shore Drive, and the Belmont and Addison Red Line stations. Nearby attractions include the Sydney R. Marovitz Golf Course, Belmont Harbor, Wrigley Field and Lincoln Park Zoo.
Other Lakeview transactions brokered by Interra so far in 2021 include 700 W. Grace St., a 16-unit rental property that traded for $5.73 million, or $358,125 per unit; and 915 W. Addison St., a 12-unit rental community that sold for $5.4 million, or $450,000 per unit.