Interra Realty, a Chicago-based commercial real estate investment services firm, announced it brokered the $1.92 million sale of 6018-6020 N. Avondale Ave., a 12-unit rental community in Chicago’s Norwood Park neighborhood. The price per unit was $160,000.
Interra Managing Partner Patrick Kennelly and Director Paul Waterloo represented both the private seller, a local family that owned the property for 27 years, and confidential buyer, also a local family, which acquired the building in a 1031 exchange. The new owner plans to make select updates to the property and hold it as a long-term investment.
“Investors are attracted to the stability and affordability of multifamily properties on Chicago’s Northwest Side, where assets of this size can be hard to find,” said Waterloo. “Although the building was very well maintained and had some recent renovations, there is room to add value with additional updates that will command higher rents. Because of all these factors, we were able to attract significant investor interest and secure eight offers.”
Underscoring the rarity of similar-size transactions in the submarket, it was only the second building over six units to sell in Norwood Park in 25 months, according to CoStar data. The most recent sale—also brokered by Interra—was an 11-unit property at 6047 N. Northwest Highway that traded for $1.51 million in December 2020.
Built in 1973, 6018-6020 N. Avondale includes five one-bedroom and seven two-bedroom apartments, which were fully occupied at the time of the sale. The property includes 10 surface parking spaces.
6018-6020 N. Avondale is located across the street from the Norwood Park Metra station, served by the Union Pacific Northwest Line. It is also less than a mile from the CTA Blue Line and Kennedy Expressway, as well as the 16-acre Norwood Park, which features a state-of-the-art fitness center, outdoor pool with water slide, dog park, playing fields, senior center and more.