Interra Realty, a Chicago-based commercial real estate investment services firm, announced it brokered the $6.1 million sale of a 16-unit mixed-use building in Chicago’s Logan Square neighborhood. The transaction equated to $381,562 per unit—one of the highest for vintage buildings in Logan Square, according to CoStar data.
Interra Senior Managing Partner Brad Feldman represented the seller, Chicago-based Barnett Capital Ltd. Feldman also represented the local private buyer in the sale. The property, located at 2543 N. California Ave., was built in 1902 and renovated in 2018.
“This is a trophy asset on one of the best corners in Logan Square,” said Feldman. “With a higher cap rate due to the retail income, the potential for long-term positive revenue generation at this property prompted over two dozen tours and half a dozen written offers.”
The property features eight two-bedroom units, five three-bedroom units, one four-bedroom unit and two commercial spaces. Recent renovations include new steel decks and skylights, tuckpointing and multiple window replacements. Most of the units have been updated with quartz countertops and backsplashes, new cabinetry, stainless steel appliances, new hardwood floors and marble bathroom floors. Starbucks has been a long-term tenant in one of the commercial spaces, which recently underwent significant capital improvements.
2543 N. California is within walking distance of the dining, shopping and entertainment options along Milwaukee Avenue. The property is located a half-mile from the CTA’s Logan Square Blue Line station and is served by multiple CTA bus routes.
