Interra Realty, a Chicago-based commercial real estate investment services firm, announced it brokered the $1.8 million sale of a 16-unit apartment building in Chicago’s West Ridge neighborhood. The transaction equated to $112,500 per unit.
Interra Senior Managing Partner Brad Feldman represented seller Jeff Selim in the transaction. Feldman also represented the buyer, a local private investor. This is the first time the property has traded hands in over 50 years.
“We toured more than two dozen prospective buyers through this property, yielding close to a half-dozen written offers, which is indicative of the robust appetite for vintage multifamily assets with a value-add component,” said Feldman. “Despite its age, this building had really good bones, which helped attract investors who were drawn to the opportunity to upgrade units and building systems in order to generate above-market cash flow.”
The property was constructed in the 1930s and features 16 one-bedroom units. The new owner plans a series of renovations including a new roof, window replacements and upgrades to the plumbing and electric systems. Units will receive updated kitchens, bathrooms and flooring.
6254 N. Whipple is one block south of dining, shopping and entertainment options along Devon Avenue. The property is served by multiple CTA bus routes.
