Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of 4161 N Milwaukee, a 12,100-square-foot mixed-use property located in Chicago, Illinois. The asset sold for $1.8 million.
The subject property, a 17-unit mixed-use building, resides within in the Portage Park neighborhood of Chicago. The building was constructed in 1925 and consists of (three) 2Bed/1Bath units, eight 1Bed/1Bath units, one studio and five commercial spaces occupied by four tenants. The building was 100 percent occupied at the time of sale with mostly long term tenants.
The property was under the same ownership for over 50 years and was very well maintained. Regarding the apartments, most of the units have renovated cabinets and there is on-site laundry available to the tenants. Recent updates to the property include a new hot water tank in 2018, newer windows, and boiler. In addition, each store has an individual HVAC unit and a security camera system was installed for the property.
James Ziegler and Keith Zelenika, investment specialists in Marcus & Millichap’s Chicago Downtown office, had the exclusive listing to market the property on behalf of the seller, a trust. The buyer, a private investor, was secured and represented by James Ziegler and Keith Zelenika.