Interra Realty, a Chicago-based commercial real estate investment services firm, announced it brokered the $3.43 million sale of an eight-unit rental property at 2501 N. Southport Avenue in Chicago’s Lincoln Park neighborhood. The transaction equated to $428,750 per unit.
“Because Lincoln Park is one of Chicago’s most robust submarkets, multifamily owners rarely sell, creating heightened competition whenever a property does hit the market,” said O’Malley. “The multiple competitive offers we fielded and the fact this deal closed at 99% of list price are indicators that investors remain bullish on this neighborhood.”
Originally constructed in 1907 as a funeral home, the property was redeveloped by the seller into a high-end apartment building offering four two-bedroom and four three-bedroom layouts, each with modern finishes, dedicated HVAC and in-unit laundry, as well as nine on-site parking spaces. The property was fully occupied at the time of sale.
In the past year, Interra has brokered 57% of Lincoln Park multifamily transactions involving properties of six units or more, according to CoStar data, representing sales in excess of $27 million. This includes the $11.25 million sale of 2200 N. Clark Street in November, the $3.4 million sale of 2642-50 N. Marshfield Avenue in May and the $9.6 million sale of 1900-16 N. Lincoln Avenue in December 2023.
2501 N. Southport is one block north of the Fullerton Avenue retail corridor and is surrounded by Lincoln Park’s numerous dining, shopping and entertainment options. Also within walking distance are DePaul University and the CTA’s Fullerton station, served by the Red, Brown and Purple lines.
Founded in 2010, Interra Realty is a Chicago-based commercial real estate services firm that delivers integrated, tailored solutions through its boutique, client-focused approach and team of experienced professionals. Since its inception, the firm has closed thousands of transactions valued in excess of several billion spanning the multifamily, office and retail sectors, as well as loan sales. Interra’s clients range from private investors and high-net-worth individuals to large financial institutions, private equity groups and hedge funds.
