Interra Realty 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, marking 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 features eight two-bedroom units, five three-bedroom units, one four-bedroom unit and two commercial spaces. It is located at 2543 N. California Avenue, and Starbucks has been a long-term tenant in one of the commercial spaces, which recently underwent significant capital improvements.
“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.”
Interra Brokers Sale of Mixed-Use for $6.1M
Interra Brokers Sale of Mixed-Use for $6.1M
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Interra Realty 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, marking 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 features eight two-bedroom units, five three-bedroom units, one four-bedroom unit and two commercial spaces. It is located at 2543 N. California Avenue, and Starbucks has been a long-term tenant in one of the commercial spaces, which recently underwent significant capital improvements.
“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.”
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