Interra Realty, a Chicago-based real estate firm, recently facilitated the sale of a mixed-use building located at 5300 S. Blackstone Ave in Hyde Park. The property features 24 apartments and two ground-floor commercial spaces and was sold for $9.025 million, with each unit equating to approximately $347,115.
The deal was brokered by Interra Senior Managing Partner Joe Smazal and Director Mark Dykstra on behalf of the buyer Estia Properties, also based in Chicago. Smazal and Dykstra also represented the seller – an East Coast investment group who wishes to remain anonymous.
According to Smazal, Estia Properties saw potential in this asset due to its ability for operational efficiencies that could increase its value over time. Originally built in 1907,the property offers one one-bedroom unit along with eleven two-bedroom units and twelve three-bedroom units.
Currently leased by Philz Coffee,the retail space is situated on the corner while another local management company occupies the second commercial space within this building.Located on bustling 53rd Street retail corridor,this property is conveniently closeby University of Chicago,Museum of Science & Industry,and Lake Michigan shoreline,making it an attractive location for both residents as well as businesses.
