Interra Realty recently brokered the sale of a 16-unit mixed-use building in Chicago’s Logan Square neighborhood for $6.1 million, equating to $381,562 per unit and marking one of the highest prices for vintage buildings in Logan Square according to CoStar data. Senior Managing Partner Brad Feldman represented both the seller – Chicago-based Barnett Capital Ltd – and local private buyer in this transaction.
The property features eight two-bedroom units, five three bedroom units, one four bedroom unit as well as two commercial spaces with Starbucks occupying one of them after undergoing 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 retail income potential and long term positive revenue generation at this property we saw over two dozen tours and half a dozen written offers.”
