Interra Realty recently facilitated the sale of a seven-unit apartment building in Chicago’s Old Town neighborhood for $2.25 million, resulting in an average price of $321,428 per unit. The property, located at 1338 N. LaSalle Street and built in the 1880s with recent renovations, was sold by a confidential seller and purchased by a private buyer who assumed the debt from the seller.
According to Interra Director Harrison Pinkus and Senior Managing Partner Joe Smazal who represented both parties respectively, this particular submarket has experienced low sales activity lately making it uncommon to find middle-market properties of this caliber available for purchase. However, due to its desirable location and assumable debt component which is becoming more attractive in today’s high-interest-rate environment; there were numerous tours and offers on the property.
The building consists of two one-bedroom units, four two-bedroom units,and one four-bedroom unit that have all undergone refurbishments including updated floors,new kitchens,and individual HVAC systems.Additionally,the exterior underwent extensive renovations such as new porches,a new roof,and facade work.
This successful transaction highlights Interra Realty’s expertise in brokering North Side apartment buildings without compromising quality or value for their clients.
