A private buyer has purchased for $5.2 million a mixed-use building that is 97% occupied and includes retail and multifamily in Chicago’s largest populated neighborhood.
Interra Realty, a Chicago-based commercial real estate investment services firm, announced it negotiated the $5.2 million sale of 3546 N. Southport Ave., a mixed-use property with 21 apartments and two commercial spaces in the Southport Corridor of Chicago’s Lakeview neighborhood. The price per unit was $226,000.
Interra Senior Managing Partner Brad Feldman represented the seller, a family trust that had owned the building for nearly 50 years, as well as the private buyer. The new owner plans to gut-renovate the apartments, update hallways and common areas, add a bike room and potentially add a rooftop deck.
“Lakeview is always popular, and the Southport Corridor has transformed dramatically in recent years, with many new retail stores, restaurants and apartments,” said Feldman. “3546 N. Southport is a rarely available, well-located building in the heart of this vibrant district. After marketing the property to our investor network, we led almost 30 tours and received more than a half-dozen written offers, accepting one near list price.”
Built in 1930, 3546 N. Southport includes 12 studio and nine one-bedroom units. The apartments were approximately 97 percent leased at the time of sale. The ground-floor commercial spaces were fully leased and occupied by Real Good Juice Co. and The Denim Lounge.
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