CHICAGO, IL – 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. . 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.”

Read the complete article at ConnectCRE.

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REBusiness Online: Interra Realty Brokers $6.1M Sale of Multifamily Property in Chicago’s Logan Square