Interra Realty Sells Old Town Apartment Building for $2M

Joe Smazal

Interra Realty is pleased to announce the sale of 163-165 West Schiller Street, Chicago.  The property is a walk-up style, six unit apartment building located in a prime Old Town location.

Managing Partner Joe Smazal represented the seller, a local private partnership.  The buyer was an international investor.  The deal closed for $2,000,000, which represents over $330K/unit and a sub 6 percent cap rate.

The property is comprised of unique studio, one, two, and three bedroom layouts.  Four of the apartments are split or multi-level, and all are filled with vintage details.   The property benefits from being located on a quiet one way street, but is just steps from the heart of Old Town and its vast offering of restaurants and bars on Wells Street.

As reported in This Week’s Chicago Deal Sheet