Property Overview

Interra Realty has been exclusively engaged to market for sale 3835 W. North Ave. The subject property is a mixed-use property consisting of six total units including one (1) retail space, two (2) 2BD/1BA apartments, and three (3) 3BD/1BA apartments. Additionally, the property contains two rear garage spots.

Units in the property have received substantial renovations including hardwood flooring, new drywall, high-end dark wood kitchen cabinetry, stainless steel kitchen appliances, and modern bathroom finishes. Mechanical updates include individual forced air furnaces, individually metered hot water tanks, updated copper plumbing, and updated electrical with in-unit circuit breakers.

A new investor is presented with the opportunity to acquire a fully renovated asset with in-place cash flow and an ideal location within the submarket. A new investor can realize greater returns by gradually increasing rents to market levels over time.

Highlights

  • Ideal Unit Mix: (1) Retail, (2) 2BD/1BA Units, (3) 3BD/1BA Units
  • Individual Forced Air Furnaces, Individual Hot Water Tanks, Copper Plumbing, Upgraded Electric Service.
  • High-End Condo Quality Finishes for all Units
  • Strong In Place Rents with Remaining Upside Potential

Key Details

TRANSACTION DATE
2022
NUMBER OF UNITS
Six (6)
SUBMARKET
W. Humboldt Park
CAP RATE
7.5%