Property Overview

Interra Realty, LLC has been exclusively engaged to market for sale 5550 W. North Ave., a 35 unit mixed use apartment building located in the North Austin neighborhood of Chicago. Consisting of 31 apartments and 4 commercial spaces, the property has an excellent unit mix with strong in place occupancy. The property is centrally located along North Ave, one of the neighborhood's main thoroughfares.

The 31 apartments consist of thirteen (13) 1 BD/ 1 BA apartments and eighteen (18) 2 BD/ 1 BA apartments. All apartments have been renovated and include in unit hot water tanks and forced air furnaces (tenant paid heat). The four (4) ground level retail spaces are 100% occupied, with two of the spaces occupied by a long term tenant with an in place lease through 2034.

At the list price of $2,800,000, this presents an opportunity to acquire a sizable asset in an appreciating neighborhood with an in place Cap Rate of 9% and Cash on Cash Return on 15%.

Highlights

  • Unique Apartments Featuring Exposed Brick and Washer/Dryer Hookups
  • Strong In Place Retail Lease Through 2034 With Bi-Annual Rent Escalations
  • Ideal Unit Mix of One and Two Bedroom Apartments
  • Approximately 40% Of Units Leased to Subsidized Tenants
  • In-Unit Hot Water Storage Tanks and Furnaces (Tenant Paid Heat)
  • 15% Cash on Cash Return

Key Details

Transaction Date
2022
Number of Units
Thirty-Five (35) Total Units
Thirty-One (31) Apartments & Four (4) Retail
Submarket
Austin
Cap Rate
9.0%
Building Size
33,345 SF
Lot Size
13,556 SF