Properties trade for nearly 47% above 2017 sale price
Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the $2.5 million sale of 906-908 N. Damen Ave., a pair of six-unit multifamily properties in Chicago’s Ukrainian Village neighborhood. The price per unit was $208,333.
Brad Feldman, senior managing partner for Interra, represented the seller, a local real estate partnership. Feldman also had represented the group when it bought the properties in 2017 for $1.7 million. In the recent sale, Feldman ran an extensive marketing campaign, led 20 tours and secured five offers, including a winning bid near list price. Interra Director Jeremy Morton represented the local buyer, which plans to increase electric capacity and make minor upgrades to units, hallways and the building facade.
“Ukrainian Village is close to downtown yet offers more attainable pricing for renters, even as overall city rents climb,” said Feldman. “This deal represented a solid price for the seller, which was able to realize a nearly 50% increase in value, while offering the buyer further appreciation potential through minimal renovations. We continue to see strong appetite from buyers for this kind of well-located, value-add opportunity.”
Built in 1905, 906-908 N. Damen includes two one-bedroom units, eight two-bedrooms and two three-bedrooms. The apartments, which were fully occupied at the time of sale, feature exposed brick walls, granite countertops, stainless appliances, new tile and vanity sinks in bathrooms, and in-unit laundry. Both buildings also have updated copper plumbing, recent tuckpointing, newer porches and security cameras.
The properties are located a few miles from downtown Chicago, accessible via the Kennedy Expressway, located about a mile east. They also are served by several CTA bus routes, including those connecting to the Brown, Blue and Red lines. A wide range of retail, restaurant and entertainment options are nearby on Chicago Avenue and Division Street.
About Interra Realty:
Founded in 2010, Interra Realty is a Chicago-based commercial real estate services firm that delivers integrated, tailored solutions through its boutique, client-focused approach and team of experienced professionals. Since its inception, the firm has closed thousands of transactions valued in excess of $2 billion spanning the multifamily, office and retail sectors, as well as loan sales. Interra’s clients range from private investors and high-net-worth individuals to large financial institutions, private equity groups and hedge funds. For more information, visit www.interrarealty.com.
