Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the $2.65 million sale of 6403 N. Wayne Ave., a 16-unit mixed-use building with two first-floor commercial spaces along the border of Chicago’s Edgewater and Rogers Park neighborhoods. The sale price equates to $165,625 per unit.

Interra Senior Managing Partner Brad Feldman represented both the seller, a local private investor, and buyer, a local real estate partnership that plans to make minor cosmetic improvements to the building to bring rents to market.

“Even in a rising interest rate environment, multifamily investors remain eager to acquire well-located assets with upside potential,” said Feldman. “We see this demand reflected in the high number of tours and written offers received – in this case, nearly a half-dozen.”

The fully leased property includes one three-bedroom and 13 two-bedroom apartments, along with the two commercial units, which offer frontage along Devon Avenue. They are leased to Isel’s Cleaners, a dry cleaner, and Sky Thai Cuisine, a Thai restaurant, and account for nearly 25% of the building’s income.

6403 N. Wayne is less than a half-mile from Loyola University Chicago’s Lake Shore Campus and within walking distance of the Red Line and retail at the intersection of Broadway, Devon Avenue and Sheridan Road.

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.