Value-add properties are located in one of Chicago’s hottest neighborhoods
Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the $4.18 million sale of a three-building, 33-unit mixed-use portfolio in Chicago’s Pilsen neighborhood.
Interra Director Jeremy Morton represented both the private buyer and seller in the sale. The three properties – 1924 S. Throop St., 2301-2303 S. Oakley Ave. and 2300 W. 23rd St. – have undergone some recent capital improvements but still offer the new owner value-add potential.
“Turnkey, stabilized buildings may offer ease of management, but we are seeing a lot of interest in value-add properties with significant potential for increased revenue,” said Morton. “We marketed these properties for four weeks, eliciting over two dozen property tours and eight competitive bids, which shows just how in demand these types of assets are.”
The 14-unit 1924 S. Throop St. features one studio apartment, 12 one-bedrooms and one two-bedroom. Recent capital improvements to the property include new exterior doors, freshly painted hallways and updated interior and exterior LED lighting. The building was 43% vacant at the time of the sale.
2301-2303 S. Oakley Ave. features 10 residential units with renovated kitchens, bathroom and flooring, along with one ground-floor retail space. Additional capital improvements to the property include a new rear porch, window replacements, a new perimeter fence and electrical upgrades.
2300 W. 23rd St. features seven residential units and one ground-floor retail space. Most of the residential units have undergone renovations such as updated kitchens, bathrooms and flooring. Additional capital improvements to the property include in-unit electrical upgrades, new individual HVAC and tankless hot water systems in all units and hallway improvements. The property includes a two-car garage.
Located two blocks from the historic music venue Thalia Hall, 1924 S. Throop St. is close to the dining and shopping options along Pilsen’s 18th Street retail corridor and is served by the CTA’s 18th Street Pink Line station. 2301-2303 S. Oakley Ave. and 2300 W. 23rd St. are located close to dining and shopping options along Cermak Road and are served by the CTA’s Western Pink Line station.
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.
1924 S. Throop St.: Interra Realty brokered the sale of 2300 W. 23rd St., a 14-unit value-add multifamily property in Chicago’s Pilsen neighborhood.
2301-2303 S. Oakley Ave.: Interra Realty brokered the sale of 2301-2303 S. Oakley Ave., an 11-unit value-add mixed-use property in Chicago’s Pilsen neighborhood.
2300 W. 23rd St.: Interra Realty brokered the sale of 2300 W. 23rd St., an eight-unit value-add mixed-use property in Chicago’s Pilsen neighborhood.