CHICAGO, IL - Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the $2.2 million sale of an eight-unit apartment building with two ground-floor retail spaces at 900 S. Western Ave. in Chicago’s Tri-Taylor neighborhood. The sale equated to $220,000 per unit, a record for any Tri-Taylor building over five units, according to CoStar data.
Interra Director Jeremy Morton and Managing Partner Ted Stratman represented both the private seller and private buyer.
“Not many buildings trade hands in this area, but with the Illinois Medical District and University of Illinois at Chicago located just east of the property and Pilsen to the south, it’s poised for continued growth,” said Morton. “The buyer was attracted to the building’s condo-quality construction and the location’s potential appreciation, as well as the opportunity to achieve higher rents by eventually updating kitchens and baths.”
Built in 2008, 900 S. Western features eight two-bedroom apartments with hardwood floors, granite countertops, stainless steel appliances, in-unit laundry, individually controlled HVAC, rear balconies and direct elevator access.
One of the two ground-floor retail spaces is occupied by a boutique barbershop.
The property is within walking distance of many shops and restaurants along Western Avenue and located near several bus routes, the CTA’s Western Blue Line stop and the Western Avenue stop of Metra’s Burlington Northern-Santa Fe (BNSF) commuter train. 900 S. Western also offers easy access to downtown Chicago via the Eisenhower Expressway.