Interra Realty recently facilitated the sale of a mixed-use property located at 5704 S. Harper Ave in Chicago’s Hyde Park neighborhood for $6.6 million through an off-market transaction. The deal was brokered by Interra Senior Managing Partner Brad Feldman, who represented both the buyer, a local private investor, and seller, a private family partnership.
The building is situated on a corner lot and features 28 one-bedroom apartments and five commercial spaces that are fully leased to various businesses including Subway restaurant, bike shop, convenience store, barbershop and real estate office. At the time of sale, all residential units were occupied.
According to Feldman: “This property generated significant interest from investors due to its prime location near University of Chicago with high student population as well as historically strong occupancy rates for both residential and retail spaces.” He also added that while the building is already in good condition,the new owner has potential to further enhance its value by modernizing some units.
Overall,this recent transaction highlights continued demand for mixed-use properties in desirable locations like Hyde Park,and signifies confidence among investors about future growth potential in this area.
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