Mixed-Use Trades on Border of Edgewater and Rogers Park
Interra Realty has 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.
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 and account for nearly 25% of the property’s income.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).