Interra Realty’s Senior Managing Partner Brad Feldman represented both the buyer and the seller, Marc Realty, in a $2.8 million sale of a community in Rogers Park. The property is located at 2035 W. Arthur Ave and was last renovated in 2012. At the time of sale, all 19 units were occupied.
The capitalization rate of 6.9 percent delivered a higher first-year return than many assets in more centrally located submarkets. Feldman pointed out that interest in Rogers Park properties has been on the rise, due to the affordability and size of the housing stock, especially of the value-add segment.
Built in 1928, the four-story asset provides a mix of two- and three-bedroom floor plans. Unit features include hardwood flooring, updated kitchens and baths, in-unit laundry and individual heating and air conditioning.
The community is located less than 10 miles from Chicago’s downtown and is accessible via Lake Shore Drive, the CTA Red Line or Metra UP-N line. Residents also have almost direct access to Chicago’s Little India district along Devon Avenue, which provides a range of shops and restaurants.
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