Multifamily N Illinois

Jameson Commercial conducts three separate transactions totaling $2.97M

Jameson Commercial conducts three separate transactions totaling $2.97M,ph1
1026 N. Milwaukee Avenue in Chicago’s Noble Square neighborhood.

Jameson Commercial Real Estate’s Michael Shiff was instrumental on three multifamily transactions on Chicago’s near northwest side. The three properties sold for a combined $2,976,000.

Shiff represented a partnership in the $800,000 sale of the first property, an apartment building and development parcel at 2450 W. Cortland Street in the Bucktown neighborhood. The 5,952-square-foot property has four two-bedroom units and one three-bedroom garden apartment. It included an adjacent side-lot with separate tax PIN that buyer intends to develop separately.

Also in Bucktown, Shiff represented an investor in the $741,000 acquisition of 1856 N. Western Avenue. Built in 1887, the mixed-use, 4,986-square-foot apartment building with retail sits on a 2,175-square-foot lot with commercial C1-2 zoning and features five two-bedroom units and a retail storefront. It is occupied by long-term tenants at below market rents. The buyer intends to gut rehab the building and upgrade the apartments with condo-quality finishes and hold as part of a long-term portfolio.

In the Noble Square neighborhood, Shiff advised Wicker Park Apartments in the $1,435,000 acquisition of a mixed-use apartment building with retail at 1026 N. Milwaukee Avenue. Erected in 1886, the 6,663-square-foot building is zoned commercial C1-2 and has seven units ranging from studio to two-bedroom, as well as a 2,200-square-foot retail space currently occupied by a salon.

The buildings are all one to two blocks from the CTA Blue Line, offer easy access to I-90/I-94 and are within walking distance of great boutique shopping, restaurants and nightlife. All three properties were 100 percent leased at the time of their transactions.

Jameson Commercial conducts three separate transactions totaling $2.97M,ph2
2450 W. Cortland Street in Chicago’s Bucktown neighborhood.