Submitted by Interra Realty
Interra Realty, a Chicago-based commercial real estate investment services firm, announced it recently brokered the sale of a 43-unit multifamily property at 612 Sheridan Road, traded for $10.3 million, equating to $239,534 per unit.
Interra Senior Managing Partner Brad Feldman represented the buyer, a local real estate investor. Interra Managing Partner Patrick Kennelly and Director Paul Waterloo brokered the deal for the seller, a private family group that has owned the property for more than 80 years and over three generations.
The property, which was 95% occupied at the time of sale, is composed of 21 one-bedroom units, 13 two-bedroom units and nine three-bedroom units. Built in 1918, 612 Sheridan Road has undergone recent capital expenditures by the former owners. The buyer plans to continue investing in the property, modernizing units and raising rents in order to improve cash flow.
“It’s understandable why the previous owners held onto 612 Sheridan Road for so many years, given its great condition and access to the lakefront and all the public amenities Evanston has to offer,” said Feldman. “The exceptional location and the building’s solid bones are the main reasons why the asset commanded such a high price per unit.”
The sale of 612 Sheridan Road represents the 14th successful apartment building transaction that Interra has completed in Evanston since 2018. No other brokerage has completed more deals in the city in that span.
612 Sheridan Road is located less than one block from Lake Michigan and Evanston’s South Boulevard Beach. The property is a 10-minute walk from a Purple Line CTA stop, as well as shopping, dining and entertainment options along the Main Street and Chicago Avenue retail corridors.
2020 property taxes were around $88,000, which, as a percentage of value, are about half of typical residential property taxes in Evanston. Any ideas why this is the case. Thanks.
good real estate property tax attorney.