CHICAGO, IL - Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it has brokered the sale of 3501 N. Albany Ave., a three-story, 10-unit building in Chicago’s Avondale neighborhood. The asset sold for $1.55 million, or $155,000 per unit, as part of a 1031 exchange.
“Avondale is in high demand these days thanks in part to its accessibility and relative affordability,” said Interra Senior Managing Partner Joe Smazal, who represented the seller, a private local investor. “Renters who are priced out of neighborhoods like Lakeview and Roscoe Village are finding value by going a little farther west. This migration, along with expanded restaurant and nightlife offerings, has put Avondale on the radar of investors who don’t already have holdings in the neighborhood.”
Harrison Pinkus, an associate at Interra, represented the private buyer of the property. Built in 1927, it consists of three one-bedroom and seven two-bedroom units, all of which were occupied at closing. The buyer plans to update unit interiors.
3501 N. Albany offers proximity to the CTA Blue Line, Metra’s Union Pacific Northwest and Milwaukee District North lines, several bus routes, and the Kennedy Expressway. It is also close to retail and restaurants along Addison Street and Elston Avenue.