CHICAGO, IL - Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the $2.55 million sale of 2300-2312 S. Central Ave., a 24-unit mixed-use building in Cicero, Ill. The vintage property, which features 22 apartments and two retail spaces, traded for $106,250 per unit.
Interra Director Michael Duckler, Managing Partner Patrick Kennelly, Managing Partner Paul Waterloo and Associate Nathan Zito represented both the confidential buyer and the unnamed seller. The transaction is Cicero’s largest so far in 2025 by total dollar amount and unit count, according to CoStar data.
“Multifamily investors have shown strong interest in suburban Chicago over the past year, and this deal suggests that appetite is not waning,” said Duckler. “This property has unique qualities for the submarket — including duplex-style apartments and indoor parking — which should help the buyer achieve strong returns in the years ahead.”
Constructed in 1918, the property includes 22 two-bedroom units, 14 of which are duplexes, as well as two retail spaces. It also offers 18 indoor garage parking spots, with additional exterior surface parking accommodating 34 vehicles.
Suburban Chicago multifamily sales have risen dramatically recently. Data collected by Interra’s suburban multifamily investment team found a 69% year-over-year increase in total dollar volume of multifamily transactions priced between $1 million and $50 million through first-quarter 2025, with a 65% increase in the number of deals closed. Interra also reported a rise in out-of-state capital and an 18% growth in the average price per unit.
2300-2312 S. Central is located close to dining and shopping options along Cermak Road and Cicero Avenue. The area is served by the CTA’s Pink Line, Metra's BNSF Line and multiple bus routes.
About Interra Realty: Founded in 2010, Interra Realty is a Chicago-based commercial real estate services firm that delivers integrated, tailored solutions through its boutique, client-focused approach and team of experienced professionals. Since its inception, the firm has closed thousands of transactions valued in excess of $2 billion spanning the multifamily, office and retail sectors, as well as loan sales. Interra’s clients range from private investors and high-net-worth individuals to large financial institutions, private equity groups and hedge funds. For more information, visit www.interrarealty.com