The vintage building includes 1,100 square feet of ground-floor retail, as well as two two-bedroom and three three-bedroom apartments on the second and third stories. The apartments were gut-rehabbed in 2016 and feature condo-quality finishes and amenities such as quartz countertops in the kitchens and baths, stainless steel appliances, hardwood flooring throughout and in-unit laundry. At the time of sale, the property was 100 percent leased, including retail tenant CBD Kratom.
“The quality of the building, particularly compared with others nearby, contributed to the high level of investor interest we received,” said Morton. “Because of our ongoing relationship with this out-of-state buyer, who had been looking to expand their portfolio into the Chicago market, we knew this property would be an ideal point of entry for them.”