North Riverside multifamily building sells for $930k

A local investor shelled out $930,000 for a Chicago-area multifamily building near a veterans’ hospital.

The 10-unit building at 9115 West Cermak Road in North Riverside sits across the street from the 194,000-square-foot Broadview Village Square shopping center and around the corner from the Hines VA Hospital, the Chicago Business Journal reported. Derek Kaptanoglu of Essex Realty Group represented the seller and buyer.

“The property has been meticulously maintained by the same owner for the last 25 years,” Kaptanoglu told the Business Journal. “The suburban multifamily markets should remain extremely competitive for the remainder of 2022 as we continue to experience a major lack of inventory and large investor demand for well-located suburban properties.”

The building, which is 100 percent occupied, has eight one-bedrooms and two two-bedrooms. It also has on-site laundry facilities and 10 parking spaces.

Further north, Chicago investment firm Morningside USA sold the Stewart School Lofts apartments for $23 million. The firm bought the former school in a controversial deal in 2015. Paying $5.1 million for the property, Morningside was able to fetch a decent profit on the sale of the redeveloped building.