Lakeview Rental On Market At $10 Mil

CHICAGO-The Lakeview neighborhood has another large multifamily rental property on the market. The 127-unit mid-rise apartment complex at 711 and 739 W. Belmont Ave. is for sale at $10 million.

At just under $76,000 per unit, that’s less than the $88,000-per-unit recently paid for a “four-plus-one” building nearby at 525 W. Oakdale St. Estella Kiser of Marcus & Millichap Real Estate Investment Brokerage is marketing the Belmont Avenue property; Inland Real Estate Sales, Inc. closed the Oakdale St. deal.

In addition to 122 studio apartments, four two-bedroom units and a two-bedroom penthouse, the Belmont Avenue property includes spaces occupied by five commercial tenants – a convenience store, locksmith, beauty shop, dentist and boutique operator.

The area continues to see condominium conversation and development, including plans to tear down a residence at 506 W. Roscoe Ave. and build a four-story, nine-unit condominium building in its place.