Interra Realty Brokers sells mixed-use multifamily building in Des Plaines for $1.5M

Interra Realty, a Chicago-based commercial real estate investment services firm, brokered the $1.5 million sale of a 12-unit multifamily building in Des Plaines.

The transaction equated to $131,250 per unit.

Interra Managing Partner Patrick Kennelly and Managing Director Paul Waterloo represented the local private buyer. Kennelly and Waterloo also represented the seller, a confidential local partnership. Originally built in 1963 as condominiums, the property was converted to rentals in the mid-2000s.

"The earlier condo deconversion of this property was in response to the need for rental space in the Northwest suburbs - a demand that has not slackened in the years since," Waterloo said. "Investors have a strong appetite for turnkey assets in desirable locations such as Des Plaines."

The building at 1348 Brown St. includes 12 one-bedroom units. Recent improvements include the gut renovation of seven units, the addition of an updated boiler system that allows for individual unit control and the installation of new windows, soffits, gutters, doors, and front porch stairwell and railings. The buyer plans to finish renovating the remaining units as they turn over.

The location is about a mile from Metra's Des Plaines station, served by the Union Pacific Northwest Line, and close to multiple Pace bus routes. The property also is within walking distance of numerous dining, shopping and entertainment options.

This is the fourth multifamily property Kennelly and Waterloo have brokered in the Northwest suburbs since 2022. They represented both the buyer and seller in the $9.7 million sale of 1 N. Chestnut Ave., a 40-unit multifamily property in Arlington Heights. They represented both parties on another Arlington Heights property sale, the 34-unit 202-222 N. Salem Ave. for $4.1 million. Kennelly and Waterloo also brokered the $1.32 million sale of the eight-unit 1950 Parkside Drive in Park Ridge.