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Marcus & Millichap Acquires Development Site In Chicago For $2.6M

Property Image
SOLD
$2,600,000
Theron May
Dominic Sulo
Drew Neems

Illinois

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Development Site13,107 SF
Sold 01/22/2021
the dealplayerscompscontact
Property Image
SOLD

Marcus & Millichap Acquires Development Site In Chicago For $2.6M

1935 South Michigan Avenue, Chicago, IL, USA

See Similar Deals
Development Site13,107 SF
Sold 01/22/2021
Theron May
Dominic Sulo
Drew Neems
the dealplayerscompscontact
Contact now

Summary

ILLINOIS
Asset Type:Development Site
Price Per Square Foot:$198
Total Square Footage:13,107 SF
Transaction Type:Sale

The sale of a development site at 1935 S. Michigan Avenue in Chicago has been completed. The property spans 13,107 square feet and was sold for a total of $2,600,000, resulting in a price per square foot of $198. The transaction took place on January 22, 2021.

Summary of transaction details

  • Property Type: Development Site
  • Transaction Amount: $2,600,000
  • Address: 1935 S. Michigan Avenue, Chicago
  • Market: Chicago
  • Buyer's Representative: Dominic Sulo - Marcus & Millichap
  • Seller's Representative: Drew Neems & Theron May - Imperial Realty Co.
  • Square Footage: 13,107
  • Price per Square Foot: $198

The buyer's representative for this transaction was Dominic Sulo from Marcus & Millichap, while the seller's representatives were Drew Neems and Theron May from Imperial Realty Co.

Players

Dominic Sulo
Marcus & Millichap
Dominic Sulo
22 deals$148.8M volume
BROKER
Drew Neems
NorthMarq
Drew Neems
9 deals$45.4M volume(847) 284-0493
BROKER
Theron May
Imperial Realty Company
Theron May
6 deals$20.3M volume
BROKER

Details

SOLD
IMAGE: Theron May & Dominic Sulo DATE: 01/22/2021 ADDRESS: 1935 S. Michigan Avenue MARKET: Chicago ASSET TYPE: Development Site BUYER'S REP: Marcus & Millichap - Dominic Sulo SELLER'S REP: Imperial Realty Co. - Drew Neems & Theron May PRICE: $2,600,000 SF: 13,107 ~ PPSF: $198

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$138,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$9,237.24
Cash-on-Cash Return-1.27%
Monthly Debt Service$12,325.33
Annual Debt Service$147,903.92