RPI Ventures Purchases Development Site From Larry Imburgia For $1.425M In Chicago
2072 North Western Avenue
$1,425,000
$3,562/SF
Building Size
400 SF
Asset Type
Development Site
Closing
Apr 15, 2025
AI
The transaction involved a development site located at 2072 North Western Avenue in Chicago. The property was sold for a total of $1,425,000, which translates to approximately $157 per square foot, encompassing a total area of 9,089 square feet in a competitive market environment.
Summary of transation details:
- Property Type: Development Site
- Transaction Amount: $1,425,000
- Sale Price per Square Foot: $157
- Square Footage: 9,089
- Buyer: RPI Ventures
- Seller: Larry Imburgia
- Seller's Rep: William Lundy - Brookline Real Estate & Investments
- Date of Sale: 04/23/2025
- Market: Chicago
This deal was facilitated by William Lundy representing the seller, Larry Imburgia. The property was acquired by RPI Ventures, a local developer planning to construct a multi-story development, though the specific number of units has yet to be determined.
Players
Chicago Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
11.13%
Cash-on-Cash
-3.18%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93