Updated Dec 20, 2023
Mike Rourke Acquires Land In Gurnee For $4.5M
5589 Northridge Drive, Gurnee, IL, USA
$4,500,000
$187/SF
Building Size
24,000 SF
Asset Type
Development Site
Closing
Jan 27, 2021
About this deal
AI
A 10-acre land located at 5589 Northridge Drive in Gurnee has been sold for $4,500,000. The transaction took place on January 28, 2021. The property was represented by Robert Frank from Robert E. Frank Real Estate, while the buyer was represented by Mike Rourke from Mike Rourke Properties Commercial. The land is situated in a market known as Gurnee. The purchase price per acre amounts to $450,000.
Summary of transaction details
- Property Type: Land
- Transaction Amount: $4,500,000
- Address: 5589 Northridge Drive
- Market: Gurnee
- Buyer's Representative: Mike Rourke - Mike Rourke Properties Commercial
- Seller's Representative: Robert Frank - Robert E. Frank Real Estate
- Acres: 10
- Price Per Acre: $450,000
The sale of this 10-acre land in Gurnee was finalized with Robert Frank representing the seller and Mike Rourke representing the buyer. The transaction amount of $4,500,000 and the price per acre of $450,000 showcase the value of this property asset. The deal was completed on January 28, 2021, making it a successful transaction in the Gurnee market.
Players
Gurnee 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
3.53%
Cash-on-Cash
-1.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93