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5589 Northridge Drive, Gurn...

Updated Dec 20, 2023

Mike Rourke Acquires Land In Gurnee For $4.5M
SOLDDevelopment Site

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

Robert Frank

Robert E. Frank Real Estate

Broker

$4.5M

vol

1 deal

Broker

Gurnee Development Site Market Snapshot

Boundary boundary · Development Site · Sale transactions

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Deal FAQ

About $187 per square foot on a published $4.5M for 24,000 square feet (2021).

Visit At Properties Commercial to view all their deals.

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

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