The Chicago Department Of Family And Support Services Acquires Hotel On North Michigan Avenue In Chicago For $7.3M
168 North Michigan Avenue, Chicago, Illinois 60601, United States
$7,300,000
Building Size
—
Asset Type
Hotel
Closing
Mar 14, 2022
About this deal
AI
The Chicago Department of Family and Support Services has purchased a hotel located at 168 North Michigan Avenue in the city's market of Chicago. The sale took place on March 15, 2022, with a sale price of $7,300,000. The property is a hotel asset and consists of 1,900 keys, with a price per key of $3,842.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $7,300,000
- Address: 168 North Michigan Avenue, Chicago
The buyer in this transaction was the Chicago Department of Family and Support Services. Their representatives in the deal were Joseph Dutra and Brandie Knazze.
Players
Chicago Hotel Market Snapshot
Boundary boundary · Hotel · Sale transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.17%
Cash-on-Cash
-0.62%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93