5.37-Acre Waterfront Land Site With 558 Feet Of Chicago River Frontage Sold For $8M
3000 S Pitney Ct Chicago, IL 60608, USA
$8,000,000
Building Size
—
Asset Type
Land
Closing
Aug 29, 2023
About this deal
AI
A 5.37-acre waterfront land site with 558 feet of Chicago River frontage has been sold for $8 million. The property, located at 3000 South Pitney Court in the Bridgeport neighborhood of Chicago, was formerly owned by People's Gas and Coke for over a century. It has "as-of-right" M2-3 zoning, making it suitable for development. The extensive restoration has prepared the land for future construction projects.
Summary of transaction details
- Property Type: Land
- Transaction Amount: $8,000,000
- Market: Chicago
- ACRES: 5.37
The buyer's representative for this transaction was Anne Fan from Compass. On the other hand, George Toscas and Linda Hattar, both from ACO Commercial, acted as the sellers' representatives in this deal.
Players
Chicago Land Market Snapshot
Boundary boundary · Land · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.98%
Cash-on-Cash
-0.57%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93