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The Wilmette Park District Acquires 4.6 Acres At 3220 Big Tree Lane For $5.4M
SOLD
$5,400,000
Illinois
See Similar DealsLand
Sold 08/28/2024
SOLD
The Wilmette Park District Acquires 4.6 Acres At 3220 Big Tree Lane For $5.4M
3220 Big Tree Lane
See Similar DealsLand
Sold 08/28/2024
Summary
ILLINOIS
Asset Type:Land
Transaction Type:Sale
The property involved in this transaction is a 4.6-acre parcel of land located at 3220 Big Tree Lane in Wilmette. The finalized sale price for the land was $5,400,000. This site previously housed a synagogue building.
Summary of transaction details:
- Property Type: Land
- Transaction Amount: $5,400,000
- Buyer: The Wilmette Park District
- Seller: Michael Kahn - Beth Hillel Congregation Bnai Emunah
- Buyer's Representative: Larry Serota - Transwestern
- Seller's Representative: Wayne Caplan - SVN Chicago
Under the terms of the transaction, the Wilmette Park District plans to use the land for future expansion. Meanwhile, the Beth Hillel Congregation Bnai Emunah will lease the property back for approximately 18 months as they seek a new location.
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Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$288,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$19,185.06
Cash-on-Cash Return-1.27%
Monthly Debt Service$25,598.75
Annual Debt Service$307,185.06
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