Interra Realty Brokers $2.9M Mixed-Use Sale In Chicago's Bucktown To LEM Equities
2048 N Damen Ave, Chicago, IL, 60647
$2,900,000
Building Size
—
Asset Type
Mixed-use
Closing
Nov 22, 2023
AI
The mixed-use property at 2048 N Damen Ave, Chicago, IL, 60647 has been sold for $2,900,000.00 in the Chicago market. This vintage building includes 1,100 square feet of ground-floor retail space, two two-bedroom apartments, and three three-bedroom apartments. The property is located in the highly sought-after Bucktown neighborhood, offering condo-quality finishes and amenities such as quartz countertops, stainless steel appliances, hardwood flooring, and in-unit laundry.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $2,900,000.00
- Buyer: An Affiliate of LEM Equities
- Buyer's Representative: Ted Stratman (Interra Realty)
- Seller: Unknown
- Per-Unit Price: Approximately $483,000
- Property Features: 1,100 square feet of ground-floor retail, two two-bedroom, and three three-bedroom apartments
- Market: Chicago
The sale was facilitated by the Interra team, comprising managing partner Ted Stratman and director Jeremy Morton. They successfully represented both the buyer, an affiliate of LEM Equities, and the private seller. The high investor interest in the property was driven by its quality compared to nearby buildings and its prime location in Bucktown, a popular neighborhood in Chicago known for its vibrant dining, entertainment, and shopping scene. The buyers, with a strong offer and no finance contingency, were keen to expand their portfolio into the Chicago market, making this property an ideal entry point.
Players
Chicago Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.47%
Cash-on-Cash
-1.56%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93