Mixed-use Building Sold In Chicago At 2224 West Grand Avenue By Ali Nix & Marc Hale
2224 West Grand Avenue
Building Size
9,600 SF
Asset Type
Mixed-use
Closing
Nov 20, 2024
About this deal
AI
A mixed-use property located at 2224 West Grand Avenue in Chicago has been sold. The asset encompasses a total area of 9,600 square feet and is situated on a 0.29-acre lot. The building is zoned for mixed-use and is situated in the West Town neighborhood, currently housing Rainbow Art. The site presents significant development potential and boasts convenient access to transit.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: Undisclosed
- Address: 2224 West Grand Avenue
- Market: Chicago
- Square Footage: 9,600
- Acres: 0.29
- Brokers: Ali Nix & Marc Hale - DarwinPW Realty/CORFAC International
- Buyer: Undisclosed residential developer
The transaction involved the representation of the buyer by DarwinPW Realty/CORFAC International, with brokers Ali Nix and Marc Hale facilitating the deal. The property’s development potential and favorable transit access were key aspects considered during this transaction.
On the Map
Mixed-use
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Chicago Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93