Local Developer Acquires Former Precious Blood Church & School For $2.4M In Chicago
2401 West Congress Parkway
$2,400,000
$47/SF
Building Size
50,500 SF
Asset Type
Mixed-use
Closing
Feb 26, 2026
AI
The property asset involved in the transaction is a mixed-use site located at 2401 West Congress Parkway in Chicago. The sale price was $2,400,000 for a total square footage of 50,500. The property comprises two buildings and is situated near the Western Blue Line station.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $2,400,000
- Square Footage: 50,500
- Price Per Square Foot: $48
- Address: 2401 West Congress Parkway
- Market: Chicago
- Brokers: Paul Cawthon & Angelo Labriola - Cawthon-Labriola Group - SVN Chicago Commercial
The deal was facilitated by SVN Chicago Commercial, representing the local developer buyer who intends to convert the church and school into residential buildings. The plan includes constructing a five-story apartment structure on the rectory site, aiming to create over 50 new housing units as part of a transit-oriented redevelopment project.
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
6.61%
Cash-on-Cash
-1.89%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93