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John Kinzelberg Of Highgate Capital Group Acquires Mixed-Use Building From Matt Katsaros For $28M
SOLD
$28,000,000
Illinois
See Similar DealsMixed-use
Sold
SOLD
John Kinzelberg Of Highgate Capital Group Acquires Mixed-Use Building From Matt Katsaros For $28M
2411 North Lincoln Avenue
See Similar DealsMixed-use
Sold
Summary
ILLINOIS
Asset Type:Mixed-use
Transaction Type:Sale
A 36-unit mixed-use apartment building located at 2411 North Lincoln Avenue in Chicago’s Lincoln Park has been sold for $28 million. The property features retail tenants Wells Fargo and Panera Bread and was developed with Contemporary Concepts. It was built in 2022 and traded at a 6% cap rate.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $28,000,000
- Units: 36
- Price Per Unit: $777,778
- Buyer: John Kinzelberg - Highgate Capital Group
- Seller: Matt Katsaros - Wildwood Investments
- Market: Chicago
John Kinzelberg represents Highgate Capital Group in this transaction, while Matt Katsaros represents Wildwood Investments. This sale marks a significant addition to Highgate Capital Group's portfolio in the Chicago market.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,493,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$99,478.09
Cash-on-Cash Return-1.27%
Monthly Debt Service$132,734.28
Annual Debt Service$1,592,811.42
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