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4415 W Belmont Ave, Chicago...

Updated Dec 21, 2023

Scott Florez Acquires Mixed-Use Property On Belmont Ave For $515K
SOLDMixed-use

Scott Florez Acquires Mixed-Use Property On Belmont Ave For $515K

4415 W Belmont Ave, Chicago, Illinois 60641, United States

$515,000

$147/SF

Building Size

3,500 SF

Asset Type

Mixed-use

Closing

Apr 13, 2022

About this deal

AI

4415 W Belmont Ave in Chicago, Illinois has been sold in a closed transaction. This mixed-use building consists of a commercial storefront and three 2-bedroom, 1-bath apartments, all currently occupied. The property was purchased by Scott Florez from seller Jose Cabrera. The transaction was facilitated by broker Richard Smith Soto from Kale Realty.

Summary of transaction details

  • Property Type: Mixed-use
  • Transaction Amount: $515,000
  • Square Footage: 3,500
  • Price per Square Foot: $147
  • Date: 04/14/2022
  • Market: Chicago, Illinois

The buyer, Scott Florez, is a local investor with a growing portfolio who plans to make improvements to the building and increase the rents. The goal is to achieve a 10% Capitalization Rate (Cap Rate). On the other hand, the seller, Jose Cabrera, is a working professional nearing retirement. He intends to participate in a 1031 exchange and invest in a more stable property that requires less intensive maintenance.

On the Map

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$515,000

$147/SF

Mixed-use

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Players

Richard Smith Soto

Broker

$43.8M

vol

8 deals

Broker

Jose Cabrera

Seller

$2.8M

vol

2 deals

Seller
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Chicago Mixed-use Market Snapshot

Boundary boundary · Mixed-use · Sale transactions

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Deal FAQ

About $147 per square foot on a published $515K for 3,500 square feet (2022).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

30.80%

Cash-on-Cash

-8.80%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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