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

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.