Local Private Investor Acquires 33-Unit Mixed-Use Property In Hyde Park For $6.6M
5704 South Harper Avenue
$6,600,000
Building Size
—
Asset Type
Mixed-use
Closing
Jul 22, 2024
AI
The property asset involved in this transaction is a mixed-use property located at 5704 South Harper Avenue in Chicago, which was sold for $6.6 million. This asset comprises 33 units, specifically 28 one-bedroom apartments and five fully leased commercial spaces, generating a favorable price per unit of $200,000. Its strategic location near the University of Chicago contributes to its attractiveness and high occupancy rates.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $6,600,000
- Units: 33
- Price Per Unit: $200,000
- Address: 5704 South Harper Avenue
- Market: Chicago
Brad Feldman of Interra Realty represented both the buyer, a local private investor, and the seller, a private family partnership, in this off-market sale. The commercial spaces include tenants such as Subway and a bike shop, highlighting the property’s diverse occupant base.
Players
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
2.40%
Cash-on-Cash
-0.69%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93