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5704 South Harper Avenue

Local Private Investor Acquires 33-Unit Mixed-Use Property In Hyde Park For $6.6M
SOLDMixed-use

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

Brad Feldman

Interra Realty

Broker

$280.5M

vol

37 deals

Broker

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