Shawn Kumar Acquires Mixed-Use Property In Brookfield, IL For $515,000

Located at 9046 31st St in Brookfield, IL, this mixed-use property was recently sold for a price of $515,000. The property spans across 10,000 square feet and has a price per square foot of $52. It consists of a concrete and steel building with 3 apartments and two storefronts, offering a unique investment opportunity in the suburb of Brookfield.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $515,000
• Units: 5
• Price per Unit: $103,000
• Square Feet: 10,000
• Price per Square Foot: $52

The buyer in this transaction was Shawn Kumar, while the seller was Pat Pinta. The deal was facilitated by broker Richard Smith Soto from Kale Realty. The buyer, a group of engineers turned real estate investors, purchased the property as part of their strategy to expand their holdings in the area. They plan to remodel the existing units and capitalize on the opportunity to lease over 7,000 square feet of retail space in a predominantly residential neighborhood. The seller, who had owned the building since the 60's, decided to sell as they move towards retirement and seek a simpler lifestyle. With a price per unit of $103,000 and a cap rate of 10%, the transaction offers promising potential for the buyer.