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Scott Weis Of Semco Acquires Multifamily Property In Chicago For $2.325M From MO2 Properties

Property Image
SOLD
$2,325,000
Jordan Multack
Scott Weiss

Illinois

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MultiFamily8,500 SF
Sold 09/02/2025
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Property Image
SOLD

Scott Weis Of Semco Acquires Multifamily Property In Chicago For $2.325M From MO2 Properties

1151 West Erie Street

See Similar Deals
MultiFamily8,500 SF
Sold 09/02/2025
Jordan Multack
Scott Weiss
the dealplayerscompscontact
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Summary

ILLINOIS
Asset Type:MultiFamily
Price Per Square Foot:$273
Total Square Footage:8,500 SF
Transaction Type:Sale

The multifamily property located at 1151 West Erie Street in Chicago features 9 units and spans 8,500 square feet. It has a sale price of $2,325,000, resulting in a price per unit of $258,333 and a price per square foot of $273.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $2,325,000
  • Units: 9
  • Square Footage: 8,500
  • Price per Unit: $258,333
  • Price per Square Foot: $273
  • Buyer: Scott Weis - Semco
  • Seller: MO2 Properties
  • Broker: Jordan Multack - Greenstone Partners

Jordan Multack from Greenstone Partners represented both the seller, MO2 Properties, and the buyer, Scott Weis from Semco. The property attracted 1031 investors due to its potential for increased rents and appealing location near the highway and Fulton Market, along with unique layouts, a rooftop deck, and ample on-site parking.

Players

Jordan Multack
Greenstone Partners
Jordan Multack
46 deals$187.6M volume
BROKER
Scott Weiss
Scott Weiss
2 deals$2.3M volume
BUYER
Mo2 Properties
Mo2 Properties
SELLER

Details

SOLD
IMAGE: Jordan Multack DATE: 09/02/2025 ADDRESS: 1151 West Erie Street MARKET: Chicago ASSET TYPE: Multifamily BUYER: Scott Weis - Semco SELLER: MO2 Properties (@Mo2Properties) BROKER: Jordan Multack (@Tackness) - Greenstone Partners (@GreenstonePartners) SALE PRICE: $2,325,000 UNITS: 9 ~ PPU: $258,333 SF: 8,500 ~ PPSF: $273 NOTE FROM BROKER: Located on the edge of Chicago’s West Town/Fulton Market neighborhoods, the property sold for $2,325,000, equating to $258,333 per unit. The property was quickly put under contract in the first week of marketing by a pair of 1031 investors who saw the value in the potential purchase through raising rents and capitalizing on the property’s fantastic location. The 1031 buyers were drawn to the property due to the property’s unique layouts, rooftop deck, ample on-site parking, and proximity to the highway/Fulton Market. Senior Director Jordan Multack from Greenstone Partners represented the sellers, a Chicago-based private investor group, and represented the buyers, Chicago-based private investors.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$124,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$8,260.23
Cash-on-Cash Return-1.27%
Monthly Debt Service$11,021.69
Annual Debt Service$132,260.23