Updated Dec 4, 2024
Interra Realty Brokers $2.25M Sale Of 7-Unit Multifamily In Old Town, Chicago
1338 North Lasalle Drive
$2,250,000
Units
7
Asset Type
MultiFamily
Closing
Sep 27, 2023
About this deal
AI
The Interra Realty brokerage firm facilitated the sale of a seven-unit apartment building located at 1338 N. LaSalle Drive in Chicago's Old Town neighborhood. The property recently underwent renovations and presented an assumable debt option. The sale price for each unit was $321,428, resulting in a total transaction value of $2.25 million.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $2,250,000
- Address: 1338 North LaSalle Drive
- Market: Old Town, Chicago
Harrison Pinkus and Joe Smazal from Interra Realty were the brokers who represented the involved parties in this transaction. As the property had undergone recent renovations and had assumable debt, there was significant buyer interest despite the high-interest-rate market.
On the Map
$2,250,000
MultiFamily
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Chicago MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
7.05%
Cash-on-Cash
-2.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93