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Interra Realty Brokers $2.25M Sale Of 7-Unit Multifamily In Old Town, Chicago

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SOLD
$2,250,000

Illinois

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MultiFamily
Sold 09/27/2023
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Property Image
SOLD

Interra Realty Brokers $2.25M Sale Of 7-Unit Multifamily In Old Town, Chicago

1338 North Lasalle Drive

See Similar Deals
MultiFamily
Sold 09/27/2023
Contact now

Summary

ILLINOIS
Asset Type:MultiFamily
Transaction Type:Sale

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.

Players

Joe Smazal
73 deals$596.9M volume
BROKER

Harrison Pinkus
Interra Realty
18 deals$34.7M volume
BROKER

Details

SOLD
IMAGE: Harrison Pinkus & Joe Smazal DATE: 09/27/2023 ADDRESS: 1338 North LaSalle Drive MARKET: Old Town, Chicago ASSET TYPE: Multifamily BROKERS: Harrison Pinkus (@ThePinker91) & Joe Smazal (@JSmazal) - Interra Realty (@InterraRealty) SALE PRICE: $2,250,000 UNITS: 7 ~ PPU: $321,429 NOTE: Interra Realty brokered the $2.25 million sale of a seven-unit apartment building in Chicago's Old Town neighborhood, with each unit priced at $321,428. The property, located at 1338 N. LaSalle Drive, underwent recent renovations and featured assumable debt, which contributed to strong buyer interest in the high-interest-rate market.

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

$120,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$7,993.77
Cash-on-Cash Return-1.27%
Monthly Debt Service$10,666.15
Annual Debt Service$127,993.77