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John Warren Of Forte Properties Acquires Multifamily Property In Chicago For $1,001,000 As Buyer's Rep

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SOLD
$1,001,000

Illinois

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John Warren Of Forte Properties Acquires Multifamily Property In Chicago For $1,001,000 As Buyer's Rep

1346 North Artesian Avenue

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MultiFamily
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Summary

ILLINOIS
Asset Type:MultiFamily
Transaction Type:Sale

The property involved in the transaction is a brick 3-flat with in-law arrangements located at 1346 North Artesian Avenue in Chicago's West Town neighborhood. The property offers updated units with high-quality finishes, including quartz countertops, stainless steel appliances, and rain shower heads. Situated in a thriving area close to amenities such as the 606 Trail, Humboldt Park, CTA, and local restaurants and nightlife, this property presents an excellent investment opportunity.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $1,001,000
  • Units: 3
  • Price Per Unit: $333,667
  • Address: 1346 North Artesian Avenue
  • Market: Chicago

John Warren represented the buyer in the acquisition of the property, while Serghei Salcutan and Simon Danuta acted as the seller's representatives. The property's updated units with modern features provide the potential for substantial rental income, making it a lucrative investment opportunity in a sought-after neighborhood.

Players

John Warren
3 deals$4.7M volume
BROKER

Serghei (Serge) Salcutan
1 deal$1M volume(773) 837-9233
BROKER

Simon Danuta
1 deal$1M volume(773) 888-3325
BROKER

Details

SOLD
IMAGE: John Warren DATE: 04/15/2024 ADDRESS: 1346 North Artesian Avenue MARKET: Chicago ASSET TYPE: Multifamily BUYER'S REP: John Warren (@JWarrenbroker) - Forte Properties (@FortePropertiesChicago) SELLER'S REP: Serghei Salcutan & Simon Danuta (@Simon_Danuta_Realtor) - Redstart Inc SALE PRICE: $1,001,000 UNITS: 3 ~ PPU: $333,667 NOTE: John Warren represented the buyer in the acquisition of a brick 3-flat with in-law arrangements at 1346 North Artesian Avenue in Chicago's West Town neighborhood for $1,001,000, while Serghei Salcutan and Simon Danuta represented the seller. This property presents an excellent investment opportunity with updated units boasting high-quality finishes, including quartz countertops, stainless steel appliances, and rain shower heads, offering potential for substantial rental income in a thriving area close to amenities such as the 606 Trail, Humboldt Park, CTA, and local restaurants and nightlife.

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

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$3,556.34
Cash-on-Cash Return-1.27%
Monthly Debt Service$4,745.25
Annual Debt Service$56,943.01