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Timothy Ryan & Jordan Friedman Close $1.125M Sale Of Chicago Multifamily

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SOLD
$1,125,000

Illinois

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MultiFamily5,052 SF
Sold 05/09/2024
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SOLD

Timothy Ryan & Jordan Friedman Close $1.125M Sale Of Chicago Multifamily

1444 North Maplewood Avenue

See Similar Deals
MultiFamily5,052 SF
Sold 05/09/2024
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Summary

ILLINOIS
Asset Type:MultiFamily
Price Per Square Foot:$222
Total Square Footage:5,052 SF
Transaction Type:Sale

1444 North Maplewood Avenue in Chicago was sold for $1,125,000, featuring a six-unit vintage greystone walk-up in the East Humboldt Park neighborhood. The property comprises spacious 2-bedroom, 1-bathroom apartments with updated kitchens and bathrooms in most units, central heat, individual water heaters, and potential for rental increases with further modernization. Additional opportunities include adding central air conditioning and in-unit laundry.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $1,125,000
  • Units: 6
  • Price Per Unit: $187,500
  • Square Footage: 5,052
  • Price Per Square Foot: $223
  • Address: 1444 North Maplewood Avenue
  • Market: Chicago

Timothy Ryan of Timothy Ryan Properties Commercial represented the buyer in the transaction, while Jordan Friedman of Landstar Realty Group acted as the seller's representative.

Players

Timothy (Tim) Ryan
6 deals$1.1M volume(312) 337-0200
BROKER

Jordan Friedman
Landstar Realty Group
1 deal$1.1M volume(847) 922-5791
BROKER

Details

SOLD
IMAGE: Timothy Ryan & Jordan Friedman DATE: 05/09/2024 ADDRESS: 1444 North Maplewood Avenue MARKET: Chicago ASSET TYPE: Multifamily BUYER'S REP: Timothy Ryan - @Properties Commercial (@AtProperties) SELLER'S REP: Jordan Friedman - Landstar Realty Group (@LandstarChicago) SALE PRICE: $1,125,000 UNITS: 6 ~ PPU: $187,500 SF: 5,052 ~ PPSF: $223 NOTE: 1444 North Maplewood Avenue in Chicago was sold for $1,125,000, featuring a six-unit vintage greystone walk-up in the East Humboldt Park neighborhood. This value-add opportunity includes spacious 2-bedroom, 1-bathroom apartments with updated kitchens and bathrooms in most units, central heat, individual water heaters, and potential for rental increases with further modernization such as adding central air conditioning and in-unit laundry. The property was marketed by Landstar Realty Group Inc. and represents a promising investment in a rapidly appreciating area of Chicago.

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

$60,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$3,996.89
Cash-on-Cash Return-1.27%
Monthly Debt Service$5,333.07
Annual Debt Service$63,996.89