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Fully Rented Multifamily Property Sold In Old Town Chicago For $1.79 Million With Erik Gimbel & Jason Merel As Seller's Rep

Property Image
SOLD
$1,790,000
SS
Erik Gimbel
Jason Merel

Illinois

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MultiFamily
Sold 08/13/2024
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Property Image
SOLD

Fully Rented Multifamily Property Sold In Old Town Chicago For $1.79 Million With Erik Gimbel & Jason Merel As Seller's Rep

1448 North Wieland Street

See Similar Deals
MultiFamily
Sold 08/13/2024
SS
Erik Gimbel
Jason Merel
the dealplayerscompscontact
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Summary

ILLINOIS
Asset Type:MultiFamily
Transaction Type:Sale

A fully rented 3-flat multifamily property located at 1448 North Wieland Street in Chicago's Old Town sold for $1.79 million. The well-maintained building includes multiple updated units and boasts strong rental income, highlighting its appeal in a prime location.

Summary of transaction details:

The transaction involved several key individuals and companies contributing to the deal. Srinivasa Sirigiri represented the buyer, while Erik Gimbel and Jason Merel handled the seller's representation. Their roles were crucial in facilitating the exchange of the multifamily property in a competitive market.

Players

SS
Srinivasa Sirigiri
4 deals$7.2M volume
BROKER
Erik Gimbel
EXP Realty
Erik Gimbel
2 deals$3M volume(847) 530-3704
BROKER
Jason Merel
EXP Realty
Jason Merel
1 deal$1.8M volume(312) 217-6930
BROKER

Details

SOLD
IMAGE: Erik Gimbel & Jason Merel DATE: 08/13/2024 ADDRESS: 1448 North Wieland Street MARKET: Chicago ASSET TYPE: Multifamily BUYER'S REP: Srinivasa Sirigiri - Provident Realty SELLER'S REP: Erik Gimbel (@ErikGimbelrealtor) & Jason Merel (@MovewithMerel) - EXP Realty (@ExpRealty_) SALE PRICE: $1,790,000 NOTE: A fully rented 3-flat multifamily property at 1448 North Wieland Street in Chicago's Old Town sold for $1.79 million. The well-maintained building features multiple updated units, strong rental income, and a prime location.

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

$95,466.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$6,359.48
Cash-on-Cash Return-1.27%
Monthly Debt Service$8,485.51
Annual Debt Service$101,826.16