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1579 N Milwaukee Ave, Chica...

Baum Realty Group Sells Flat Iron Arts Building In Chicago's Wicker Park For $19.7M
SOLDMultiFamily

Baum Realty Group Sells Flat Iron Arts Building In Chicago's Wicker Park For $19.7M

1579 N Milwaukee Ave, Chicago, IL, 6...

$19,700,000

$311/SF

Building Size

63,333 SF

Asset Type

MultiFamily

Closing

Nov 22, 2023

AI

The Flat Iron Arts Building in Chicago's Wicker Park neighborhood has been sold for $19.7 million. The historic property, spanning 63,333 square feet, is situated at the intersection of Milwaukee, North, and Damen avenues. This building is home to artist studios.

Summary of transaction details:

  • Property Type: MultiFamily
  • Transaction Amount: $19,700,000.00
  • Address: 1579 N Milwaukee Ave, Chicago, IL
  • Market: Chicago

Patrick Forkin and Vivian Perez from Baum Realty Group represented the seller, a local property owner, in the sale of the Flat Iron Arts Building. The buyer involved in this transaction remains undisclosed.

Players

Patrick Forkin

Matthews

Broker

$66.7M

vol

8 deals

Broker

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

0.81%

Cash-on-Cash

-0.23%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93