Baum Realty Group Sells Flat Iron Arts Building In Chicago's Wicker Park For $19.7M
SOLD
$19,700,000
Illinois
See Similar DealsMultiFamily63,333 SF
SOLD
Baum Realty Group Sells Flat Iron Arts Building In Chicago's Wicker Park For $19.7M
1579 N Milwaukee Ave, Chicago, IL, 6...
See Similar DealsMultiFamily63,333 SF
Summary
ILLINOIS
Asset Type:MultiFamily
Price Per Square Foot:$311
Total Square Footage:63,333 SF
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,050,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$69,989.93
Cash-on-Cash Return-1.27%
Monthly Debt Service$93,388.05
Annual Debt Service$1,120,656.61
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