John Meyer Of 33 Realty Represents Seller In Sale Of Morris Property For $2.65M
1721 Parklake Dr, Morris, IL, 60450
$2,650,000
Building Size
—
Asset Type
MultiFamily
Closing
Nov 20, 2023
AI
The property asset involved in the transaction is located at 1721 Parklake Dr, Morris, IL, 60450. This sale was part of a larger transaction that included the sale of 40 units known as Brentwood Apartments at both 1711 and 1721 Parklake Drive in Morris, Illinois. The sale price for the property was $2,650,000. The property is fully occupied and features ample parking, large units, below-market rents, and on-site laundry, with easy access to I-80 and I-55.
Summary of transaction details:
- Property Type: Multi-family
- Transaction Amount: $2,650,000.00
- Address: 1721 Parklake Dr, Morris, IL, 60450
- Market: Morris
- Seller's Representative: John Meyer - 33 Realty
- Buyer: Unknown
John Meyer, managing director at 33 Realty, served as the sole broker in this transaction. The property was completed in 1975 and is characterized by its fully occupied status, offering substantial amenities to its residents.
Players
Morris MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.99%
Cash-on-Cash
-1.71%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93