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Nick Stocking & Drew Dillon Of Stocking Urban Acquire Multifamily Property In Chicago For $5.175M

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SOLD
$5,175,000

Illinois

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MultiFamily21,700 SF
Sold 12/19/2024
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Property Image
SOLD

Nick Stocking & Drew Dillon Of Stocking Urban Acquire Multifamily Property In Chicago For $5.175M

2000 North Milwaukee Avenue

See Similar Deals
MultiFamily21,700 SF
Sold 12/19/2024
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Summary

ILLINOIS
Asset Type:MultiFamily
Price Per Square Foot:$238
Total Square Footage:21,700 SF
Transaction Type:Sale

The property asset involved in the transaction is a multifamily building located at 2000 North Milwaukee Avenue in Chicago's Logan Square neighborhood. The sale price was $5,175,000, with a total of 17 units, comprising 15 residential units and 2 retail spaces. The building spans 21,700 square feet, equating to a price per unit of $304,411 and a price per square foot of $238.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $5,175,000
  • Units: 17
  • Square Footage: 21,700
  • Price Per Unit: $304,411
  • Price Per Square Foot: $238
  • Buyer: Nick Stocking & Drew Dillon - Stocking Urban
  • Seller: Newcastle Investors
  • Broker: Sean Connelly - 33 Realty

Nick Stocking and Drew Dillon represent Stocking Urban in this acquisition, emphasizing their strategic investment in a property that includes easy access to downtown through the Western CTA Blue line stop. The building's configuration, which consists of both residential and retail spaces along with parking, showcases its potential for diverse occupancy.

Players

Sean Connelly
33 Realty
Sean Connelly
9 deals$125.7M volume
BROKER

Details

SOLD
IMAGE: Nick Stocking & Drew Dillon DATE: 12/19/2024 ADDRESS: 2000 North Milwaukee Avenue MARKET: Chicago ASSET TYPE: Multifamily BUYER: Nick Stocking & Drew Dillon - Stocking Urban (@StockingUrban) SELLER: Newcastle Investors (@NewcastleInvestors) BROKER: Sean Connelly - 33 Realty (@33Realty_Chicago) SALE PRICE: $5,175,000 UNITS: 17 ~ PPU: $304,411 SF: 21,700 ~ PPSF: $238 NOTE FROM BUYER: Stocking Urban acquired 2000 N. Milwaukee, in Chicago’s Logan Square neighborhood. The building is a 4-story mid-rise, with easy access to transportation into downtown through the Western CTA Blue line stop. This property features 15 residential units and 2 retail spaces, plus parking.

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

$276,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$18,385.68
Cash-on-Cash Return-1.27%
Monthly Debt Service$24,532.14
Annual Debt Service$294,385.68