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Mike Rasmussen Of Christie's International Real Estate Represents Buyer In Chicago Multifamily Sale For $1.46M

Property Image
SOLD
$1,460,000
Mike Rasmussen
Todd Szwajkowski
Ted Mortellaro
+ 1

Illinois

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MultiFamily
Sold 08/06/2024
the dealplayerscompscontact
Property Image
SOLD

Mike Rasmussen Of Christie's International Real Estate Represents Buyer In Chicago Multifamily Sale For $1.46M

2253 North Spaulding Avenue

See Similar Deals
MultiFamily
Sold 08/06/2024
Mike Rasmussen
Todd Szwajkowski
Ted Mortellaro
+ 1
the dealplayerscompscontact
Contact now

Summary

ILLINOIS
Asset Type:MultiFamily
Transaction Type:Sale

A historic four-flat building located at 2253 North Spaulding Avenue in Chicago's Logan Square was sold for $1,460,000. The property comprises three 3-bedroom units and one studio, showcasing original architectural details along with updated interiors. It also includes a 2-car garage.

Summary of transaction details:

This transaction involved Mike Rasmussen representing the buyer, and Michael Hagenson representing the seller, demonstrating the collaboration between the two brokerage firms in facilitating the sale of this multifamily asset.

Players

Mike Rasmussen
At Properties Commercial
Mike Rasmussen
3 deals$3.3M volume
BROKER
Todd Szwajkowski
Dream Town Real Estate
Todd Szwajkowski
3 deals$3.7M volume(773) 531-7707
BROKER
Ted Mortellaro
Dream Town Real Estate
Ted Mortellaro
3 deals$3.7M volume(773) 793-0313
BROKER
Michael Hagenson
New Era Chicago
Michael Hagenson
1 deal$1.5M volume(551) 261-7193
BROKER

Details

SOLD
IMAGE: Mike Rasmussen & Michael Hagenson DATE: 08/06/2024 ADDRESS: 2253 North Spaulding Avenue MARKET: Chicago ASSET TYPE: Multifamily BUYER'S REP: Mike Rasmussen (@The_Rasmussen_Group) - @Properties (@AtProperties) Christie's International Real Estate (@ChristiesRealEstate) SELLER'S REP: Michael Hagenson - New Era Chicago SALE PRICE: $1,460,000 NOTE: A historic four-flat building in Chicago’s Logan Square, designed by Koppel & Koppel in the 1920s, sold for $1.46 million. The property features three 3-bedroom units and a studio, with original architectural details, updated interiors, and a 2-car garage.

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

$77,866.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$5,187.07
Cash-on-Cash Return-1.27%
Monthly Debt Service$6,921.14
Annual Debt Service$83,053.74