Rany Management Acquires Multifamily Property In Chicago For $13M
SOLD
$13,000,000
+ 2
Illinois
See Similar DealsMultiFamily70,924 SF
Sold
SOLD
Rany Management Acquires Multifamily Property In Chicago For $13M
2600 West Montrose Avenue & 4600 North Lincoln Avenue
See Similar DealsMultiFamily70,924 SF
Sold
+ 2
Summary
ILLINOIS
Asset Type:MultiFamily
Price Per Square Foot:$183
Total Square Footage:70924 SF
Transaction Type:Sale
The multifamily property located at 2600 West Montrose Avenue and 4600 N Lincoln Ave in Chicago has been sold for $13,000,000. The transaction took place on 12/19/2022, and the property consists of 53 units. The price per unit is $245,283, with a total square footage of 35,462 and a price per square foot of $367.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $13,000,000
- Date: 12/19/2022
- Address: 2600 West Montrose Avenue & 4600 N Lincoln Ave, Chicago
- Units: 53
- Price per Unit: $245,283
- Square Footage: 35,462
- Price per Square Foot: $367
The buyer of the property is Nick Yassan, representing Rany Management. The seller's representatives on the deal were Douglas (Doug) Imber, Rick Ofman, Kate Varde, and Dan Shepherd from Essex Realty. Rick Ofman from Essex Realty also represented the buyer in the transaction.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$693,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$46,186.27
Cash-on-Cash Return-1.27%
Monthly Debt Service$61,626.63
Annual Debt Service$739,519.59
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