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3332 West Palmer Street

Updated Dec 4, 2024

Drew Breneman Sells 8-Unit Multifamily Property In Logan Square For $3.575M
SOLDMultiFamily

Drew Breneman Sells 8-Unit Multifamily Property In Logan Square For $3.575M

3332 West Palmer Street

$3,575,000

$279/SF

Building Size

12,800 SF

Asset Type

MultiFamily

Closing

Dec 14, 2023

About this deal

AI

Greenstone Partners successfully sold 3332-34 West Palmer, a 12,800-square-foot turnkey multifamily investment in Chicago's Logan Square neighborhood. The fully leased eight-unit property closed at $3,575,000, or approximately $445,000 per unit. Situated just three blocks west of Palmer Square Park, the property boasts proximity to various restaurants, bars, and retailers. Less than a mile from the CTA Logan Square Blue Line "L" station and serviced by various CTA Bus lines, its location is highly accessible. Nestled northwest of the corner of Armitage Avenue, an area renowned for Michelin-star restaurants, bars, and breweries, the property thrives in a bustling locale with strong demographics firmly rooted in the heart of this expanding neighborhood.

Summary of transation details

  • Property Type: Multifamily
  • Transaction Amount: $3,575,000
  • Units: 8
  • Price per Unit: $445,000
  • Square Footage: 12,800
  • Price per Square Foot: $279
  • Address: 3332 West Palmer Street
  • Market: Chicago

Greenstone Partners’ Jordan Multack represented the seller, Drew Breneman, a Chicago-based private investment firm, in the transaction.

On the Map

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$3,575,000

$279/SF

MultiFamily

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Players

Jordan Multack

Greenstone Partners

Broker

$203.2M

vol

50 deals

Broker
Drew Breneman

Drew Breneman

Seller

$68.7M

vol

7 deals

Seller
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Chicago MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Sale transactions

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Deal FAQ

About $279 per square foot on a published $3.6M for 12,800 square feet (2023).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

4.44%

Cash-on-Cash

-1.27%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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