George Kokkonas Of 33 Realty Represents Unknown Buyer In $30.5M Sale In Alsip
SOLD
$30,500,000
Illinois
See Similar DealsMultiFamily
SOLD
George Kokkonas Of 33 Realty Represents Unknown Buyer In $30.5M Sale In Alsip
4622 W 122nd St, Alsip, IL, 60803
See Similar DealsMultiFamily
Summary
ILLINOIS
Asset Type:MultiFamily
Transaction Type:Sale
A two-property multifamily portfolio in Alsip, a southern suburb of Chicago, has been sold for $30.5 million. The properties consist of the 156-unit Orchard Estates Apartments and the 144-unit Woodland Courts Apartments, both constructed in the early 1970s. The total square footage of the properties is not specified.
Summary of transaction details:
- Property Type: Multifamily portfolio
- Transaction Amount: $30,500,000.00
- Address: 4622 W 122nd St, Alsip, IL, 60803
- Market: Alsip
- Buyer’s Representative: George Kokkonas-33 Realty
- Seller’s Representative: Tara Mathew - Prime Equities Corp.
Sean Connelly and George Kokkonas of 33 Realty represented the New York-based buyer, who is planning to renovate and modernize the complexes. Tara Mathew of Prime Equities Corp. represented the undisclosed seller in this transaction.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,626,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$108,360.05
Cash-on-Cash Return-1.27%
Monthly Debt Service$144,585.56
Annual Debt Service$1,735,026.72
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