Updated Dec 4, 2024
Local Partnership Transitions 31-Unit Multifamily Building In Chicago For $4M
4915 South Drexel Boulevard
$4,000,000
Units
31
Asset Type
MultiFamily
Closing
Oct 10, 2024
About this deal
AI
A 31-unit apartment building located at 4915 South Drexel Boulevard in Chicago's Kenwood neighborhood has been sold for $4,000,000. The property had not changed ownership in over 20 years and features a price per unit of $129,032.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $4,000,000
- Units: 31
- Address: 4915 South Drexel Boulevard
- Market: Chicago
- Broker: Brad Feldman - Interra Realty
The buyer is a local partnership completing a 1031 exchange, with plans to transition the building from market-rate to affordable housing. This decision aligns with the increased demand in the area, influenced by its proximity to the University of Chicago and various amenities.
On the Map
$4,000,000
MultiFamily
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Players
Chicago MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
3.97%
Cash-on-Cash
-1.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93