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Cedar Street Sells 40-Unit Multifamily Property In Chicago For $8.175 Million

Property Image
SOLD
$8,175,000
Michael Duckler
Jon Morgan

Illinois

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MultiFamily
Sold 07/17/2024
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Property Image
SOLD

Cedar Street Sells 40-Unit Multifamily Property In Chicago For $8.175 Million

5029 North Kenmore Avenue

See Similar Deals
MultiFamily
Sold 07/17/2024
Michael Duckler
Jon Morgan
the dealplayerscompscontact
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Summary

ILLINOIS
Asset Type:MultiFamily
Transaction Type:Sale

The Synagogue is a 40-unit multifamily property located at 5029 North Kenmore Avenue in Chicago. Originally built as a temple in 1922, the building underwent conversion into luxury apartments in 2019. The sale price for the property was $8,175,000, translating to a price per unit of $204,375. This investment opportunity displayed a strong in-place cap rate appealing to local private investors.

Summary of transaction details:

Jon Morgan and Michael Duckler from Interra Realty facilitated the transaction for the multifamily property, highlighting their role in successfully brokering this deal within Chicago's Uptown neighborhood.

Players

Jon Morgan
Interra Realty
Jon Morgan
10 deals$146.8M volume
BROKER
Michael Duckler
Interra Realty
Michael Duckler
23 deals$77M volume
BROKER

Details

SOLD
IMAGE: Jon Morgan & Michael Duckler DATE: 07/17/2024 ADDRESS: 5029 North Kenmore Avenue MARKET: Chicago ASSET TYPE: Multifamily SELLER: Cedar Street BROKERS: Jon Morgan (@Morgan15msu) & Michael Duckler (@MDuckler) - Interra Realty (@InterraRealty) SALE PRICE: $8,175,000 UNITS: 40 ~ PPU: $204,375 NOTE: Interra Realty brokered the $8.175 million sale of The Synagogue, a 40-unit multifamily property in Chicago’s Uptown neighborhood. Originally a temple built in 1922, the building was converted into luxury apartments in 2019, retaining historic features and achieving a strong in-place cap rate appealing to the local private investor buyer.

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

$436,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$29,044.04
Cash-on-Cash Return-1.27%
Monthly Debt Service$38,753.67
Annual Debt Service$465,044.05