Updated Mar 11, 2025
Base 3 Development Acquires Multifamily Property On 618 West Wrightwood Avenue In Chicago For $856,678
618 West Wrightwood Avenue
$856,678
$211/SF
Building Size
4,058 SF
Asset Type
MultiFamily
Closing
Dec 16, 2022
About this deal
AI
The multifamily property located at 618 West Wrightwood Avenue in Chicago has been sold in a recent transaction. The property, spanning 4,058 square feet, consists of 7 units. The sale price for this transaction was $856,678, resulting in a per unit price of $122,383. The price per square foot stands at $211.
Summary of Transaction Details
- Property Type: Multifamily
- Transaction Amount: $856,678
- Address: 618 West Wrightwood Avenue, Chicago
- Market: Chicago
- Units: 7
- Price per Unit: $122,383
- Square Footage: 4,058
- Price per Square Foot: $211
In this transaction, the buyer was Base 3 Development, while the seller was Daniel R Scheinfeld. Alexander Morsch, representing Peak Realty Chicago, acted as the buyer's representative. The property was listed as a single-family home for $899,000 on the Top Agent Network. Despite the absence of parking and being landlocked in the rear, the buyer's representative recognized the potential for conversion to 7-8 units due to the RM-5 zoning and proximity to public transit. Through the administrative adjustment process, 7 units were approved.
The property's sale price of $856,678 represents the lowest per unit entry price in Lincoln Park throughout the year, at $122,383 per unit. The buyer's representative takes pride in securing unique deals and collaborating with clients committed to rehabilitating and restoring historic buildings in Chicago.
On the Map
$856,678
$211/SF
MultiFamily
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
18.52%
Cash-on-Cash
-5.29%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93