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Peter Fotopoulos Secures $2.79M Sale Of Multifamily Building In Chicago's Edison Park
SOLD
$2,787,500
Illinois
See Similar DealsMultiFamily
Sold 07/15/2024
SOLD
Peter Fotopoulos Secures $2.79M Sale Of Multifamily Building In Chicago's Edison Park
6881 North Overhill Avenue
See Similar DealsMultiFamily
Sold 07/15/2024
Summary
ILLINOIS
Asset Type:MultiFamily
Transaction Type:Sale
The $2.79 million sale of a 20-unit multifamily building at 6881 North Overhill Avenue in Chicago's Edison Park has been successfully brokered by Peter Fotopoulos of Dream Town Real Estate. The property, owned by the same family since 1945, offers a mix of one- and two-bedroom units, presenting a significant value-add opportunity for boosting rents and overall property value.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $2,787,500
- Units: 20
- Price Per Unit: $139,375
- Address: 6881 North Overhill Avenue
- Market: Chicago
Peter Fotopoulos, representing Dream Town Real Estate, played a crucial role in finalizing the sale of this well-maintained multifamily property. The transaction highlights the potential for value appreciation through strategic rent increases and property enhancements, making it an appealing investment opportunity for the future.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$148,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$9,903.39
Cash-on-Cash Return-1.27%
Monthly Debt Service$13,214.17
Annual Debt Service$158,570.07
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