Updated Oct 29, 2024
Iron Bridge Lending Sells Chicago Multifamily For $5.46M With Brokers Ted Stratman & Jeremy Morton
7646 South Essex Avenue, Chicago, IL, USA
$5,460,000
Units
63
Asset Type
MultiFamily
Closing
Jan 17, 2021
About this deal
AI
A multifamily property located at 7646 S. Essex Avenue and 7800 S. Phillips Avenue in Chicago has been sold for a total price of $5,460,000. The property consists of 63 units with an average price per unit of $86,667. The transaction took place on January 18, 2021.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $5,460,000
- Units: 63
- Price per Unit: $86,667
The seller of the property was Iron Bridge Lending. The deal was facilitated by brokers Ted Stratman and Jeremy Morton from Interra Realty.
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
2.91%
Cash-on-Cash
-0.83%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93