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Nicholas Stocking & Drew Dillon Acquire Multifamily Building In Chicago For $1.35M

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SOLD
$1,350,000

Illinois

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MultiFamily5,400 SF
Sold 11/15/2024
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Property Image
SOLD

Nicholas Stocking & Drew Dillon Acquire Multifamily Building In Chicago For $1.35M

2028 North Oakley Avenue

See Similar Deals
MultiFamily5,400 SF
Sold 11/15/2024
the dealplayerscompscontact
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Summary

ILLINOIS
Asset Type:MultiFamily
Price Per Square Foot:$250
Total Square Footage:5,400 SF
Transaction Type:Sale

The property involved in this transaction is a historic multifamily rental building located at 2028 North Oakley Avenue in Chicago. The sale price was $1,350,000, with a total of 6 units available, resulting in a price per unit of $225,000. The building encompasses a total square footage of 5,400, translating to a price per square foot of $250.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $1,350,000
  • Units: 6
  • Price Per Unit: $225,000
  • Square Footage: 5,400
  • Price Per Square Foot: $250
  • Buyer: Nicholas Stocking & Drew Dillon - Stocking Urban
  • Seller: Edmund Paszylk
  • Broker: Landon Harper - Christie's International Real Estate

Stocking Urban has acquired the property with plans for renovations in collaboration with the architectural studio @futurefirm, focusing on modernizing the old corner storefront of the building, scheduled to commence in 2025.

Players

Landon Harper
@Properties Christie's International Real Estate
Landon Harper
2 deals$2.6M volume(312) 617-6070
BROKER

Details

SOLD
IMAGE: Landon Harper, Nicholas Stocking & Drew Dillon DATE: 11/15/2024 ADDRESS: 2028 North Oakley Avenue MARKET: Chicago ASSET TYPE: Multifamily BUYER: Nicholas Stocking & Drew Dillon - Stocking Urban (@StockingUrban) SELLER: Edmund Paszylk BROKER: Landon Harper - @Properties (@AtProperties) Christie's International Real Estate (@ChristiesRealEstate) SALE PRICE: $1,350,000 UNITS: 6 ~ PPU: $225,000 SF: 5,400 ~ PPSF: $250 NOTE FROM BUYER: Stocking Urban has acquired this historic 6 unit rental building located in Chicago’s Bucktown neighborhood. In conjunction with the architectural studio @futurefirm, Stocking Urban is planning renovations to commence in 2025, with a focus on modernizing the old corner storefront of the building.

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

$72,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$4,796.26
Cash-on-Cash Return-1.27%
Monthly Debt Service$6,399.69
Annual Debt Service$76,796.26