The Equity Funds Acquires Office Asset In Schaumburg For $6.5M With Buyer's Rep NAI Hiffman
SOLD
$6,500,000
+ 2
Illinois
See Similar DealsOffice83,370 SF
Sold 12/22/2020
SOLD
The Equity Funds Acquires Office Asset In Schaumburg For $6.5M With Buyer's Rep NAI Hiffman
1375 Remington Road, Schaumburg, IL, USA
See Similar DealsOffice83,370 SF
Sold 12/22/2020
+ 2
Summary
ILLINOIS
Asset Type:Office
Price Per Square Foot:$78
Total Square Footage:83,370 SF
Transaction Type:Sale
The office property located at 1305 – 1375 Remington Road in Schaumburg has been sold for $6,500,000. The property, consisting of 83,370 square feet, was listed for an asking price of $6,700,000. The sale price equates to a per square foot value of $78. The transaction took place on December 22, 2020.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $6,500,000
- Address: 1305 – 1375 Remington Road
- Square Footage: 83,370
- Market: Schaumburg
The buyer of the property is The Equity Funds, represented by Steve Chrastka and Jason Wurtz from NAI Hiffman. On the other hand, Jennifer Hopkins, Olivia Czyzynski, and Nathalie Fisher served as the seller's representatives in the deal.
It is worth noting that the buyer was identified within 5 weeks of the property being listed, despite the challenges posed by the onset of the pandemic.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$346,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$23,093.12
Cash-on-Cash Return-1.27%
Monthly Debt Service$30,813.32
Annual Debt Service$369,759.79
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