Daily limit: 0/10
Mike Drew Of Structured Development Repurchases Chicago Office Building For $10.5M
SOLD
$10,500,000
+ 2
Illinois
See Similar DealsOffice100,000 SF
Sold 03/02/2024
SOLD
Mike Drew Of Structured Development Repurchases Chicago Office Building For $10.5M
1333 North Kingsbury Street
See Similar DealsOffice100,000 SF
Sold 03/02/2024
+ 2
Summary
ILLINOIS
Asset Type:Office
Price Per Square Foot:$105
Total Square Footage:100,000 SF
Transaction Type:Sale
The office building located at 1333 North Kingsbury Street in Chicago was sold for $10.5 million. The property spans 100,000 square feet, resulting in a price per square foot of $105.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $10,500,000
- Buyer: Mike Drew - Structured Development
- Brokers: Bruce Miller, Jaime Fink, Patrick Shields, Sam DiFrancesca & Jennifer Hull - JLL
- SF: 100,000
- Address: 1333 North Kingsbury Street, Chicago
Veteran developer Mike Drew led the repurchase of the property, intending to convert it into approximately 200 apartments. This shift towards residential conversion aligns with the trend of repurposing underutilized office buildings, reflecting evolving market dynamics.
Players
Details
Stay in the Know
Subscribe for insider commercial real estate news, deal highlights, and market insights—delivered straight to your inbox.
By subscribing, you agree to our Terms of Service and Privacy Policy.
Similar Deals
Contact
Get in touch with the broker you want
Suggestions
CRE CalculatorAnalyze deals based on income, expenses, and financing. We automatically filled the calculator with data from the deal you are viewing, fill free to modify it to see how it affects the results.
Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$559,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$37,304.29
Cash-on-Cash Return-1.27%
Monthly Debt Service$49,775.36
Annual Debt Service$597,304.28
Is there something missing? Send suggestions