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Will Murphy Of Cedar Street Acquires Two Vacant Office Buildings In Fulton Market For $6.5M

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SOLD
$6,500,000

Illinois

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Office36,000 SF
Sold 05/15/2025
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Property Image
SOLD

Will Murphy Of Cedar Street Acquires Two Vacant Office Buildings In Fulton Market For $6.5M

1338 West Lake Street

See Similar Deals
Office36,000 SF
Sold 05/15/2025
the dealplayerscompscontact
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Summary

ILLINOIS
Asset Type:Office
Price Per Square Foot:$180
Total Square Footage:36,000 SF
Transaction Type:Sale

The property involved in this transaction is an office asset located at 1332–1338 West Lake Street in Fulton Market, Chicago. It consists of two connected vacant buildings totaling 36,000 square feet. The sale price for the property was $6,500,000, translating to a price per square foot of $181.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $6,500,000
  • Address: 1332-1338 West Lake Street, Fulton Market, Chicago
  • Square Footage: 36,000 SF
  • Price Per Square Foot: $181
  • Buyer: Will Murphy - Cedar Street
  • Seller: Leslie Hindman
  • Broker: SVN Chicago Commercial

Will Murphy of Cedar Street represented the buyer in this transaction, while Leslie Hindman was the seller. The developer plans to pursue a 300-unit multifamily project, indicating consideration of market conditions such as high interest rates and investor caution in Chicago.

Players

Will Murphy
Will Murphy
8 deals$440.7M volume
BUYER

Details

SOLD
IMAGE: Will Murphy DATE: 05/15/2025 ADDRESS: 1332-1338 West Lake Street MARKET: Fulton Market, Chicago ASSET TYPE: Office BUYER: Will Murphy - Cedar Street SELLER: Leslie Hindman BROKER: SVN Chicago Commercial (@SVN_Chicago) SALE PRICE: $6,500,000 SF: 36,000 ~ PPSF: $181 NOTE: Cedar Street paid $6.5M for two connected vacant buildings totaling 36,000 SF at 1332–1338 W. Lake St. in Fulton Market, a sharp discount from pre-pandemic valuations. The developer is considering a 300-unit multifamily project, reflecting softened site values amid high interest rates and investor caution in Chicago.

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Deal Type
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
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