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Local Developer Purchases 60,000 Square Foot Office Building In Lincoln Park For $3.4M
SOLD
$3,400,000
Illinois
See Similar DealsOffice60,000 SF
Sold 10/14/2024
SOLD
Local Developer Purchases 60,000 Square Foot Office Building In Lincoln Park For $3.4M
1415 North Dayton Street
See Similar DealsOffice60,000 SF
Sold 10/14/2024
Summary
ILLINOIS
Asset Type:Office
Price Per Square Foot:$56
Total Square Footage:60,000 SF
Transaction Type:Sale
The property asset involved in this transaction is a timber loft building located at 1415 North Dayton Street in Chicago. The sale price was $3,400,000 for a total size of 60,000 square feet, resulting in a price per square foot of $57. The property was 80% vacant at the time of the sale.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $3,400,000
- Square Footage: 60,000
- Price Per Square Foot: $57
- Address: 1415 North Dayton Street
- Market: Chicago
- Broker: Quantum Real Estate Advisors Inc
Quantum Real Estate Advisors Inc. facilitated the transaction, representing the seller who remains undisclosed. The buyer is identified as a local developer. The property was notably vacant, indicating potential for redevelopment or leasing opportunities.
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$181,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$12,079.50
Cash-on-Cash Return-1.27%
Monthly Debt Service$16,117.73
Annual Debt Service$193,412.82
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