North American Real Estate Acquires Office Building In Chicago For $19.7M
SOLD
$19,700,000
Illinois
See Similar DealsOffice65,100 SF
Sold 11/04/2022
SOLD
North American Real Estate Acquires Office Building In Chicago For $19.7M
1579 North Milwaukee Avenue, Chicago, Illinois 60622, United States
See Similar DealsOffice65,100 SF
Sold 11/04/2022
Summary
ILLINOIS
Asset Type:Office
Price Per Square Foot:$302
Total Square Footage:65,100 SF
Transaction Type:Sale
The office property located at 1579 N Milwaukee Ave in Chicago has been sold for a price of $19,700,000. The transaction took place on 11/04/2022 and involved a total area of 65,100 square feet. The property was acquired by North American Real Estate, represented by Savas Er and David “Buzz” Ruttenberg. The seller, Berger Realty Group, was represented by Erica Berger.
Summary of transation details
- Property Type: Office
- Transaction Amount: $19,700,000
- Address: 1579 N Milwaukee Ave, Chicago
- Square Footage: 65,100
Patrick Forkin from Baum Realty Group served as the broker for the buyer, North American Real Estate. Erica Berger, the owner of Berger Realty Group, represented herself in the transaction.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,050,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$69,989.93
Cash-on-Cash Return-1.27%
Monthly Debt Service$93,388.05
Annual Debt Service$1,120,656.61
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