MCZ Development Purchases 400 N May St Chicago For $15.2 Million With SVN As Seller's Rep
SOLD
$15,200,000
Illinois
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SOLD
MCZ Development Purchases 400 N May St Chicago For $15.2 Million With SVN As Seller's Rep
400 N May St, Chicago, IL, 60642
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Summary
ILLINOIS
Asset Type:Office
Transaction Type:Sale
The property involved in this transaction is located at 400 N May St, Chicago, IL, 60642. It encompasses an entire city block featuring a 75,000-square-foot office building constructed with timber and beams, along with an additional 43,000 square feet of land utilized as a parking lot. The property was sold for $15,200,000.00.
Summary of transaction details:
- Property Type: Office building with land
- Transaction Amount: $15,200,000.00
- Address: 400 N May St, Chicago, IL, 60642
- Market: Chicago
- Seller's Representative: Chad Schroedl, Drew Dillon - SVN
- Buyer: MCZ Development
Stephen Cusano, Chad Schroedl, Drew Dillon, and James Mead of SVN represented the seller, May St. Investments LLC, which held ownership of the property for over 30 years during the transaction. The buyer, MCZ Development, has acquired the property in a strategic market location.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$810,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$54,002.38
Cash-on-Cash Return-1.27%
Monthly Debt Service$72,055.75
Annual Debt Service$864,669.06
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