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SVN Chicago Commercial Sells Restaurant Condo In Chicago's South Loop For $1.8M
SOLD
$1,800,000
Illinois
See Similar DealsRetail4,800 SF
Sold 10/16/2023
SOLD
SVN Chicago Commercial Sells Restaurant Condo In Chicago's South Loop For $1.8M
1307 South Wabash Avenue
See Similar DealsRetail4,800 SF
Sold 10/16/2023
Summary
ILLINOIS
Asset Type:Retail
Price Per Square Foot:$375
Total Square Footage:4,800 SF
Transaction Type:Sale
A 4,800-square-foot restaurant condo located at 1307 South Wabash Avenue in Chicago's South Loop has been sold for $1.8 million. The transaction was closed by SVN Chicago Commercial, with David Wong of Century 21 Realty Associates representing the buyer. The sale price represents 95% of the asking price, and the buyer received cooperation from the lender.
Summary of transation details
- Property Type: Retail
- Transaction Amount: $1,800,000
- Address: 1307 South Wabash Avenue, Chicago
- Square Footage: 4,800
- Price Per Square Foot: $375
- Market: Chicago
The buyer's representative in this deal was David Wong from Century 21, while the seller's representative was Tim Rasmussen from SVN Chicago Commercial. The local buyer was able to secure the property with cooperation from the lender, purchasing it for 95% of the asking price.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$96,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$6,395.02
Cash-on-Cash Return-1.27%
Monthly Debt Service$8,532.92
Annual Debt Service$102,395.02
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