Updated Sep 13, 2024
Unknown Buys 47000 SF Property At 1103 N Main St Kewanee For $1.27M With Seller's Rep David Coupe
1103 N Main St, Kewanee, IL, 61443
$1,270,000
$27/SF
Building Size
47,000 SF
Asset Type
Self Storage
Closing
Nov 19, 2023
About this deal
AI
A 47,000-square-foot self-storage portfolio consisting of five properties sold in Kewanee, Illinois for $1,275,000. The properties include 1313 W. 6th Street, 817 Lake Street, 604 N. Tremont Street, 514 N. Spring Street in Atkinson, Illinois, and 1103 N Main Street. The portfolio comprises four Mid State Mini Storage buildings and one Pay & Store Self Storage building located within the Kewanee market.
Summary of transaction details:
- Property Type: Self Storage Portfolio
- Transaction Amount: $1,275,000
- Seller's Representative: David Coupe
- Buyer's Identity: Unknown
- CAP Rate: 8.8%
- Units: 300
David Coupe of SVN | Chicago Commercial represented the seller in the transaction. The deal was executed as a 1031 exchange for a regional self-storage operator. The properties are noted for their mature status, consistent tenancy, and low vacancy rates, highlighting their value in the self-storage market.
Players
Kewanee Self Storage Market Snapshot
Boundary boundary · Self Storage · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
12.49%
Cash-on-Cash
-3.57%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93