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1516 North Lake Shore Drive...

Updated Oct 28, 2024

Michael J Whitted Acquires SFR On N Lake Shore Drive, Chicago
SOLDSingle Family Residence

Michael J Whitted Acquires SFR On N Lake Shore Drive, Chicago

1516 North Lake Shore Drive, Chicago, IL 60610, USA

$4,250,000

$354/SF

Building Size

12,000 SF

Asset Type

Single Family Residence

Closing

Jul 2, 2021

About this deal

AI

The recently closed property transaction in Gold Coast, Chicago involved the sale of a Single Family Residence located at 1516 N Lake Shore Drive. This property, spanning 12,000 square feet, was sold by the International College of Surgeons to the buyer, Michael J Whitted. The transaction was facilitated by Crystal Tran of Berkshire Hathaway HomeServices Chicago. The property was initially listed for $5,750,000, but it was eventually sold for $4,250,000, resulting in a price per square foot of $354.

Summary of transaction details:

  • Property Type: Single Family Residence (SFR)
  • Transaction Amount: $4,250,000
  • Address: 1516 N Lake Shore Drive
  • Market: Gold Coast, Chicago

The sale of this property signifies the successful transaction led by Crystal Tran from Berkshire Hathaway HomeServices Chicago. Her expertise and representation played a crucial role in facilitating the deal between the International College of Surgeons and Michael J Whitted. The property's sheer size of 12,000 square feet combined with its prestigious location in the Gold Coast area contributed to its appeal in the market.

Players

Crystal Tran

Berkshire Hathaway HomeServices

Broker

$4.3M

vol

1 deal

Broker

Chicago Single Family Residence Market Snapshot

Boundary boundary · Single Family Residence · Sale transactions

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Deal FAQ

About $354 per square foot on a published $4.3M for 12,000 square feet (2021).

Visit Berkshire Hathaway HomeServices to view all their deals.

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

3.73%

Cash-on-Cash

-1.07%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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