Updated Oct 28, 2024
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.
Chicago Single Family Residence Market Snapshot
Boundary boundary · Single Family Residence · Sale transactions
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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