ACO Completes Sale of 30 Units in Belmont Cragin for 98% of Asking Price
CHICAGO, ILLINOIS – Thursday, August 31, 2017
ACO Commercial is pleased to announce the sale of 2641 N. Laramie Avenue in Chicago’s Belmont Cragin neighborhood. The property consisted of (22) 1bed/1bath, (5) 2bed/1bath units, and (3) retail storefronts. At the time of sale, the property was 94% occupied with renovations completed on 17 of 27 residential units.
George J. Toscas, Managing Broker, and Linda Hattar, Vice President, arranged the sale and the assumption of the existing debt on behalf of a New York-based developer. The ACO marketing campaign generated multiple tours and the property was under contract in 14 days. The assumption of the existing debt was completed in 76 days.
The property sold for $2,650,000, reflecting a price per unit of $88,333, and a capitalization rate of approximately 7.1%. The existing debt was assumed at approximately 60% loan to value.
ACO Commercial specializes in the sale of commercial and investment real estate throughout the Midwest.