103-Unit Portfolio | Chicago Southsides FOR SALE


Chicago, IL - Washington Park
$8,240,000 USD
312-216-8000
, Chicago, IL for Sale
$8,240,000 USD
FOR SALE
1/2
null | 8.39% Cap Rate

103-Unit Portfolio | Chicago Southsides
Chicago, IL
Washington Park


HIGHLIGHTS

  • (34) Single Family Homes
  • (12) 2-4 Multi-Units
  • (1) 7-Unit Mixed-Use & (1) 10-Unit Mixed-Use
  • +/-55% of Units are Subsidized (Affordable Housing)
  • Over 90% Occupied
  • Numerous future exit strategy possibilities

OVERVIEW

The "Stonysouth Side Portfolio" is a portfolio of 103 units located throughout the south side neighborhoods of Chicago. The portfolio includes 34 Single Family Homes, 64 Apartments/Condos/TH, and 5 commercial spaces spread across twelve 2-4 unit buildings, one 7-unit building, and one 10-unit building. The unit mix options are favorable, with (9) 1 bed 1 bath, (30) 2 bed 1 bath, (32) 3 bed 1-2 baths, (25) 4 bed 1-2 baths, (2) 5 bed 1-2 baths, and 5 commercial spaces with an average of 1200 sf. The single-family homes are broken down as follows: (6) 2 bed 1 bath with an average of 1,000 sf, (8) 3 bed 1 bath with an average of 1,100 sf, (1) 3 bed 1.5 bath at 1100 sf, (1) 3 bed 2 bath at 1100 sf, (10) 4 bed 1 bath with an average of 1,500 sf, (7) 4 bed 2 bath at an average of 1,400 sf, and (1) 5 bed 1 bath at 2,000 sf. Approximately 55% of the units are rented to various subsidized programs, including CHA, HACC, Heartland, and Catholic Charities. The portfolio presents a qualified investor with the opportunity to achieve immediate success, with a CAP Rate of 8.39% and a Total Return in year 1 up to 9.80% based on a 70% LTV and 6.75% Interest Rate. The exit strategy would be to improve the single-family homes and the 2-4 unit multi-unit properties and sell them individually, as the market has seen a high demand for FHA buyers seeking to buy their first home or first investment property. A qualified buyer has the option to assume the current loan in place. The loan has a 5.11% Interest Rate, a ten-year loan term expiring in 2029, and a thirty-year amortization period. The approximate loan balance is $6,500,000.

ASK ABOUT THIS PROPERTY

Marco CesarioJameson Commercial Real EstateMore Info
312-216-8000

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Marco CesarioJameson Commercial Real EstateMore Info
312-216-8000

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.