1831 S Racine Ave - Apartments FOR SALE


Chicago, IL 60608
$4,190,000 USD
312-724-7010
1831 S Racine Ave, Chicago, IL for Sale
$4,190,000 USD
Apartments - FOR SALE
1/23
null | 8.22% Cap Rate

1831 S Racine Ave
Chicago, IL 60608


HIGHLIGHTS

  • 42 Bed Co-Living Apartments in Dynamic Pilsen Location
  • High End Renovated Units with Central HVAC and Laundry
  • Shared Units Fully Furnished and Includes Weekly Professional Cleaning
  • Amenitized Building with Fitness Center, Lounge, Co-working Space, Patio w/ Grills, Theater Room and Social Events
  • Assumable Debt: CMBS - $2,654,443 Balance (5/13/24), 5.23% Interest Rate

OVERVIEW

Interra Realty has been exclusively engaged to bring to market 1831 S Racine, a Ten (10) unit, forty-two (42) bed co-living asset in the popular Pilsen Market. Located steps from Pilsen's popular 18th Street which was recently ranked top 30 coolest streets in the world by Timeout Magazine, the property boasts a 96 Walkscore, labeling it a "Walker's Paradise!" This 2017 redevelopment focused on making city-living easy for tenants by offering private bedrooms within a furnished, modern apartment and offer features including hardwood flooring, quartz counter tops, stainless steel appliances and in-unit laundry. All units are professionally cleaned once a week and shared household items are restocked according to need (pots, pans, utensils, dish soap, toilet paper, and more. Amenities include a tenant lounge, fitness center, theatre room and patio in front for picnic and grilling. The building was completely gut renovated from top to bottom and features a mix of Nine (9) Four Bed, Three Bathroom Units and One (1) triplex apartment with Six Bedrooms and Six Bathrooms. Also included is 1108 W 19th St which is a rear lot which houses twelve (12) surface parking spaces currently leased to tenants. The property can be acquired with a loan assumption, or free and clear. Current loan: CMBS - $2,658,449 Balance (5/13/24), 5.23% Interest Rate, 9/6/2028 Maturity Date

FOR SALE DETAILS

PRICE

$4,190,000 USD

PRICE/SF

$203 USD /SF

# OF UNITS

42

PRICE/UNIT

$99,762

CAP RATE

8.22%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Pilsen Coliving

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Mid-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

4

YEAR BUILT

1910

PARKING SPACES

12

LAND DETAILS

LAND ACRES

0.23 AC

LAND SF

10,019 SF

ZONING

B3-2

APN/PARCEL ID

17-20-407-012-0000,17-20-407-022-0000

ASK ABOUT THIS PROPERTY

Jeremy MortonInterra RealtyMore Info
312-724-7010

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Jeremy MortonInterra RealtyMore Info
312-724-7010

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