bronzeville 18-unit mixed use · bronzeville 18-unit mixed use 227-239 e. 51st st. chicago, il...

BRONZEVILLE18-UNITMIXED USE227-239 E. 51ST ST.CHICAGO, IL 60615

Jeffrey BaaschSenior Vice [email protected]

SVN | CHICAGO COMMERCIAL | 940 WEST ADAMS STREET, SUITE 200, CHICAGO, IL 60607 OFFERING MEMORANDUM

PROPERTY INFORMATION 3Property Summary

LOCATION INFORMATION 5Regional MapLocation MapsAerial Photo - 1Aerial Photo - 2

FINANCIAL ANALYSIS 10Financial SummaryIncome & ExpensesRent RollUnit Mix Summary

DEMOGRAPHICS 15Demographics ReportDemographics Map

ADDITIONAL INFORMATION 18Photos - ExteriorPhotos - InteriorPhotos - MechanicalsDisclaimerBack Page

OFFERING MEMORANDUMBRONZEVILLE 18-UNIT MIXED USE | 227-239 E. 51ST ST., CHICAGO, IL 60615

1 PROPERTYINFORMATION

227-239 E. 51st St.Chicago, IL 60615

BRONZEVILLE 18-UNIT MIXED USE | 227-239 E. 51ST ST. CHICAGO, IL 60615 SVN | Chicago Commercial |

OFFERING SUMMARY

Sale Price: $2,475,000

Price Per Unit: $133,333

Number Of Units: 18

Cap Rate: 7.5%

NOI: $185,581

Lot Size: 12,936 SF

Year Built: 1899

Building Size: 24,480 SF

Renovated: 2016

Zoning: B3-3

Market: Chicago

Submarket: Bronzeville

Price / SF: $101.10

SVN is pleased to present a 18 Unit Mixed-Use building, gut rehabbed in 2016, and located in the heart of Bronzeville. Theproperty consists of (6) retail spaces & (12) 3 Bedroom 1 Bath units. Capital improvements include: New electric (1200Amps Service) with in-unit breakers, new individual HVAC, new in-unit hot water tanks (40 gal ea.), new copper piping &drains, and new vinyl windows, lintels and brick work. Roof is older; flat & aluminum coated. The units have condo-qualityfinishes: Hardwood floors, SS appliances, granite countertops, W/D hookups, & intercom system. The building is hardwired with security cameras and new perimeter fencing. The building, built in 1899, is zoned B3-3 and situated on a 12,936sq.ft. parcel of land.

PROPERTY OVERVIEW

PROPERTY HIGHLIGHTS

• 2016 Complete Gut Rehabbed*

• Great Unit Mix: (6) Retail & (12) 3 Bed 1 Bath Units

• Desirable Bronzeville Location

• Individual Utilities & HVAC

• New Electrical Service

• New Plumbing & Drains

• Condo Quality Finishes

Property Summary

BRONZEVILLE 18-UNIT MIXED USE | 227-239 E. 51ST ST. CHICAGO, IL 60615 SVN | Chicago Commercial | The information presented here is deemed to be accurate, but it has not been independently verified. We make no guarantee, warranty or representation. It is your responsibility to independently confirm accuracy and completeness. All SVN® offices are independently owned and operated.

2 LOCATIONINFORMATION

227-239 E. 51st St.Chicago, IL 60615



Regional Map


Location Maps


Aerial Photo - 1


Aerial Photo - 2

3 FINANCIALANALYSIS

227-239 E. 51st St.Chicago, IL 60615



INVESTMENT OVERVIEW

Price $2,475,000Price per Unit $137,500GRM 8.1CAP Rate 7.5%Cash-on-Cash Return (yr 1) 10.67 %Total Return (yr 1) $93,391Debt Coverage Ratio 1.55

OPERATING DATA

Gross Scheduled Income $305,232Other Income -Total Scheduled Income $305,232Vacancy Cost $30,523Gross Income $274,708Operating Expenses $89,127Net Operating Income $185,581Pre-Tax Cash Flow $66,004

FINANCING DATA

Down Payment $618,750Loan Amount $1,856,250Debt Service $119,577Debt Service Monthly $9,964Principal Reduction (yr 1) $27,386

Financial Summary


INCOME SUMMARY PER UNIT

Potential Rental Income $305,232 $16,957(Less: Vacancy & Credit Losses) -$30,523 -$1,695

Gross Income $274,709 $15,261

EXPENSE SUMMARY PER UNIT

Utilities: Gas (Individual Forced Air) $900 $50Utilities: Electric $1,350 $75Utilities: Water $9,000 $500Real Estate Taxes $33,807 $1,878Insurance $4,500 $250Scavenger $3,600 $200Pest Control $1,350 $75Repairs & Maintenance $4,050 $225Cleaning & Decorating $5,400 $300Janitor $3,600 $200Management $19,230 $1,068Miscellaneous & Reserves $2,340 $130

Gross Expenses $89,127 $4,951

Net Operating Income $185,581 $10,310

Income & Expenses


UNITNUMBER

UNITBED

UNITBATH

UNITSIZE (SF)

LEASESTART

CURRENTRENT

CURRENTRENT (PER SF)

227-STR 1,500 Current $1,400 $0.93

229-STR 1,500 Current $1,500 $1.00

231-STR 1,500 Current $1,500 $1.00

235-STR 1,500 Current $1,500 $1.00

237-STR 1,500 Current $1,500 $1.00

239-STR 1,500 Current $1,500 $1.00

229-2E 3 1 1,200 Current $1,375 $1.15

229-2W 3 1 1,200 Current $1,437 $1.20

229-3E 3 1 1,200 Current $1,336 $1.11

229-3W 3 1 1,200 Current $1,350 $1.13

233-2E 3 1 1,200 Current $1,375 $1.15

233-2W 3 1 1,200 Current $1,365 $1.14

233-3E 3 1 1,200 Current $1,370 $1.14

233-3W 3 1 1,200 Current $1,375 $1.15

237-2E 3 1 1,200 Current $1,296 $1.08

237-2W 3 1 1,200 Current $1,350 $1.13

237-3E 3 1 1,200 Current $1,512 $1.26

237-3W 3 1 1,200 Current $1,395 $1.16

Totals/Averages 23,400 $25,436 $1.09

Rent Roll

UNIT TYPE COUNT % TOTAL SIZE (SF) RENT RENT/SF

Retail 6 33.3 1,500 $1,850 $1.23

3 Bedroom 1 Bath 12 66.7 1,100 $1,378 $1.25

Totals/Averages 18 100% 22,200 $27,636 $1.24


Unit Mix Summary

4DEMOGRAPHICS

227-239 E. 51st St.Chicago, IL 60615



1 MILE 3 MILES 5 MILES

Total population 28,809 259,013 681,775

Median age 33.5 33.7 33.5

Median age (male) 29.5 31.6 31.1

Median age (female) 36.0 35.3 35.5

Total households 11,590 104,341 256,556

Total persons per HH 2.5 2.5 2.7

Average HH income $47,343 $50,755 $50,313

Average house value $299,448 $314,472 $282,512

* Demographic data derived from 2010 US Census

Demographics Report


POPULATION 1 MILE 3 MILES 5 MILES

Total population 28,809 259,013 681,775

Median age 33.5 33.7 33.5

Median age (Male) 29.5 31.6 31.1

Median age (Female) 36.0 35.3 35.5

HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILES

Total households 11,590 104,341 256,556

# of persons per HH 2.5 2.5 2.7

Average HH income $47,343 $50,755 $50,313

Average house value $299,448 $314,472 $282,512

* Demographic data derived from 2010 US Census

Demographics Map

5 ADDITIONALINFORMATION

227-239 E. 51st St.Chicago, IL 60615



Photos - Exterior


Photos - Interior


Photos - Mechanicals


Disclaimer

The material contained in this Offering Brochure is furnished solely for the purpose of considering the purchase of the property within and is not to be usedfor any other purpose. This information should not, under any circumstances, be photocopied or disclosed to any third party without the written consent ofthe SVN® Advisor or Property Owner, or used for any purpose whatsoever other than to evaluate the possible purchase of the Property.

The only party authorized to represent the Owner in connection with the sale of the Property is the SVN Advisor listed in this proposal, and no other person isauthorized by the Owner to provide any information or to make any representations other than contained in this Offering Brochure. If the person receivingthese materials does not choose to pursue a purchase of the Property, this Offering Brochure must be returned to the SVN Advisor.

Neither the SVN Advisor nor the Owner make any representation or warranty, express or implied, as to the accuracy or completeness of the informationcontained herein, and nothing contained herein is or shall be relied upon as a promise or representation as to the future representation of the Property. ThisOffering Brochure may include certain statements and estimates with respect to the Property. These Assumptions may or may not be proven to be correct,and there can be no assurance that such estimates will be achieved. Further, the SVN Advisor and the Owner disclaim any and all liability for representationsor warranties, expressed or implied, contained in or omitted from this Offering Brochure, or any other written or oral communication transmitted or madeavailable to the recipient. The recipient shall be entitled to rely solely on those representations and warranties that may be made to it in any final, fullyexecuted and delivered Real Estate Purchase Agreement between it and Owner.

The information contained herein is subject to change without notice and the recipient of these materials shall not look to Owner or the SVN Advisor nor anyof their officers, employees, representatives, independent contractors or affiliates, for the accuracy or completeness thereof. Recipients of this OfferingBrochure are advised and encouraged to conduct their own comprehensive review and analysis of the Property.

This Offering Brochure is a solicitation of interest only and is not an offer to sell the Property. The Owner expressly reserves the right, at its sole discretion, toreject any or all expressions of interest to purchase the Property and expressly reserves the right, at its sole discretion, to terminate negotiations with anyentity, for any reason, at any time with or without notice. The Owner shall have no legal commitment or obligation to any entity reviewing the OfferingBrochure or making an offer to purchase the Property unless and until the Owner executes and delivers a signed Real Estate Purchase Agreement on termsacceptable to Owner, in Owner’s sole discretion. By submitting an offer, a prospective purchaser will be deemed to have acknowledged the foregoing andagreed to release the Owner and the SVN Advisor from any liability with respect thereto.

To the extent Owner or any agent of Owner corresponds with any prospective purchaser, any prospective purchaser should not rely on any suchcorrespondence or statements as binding Owner. Only a fully executed Real Estate Purchase Agreement shall bind the property and each prospectivepurchaser proceeds at its own risk.

bronzeville 18-unit mixed use · bronzeville 18-unit mixed use 227-239 e. 51st st. chicago, il...

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