Contacts
Michael Finch
SVN | SFRhub Marketplace
Property Details
- Property Type Multi-Family
- Property Size 109,350 SF
- Units 81
- Lot Size 4.13 Acre
- Additional Rent Contact for pricing
- Year Built 2024
- Date Updated Jun 24, 2024
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Highlights
- New construction tri-plex homes in high growth Bronzville Chicago submarket
- Excellent opportunity to purchase 81 homes in 27 buildings at Certificate of Occupancy
- Opportunity to purchase completed, fully leased buildings (2) and soon to be delivered buildings
- All homes will be finished by Q3 of 2024
- Opportunity to purchase all 27 buildings in bulk or purchase in smaller bulk packages of two or more buildings
- Quality, high end condo finishes throughout
- All 3 bedroom 2 bathroom, 1350/sf homes with 1 detached garage per home
- Access Green Line, employment, entertainment and lakefront
- Chicago market poised for strong rental growth of 14.5% though 2027 according to John Burns
- Home value appreciation projected at 11.5% through 2027
- Per home stabilized rental rates conservatively projected at $2729 per month
- Two buildings currently leased, most recent rental rate is $2595, only 5% below projected stabilized rents
- Conservative 6.67% cap rate at Stabilized NOI after all buildings leased and operating
- Annual Gross Rents at Year 1 modeled at $2,501,788, its anticipated lease up rents will surpass projected stabilized rents as buildings come online in Q2 & Q3 this year, further driving net stabilized NOI growth
- Year 5 disposition shows strong 24.58% IRR assuming 5% exit
- Flexible disposition strategies available pending market conditions
- All SVN® Offices Independently Owned & Operated
- Local Broker License Information: www.SFRhub.com/realestatelicensing
Getting around
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Location
- City Chicago, IL
- Neighborhood Oakland
- Zip Code 60653
- Market Chicago
Points of Interest
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35th-Bronzeville-IIT
1.40 miles
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35th-Bronzewille-IIT (34th Street Entrance)
1.44 miles
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51st-53rd Street (Hyde Park)
1.56 miles
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Garfield
1.90 miles
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55th-56th-57th Street
2.08 miles
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Cermak-McCormick Place
2.48 miles
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63rd Street
2.89 miles
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Halsted
2.93 miles
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Ashland
3.43 miles
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UIC-Halsted (Halsted Street)
4.43 miles
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BP
0.79 miles
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Citgo
1.45 miles
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Mobil
1.51 miles
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GoLo
1.57 miles
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ChargePoint
2.18 miles
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eVgo
3.74 miles
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Blink
3.75 miles
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Tesla Supercharger
3.86 miles
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EVgo
4.53 miles
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Blink ParkChip Garage - 1035 Van Buren
4.66 miles
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31st Street Harbor Parking
1.05 miles
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31st St Parking
1.24 miles
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McCormick Place Truck Marshing Yard
1.47 miles
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Vue53 garage
1.51 miles
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Player Lot
1.60 miles
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Lot L
1.65 miles
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Bus Parking
1.65 miles
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Amber Inn Motel
1.00 miles
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Chicago Lake Shore Hotel
1.39 miles
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Sophy Hotel
1.59 miles
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Hyatt Place Chicago-South/University Medical Center
1.60 miles
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Wyndham Chicago McCormick Hotel
2.12 miles
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Hyatt Regency McCormick Place
2.30 miles
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The Study at the University of Chicago
2.44 miles
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Hilton Garden Inn, Hampton Inn, & Home2 Suites
2.44 miles
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Marriott Marquis
2.45 miles
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SpringHill Suites Chicago Chinatown
2.49 miles
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One Stop Foods
0.39 miles
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Mariano's Fresh Market
0.70 miles
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Ross
0.82 miles
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Jewel-Osco
1.03 miles
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Adom African Market
1.20 miles
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Valley of Jordan
1.46 miles
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Marshalls
1.49 miles
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Whole Foods Market
1.49 miles
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Target
1.52 miles
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Bonne Sante Health Foods
1.63 miles
In-Depth Research Available for this Property
Access more in-depth information about this property — including ownership, tenant details, property characteristics and transaction history, along with local market insights and much more — on CommercialEdge.
Contact Listing Broker
Michael Finch
SVN | SFRhub Marketplace