offering memorandum7334 n ridge blvdchicago, il 60645
40 unit multifamilyrogers park / west ridge
Mark Milkovic American International Realty, Corp.One Estate Chicago 6138 N Lincoln [email protected]
• $5,550,000
• 5.8% cap
• 40 parking spaces
• $138,750 / unit
disclaimer
The information presented in this offering is both confidential and proprietary, and intended only for the use of the party receiving it directly from One Estate Chicago and American International Realty Inc. Distribution of this offering is not authorized without written consent of One Estate Chicago and American International Realty Inc.
The purpose of this offering is to provide a summary of information to prospective investors. The information provided herein is not a substitute for a thorough due diligence investigation by a prospective investor. The offering is not intended to be comprehensive or contain all the information needed or required by a prospective investor.
Neither One Estate Chicago, nor American International Realty Inc., nor the owner nor any of their employees, officers, managers, principals, or agents have made or will make any representation or warranty, express or implied, as to the accuracy or completeness of the information contained in this offering, including but not limited to number of legal units, income and expenses of the property, projected financial performance of the property, size and square footage of the property, presence or absence of contaminating substances, lead, PCB's or asbestos, compliance with State, Federal, Municipal or other local regulations, compliance with the Americans with Disabilities Act, existence of lead-based paint hazards, physical condition or age of the property or improvements, suitability for prospective investors' intended use, or financial condition or occupancy plans of tenants.
All investors and prospective investors should conduct a thorough due diligence prior to purchasing this property. All investors and prospective investors shall assume all risk for any inaccuracies or inconsistencies presented herein.
Mark Milkovic American International Realty, Corp.One Estate Chicago 6138 N Lincoln [email protected]
property summary
One Estate Chicago and American International Realty is pleased to exclusively present 7334 N Ridge Blvd for sale, a 40-unit multifamily property located in the Rogers Park and West Ridge neighborhoods of Chicago, IL.
The unit makeup consists of 8 studios, 24 one bedrooms and 8 two bedrooms. All the units are generously sized, and approximately 1/3 of them been updated with new hardwood and laminate flooring, granite and quartz countertops, stainless steel appliances, and new ceramic tiles in the kitchens and bathrooms. The hallways have also been updated with new laminate flooring, new light fixtures, and a fresh paint job.
In front of the property is a half-circle turnabout driveway for easy curbside access into the building. In the rear is a 40-space outdoor parking lot which is accessible from the alley.
This property is in excellent condition and has been very well-maintained by current ownership. Recently completed capital improvements totaling $150k include new boilers, all parapet walls grinded and pointed, a new elevator hydraulic cylinder, parking lot patch and seal, fire protection code compliance, hallway upgrades, and a new canopy roof in front of the building.
Occupancy is currently at 100% which provides for excellent and immediate cash flow. Rent growth should be estimated between 3-4% for renewals, and between 10-25% increases can be expected after upgrading the remaining units and bringing them to market.
Demand for apartment availability has consistently been high. Key contributing factors are its proximity to Cruz Acero School (grades K-12), St. Margaret Mary Catholic School and Parish (grades 6-8), proximity to public transportation, convenient driving routes to both Lake Shore Drive and I90/94, and parking availability at the property.
Mark Milkovic American International Realty, Corp.One Estate Chicago 6138 N Lincoln [email protected]
facts / analytics
Address:7334 N Ridge BlvdChicago, IL 60626
Property Pin(s):11-30-307-225-0000 Property Classification: 39111-30-307-226-0000 Property Classification: 390
Zoning:RT-4
Year Built:1979
Market:Chicago, IL
Submarket(s):Rogers Park / West Ridge (West Rogers Park)
Building Size:30,116
Lot Size:25,967 SF (24,205 + 1,762)
Construction Type:• Reinforced concrete mid-rise with brick exterior with stucco façade. • 1 elevator, 3 stairwells. Full basement.
Property Features:• 40-space open parking lot in rear of building• Laundry room consisting of 4 washer / 4 dryers (leased) located in basement• 40 storage lockers located in basement
Unit Breakdown:8 Studio: 494 – 581 SF24 1Bd 1Ba: 686 – 816 SF5 2Bd 1Ba: 922 – 1050 SF2 2Bd 1.5Ba: 1,095 SF1 2Bd 2Ba: 1,095 SF
Summary:Listing Price: $5,550,000Price/unit: $138,750Price/SF: $184.29# of Units: 40# of parking spaces: 40Income: $535,920Expenses: $211,909NOI: $324,011Cap Rate: 5.84%
Mark Milkovic American International Realty, Corp.One Estate Chicago 6138 N Lincoln [email protected]
location summary
Neighborhood:The subject property sits directly on the western border of Rogers Park and the eastern border of West Ridge. Rogers Park is the most northern neighborhood in Chicago and is bordered by the Evanston to the north, Lake Michigan to the east, Edgewater to the south, and West Ridge (aka West Rogers Park) to the west. Rogers Park is home to Loyola University which houses a student body of 17,000. Development on Sheridan Rd has been consistent and strong in the past several years with the development of a Hampton Inn Hotel, Target, and a healthy mix of local restaurants and qsr’s.
Considered to be two of the most diverse neighborhoods in the country, Rogers Park and West Ridge house strong ethnic communities and host a mixture of small businesses and retailers of galleries, studios, cafes, restaurants, fruit markets, apparel, and electronics to name a few. Anchored retailers include Target, Jewel, Walgreens, and Bank of America. The nearby suburbs of Evanston and Lincolnwood, along with the nearby neighborhoods of Edgewater and Andersonville, provide additional shopping, dining, and health care options.
Transportation:The subject property is conveniently located .7 miles from The Rogers Park Metra Station (rail) which services the Union Pacific North Line (UP-N). It’s located 1 mile from the CTA Howard Station (rail and bus terminal) which provides access to the Red, Purple, and Yellow train lines, as well as the 22, 49B and 97, 147, 151, 201, 205, 206 215 and 290 bus routes. Both stations are within a 5-minute drive and 15-minute walk. Lake Shore Drive is 3 miles away and a 10-15-minute drive. Access to I94 via Touhy Ave is 3.5 miles due west and is a 15-minute drive.
Mark Milkovic American International Realty, Corp.One Estate Chicago 6138 N Lincoln [email protected]
aerial
Mark Milkovic American International Realty, Corp.One Estate Chicago 6138 N Lincoln [email protected]
sales comps
Mark Milkovic American International Realty, Corp.One Estate Chicago 6138 N Lincoln [email protected]
