Chicago Woodlawn/South Shore Portfolio 7 Multifamily Properties Offered at £5,829,056 in Chicago, IL
INVESTMENT HIGHLIGHTS
- Great Woodlawn and South Shore/Jackson Park Locations
- Stabilized Rent Rolls Throughout WITH Remaining Upside
EXECUTIVE SUMMARY
Seven-property portfolio, totaling 78 units, across various locations in the attractive Woodlawn and South Shore communities. All properties are masonry-constructed and built between 1899 and 1925. Unit mix: 21 One-Bedroom, 31 Two-Bedroom, and 26 Three-Bedroom. Each building has been updated/rehabbed within the last five years. Five properties and individual HVAC units and two properties have central boiler heating systems.
This package has 4 properties that have been accepted into the new rental property tax relief program which will result in additional savings on property taxes beyond the proforma projection between 25-35%.
There is assumable debt on this portfolio. A summary of loan terms follows:
-Loan Balance +/-$4.8MM 4.85MM.
-Originated in October-2019
-FNMA 12-year fixed loan at 5.03% (Matures in 2031)
-5 years of Interest Only, then 30 Year Amortization (IO from 2019 until November-2024)
Seller is willing to offer FNMA compliant soft pref behind the first lien to qualified buyers to reduce the downpayment necessary. Terms are negotiable there.
This package has 4 properties that have been accepted into the new rental property tax relief program which will result in additional savings on property taxes beyond the proforma projection between 25-35%.
There is assumable debt on this portfolio. A summary of loan terms follows:
-Loan Balance +/-$4.8MM 4.85MM.
-Originated in October-2019
-FNMA 12-year fixed loan at 5.03% (Matures in 2031)
-5 years of Interest Only, then 30 Year Amortization (IO from 2019 until November-2024)
Seller is willing to offer FNMA compliant soft pref behind the first lien to qualified buyers to reduce the downpayment necessary. Terms are negotiable there.
DATA ROOM Click Here to Access
- Offering Memorandum
TAXES & OPERATING EXPENSES (PRO FORMA - 2024) |
ANNUAL |
|---|---|
| Gross Rental Income |
£825,561
|
| Other Income |
£11,837
|
| Vacancy Loss |
£60,993
|
| Effective Gross Income |
£776,405
|
| Taxes |
£69,410
|
| Operating Expenses |
£222,231
|
| Total Expenses |
£291,641
|
| Net Operating Income |
£484,764
|
PROPERTY FACTS
| Price | £5,829,056 |
| Price / SF | £67.08 / SF |
| Sale Condition | Portfolio Sale |
| Net Initial Yield | 7.53% |
| Sale Type | Investment |
| Status | Active |
| Number of Properties | 7 |
| Individually For Sale | 0 |
| Total Building Size | 86,898 SF |
| Total Land Area | 1.12 AC |
PROPERTIES
| PROPERTY NAME / ADDRESS | PROPERTY TYPE | SIZE | YEAR BUILT | INDIVIDUAL PRICE |
|---|---|---|---|---|
| 6854-6856 S Cornell, Chicago, IL 60649 | Multifamily | 21,364 SF | 1920 | - |
| 814 E 67th St, Chicago, IL 60637 | Multifamily | 7,952 SF | 1901 | - |
| 6915-6925 S Dante Ave, Chicago, IL 60637 | Multifamily | 12,600 SF | 1927 | - |
| 7110-7118 S East End Ave, Chicago, IL 60649 | Multifamily | 17,850 SF | 1925 | - |
| 6639-6641 S Ellis Ave, Chicago, IL 60637 | Multifamily | 7,200 SF | 1914 | - |
| 7024 S Clyde Ave, Chicago, IL 60649 | Multifamily | 9,942 SF | 1918 | - |
| 6826 S Cornell Ave, Chicago, IL 60649 | Multifamily | 9,990 SF | 1912 | - |
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