Essex Realty Group, Inc. has been exclusively engaged to market for sale a 13-building, 194-unit multifamily portfolio located in the Riverdale and Chicago’s Englewood and Washington Park neighborhoods.
This turnkey portfolio features a favorable unit mix of mostly [64%] two bedroom units along with seven commercial spaces that are fully occupied by long term tenants. Each and every building was gut rehabbed in 2020 with upgraded units, mechanicals, masonry, security, and more. These improvements will allow an investor to achieve top of the market rents while minimizing maintenance expenses.
Almost all [93%] of the occupied apartment units are held by subsidy tenants, guaranteeing a large portion of the scheduled income. On the expense side, the properties received the Class 9 tax designation in 2022, ensuring lower property taxes for the next 8 years from today.
Further contributing to this portfolio’s cash flow is the assumable debt. The assumable loan has a current balance of $9,139,911 and a far below market interest rate of 3.49%. This, combined with the strong history of high occupancy and collections, will enable an investor to achieve above market 14.3% cash-on-cash returns on day one.
This portfolio presents the rare opportunity for an investor to acquire a fully-renovated, multifamily portfolio at scale and achieve stellar cash-on-cash returns by assuming the below-market interest rate, higher leverage debt.
14029-31 S. Atlantic
14033-35 S. Atlantic
14036 S. Atlantic
14100 S. Atlantic
14103 S. Tracy Ave
14108-10 S. Tracy Ave
14112-14 S. Tracy
14113 S. Stewart
14113 S. Tracy Ave
14144 S. School
5450 S. Indiana
6643 S. Perry
6731 S. Perry Ave
- 13 Buildings, 187 Apartment Units, 7 Commercial Units
- Assumable Debt: 3.49% IR, 68% LTV
- Current Assumable Loan Balance: $9,139,911
- Portfolio Fully Renovated in 2020
- Favorable Mix of Majority [64%] Two Bedroom Units
- Stabilized, Cash-Flowing Asset; Investor to Achieve 14.4% Cash-on-Cash Returns on Day 1
- 93% of Occupied Apartment Units are Held by Subsidy Tenants
- Low Property Taxes: Received Class 9 Designation in 2022