ON MARKET – MULTI-FAMILY
7-Building Portfolio Chicago, IL
PRICE
$4,185,000
NUMBER OF UNITS
15
CAP RATE
7%
PROPERTY LISTED

Essex Realty Group, Inc. has been exclusively engaged to market for sale the rare opportunity to acquire a fully-stabilized seven (7) building portfolio in the heart of Chicago's highly desirable Logan Square neighborhood. The Seller prefers to sell all seven (7) properties together, but is also open to selling them individually (or in any combination thereof).

The portfolio boasts an attractive unit mix of spacious 1-Bed, 2-Bed and 3-Bed units, all of which have received extensive updates. Additionally, one (1) unit in each building has been registered through HelpHost as a short-term rental, yielding ownership significantly higher cash-flow when compared to standard market-rate apartment rents, while requiring little-to-no management by the owner. Furthermore, all seven (7) of the short-term rental units are fully furnished with $10,000-$15,000 per unit in furniture/linens, which will transfer to the purchaser.

New ownership may choose to continue working with HelpHost, the 3rd-party service currently managing the short-term rental units, to best leverage the Airbnb/VRBO platform and maximize cash-flow while employing an extremely hands-off, plug & play management solution.

This is a rare opportunity for an investor to quickly acquire a sizeable footprint in an A+ residential neighborhood which has historically offered very few opportunities to establish scale through larger multi-family acquisitions.

LOCATION DETAILS

The Logan Square neighborhood is located three miles northwest of Chicago’s Central Business District. Known for its historical architecture, wide residential boulevards, and thriving restaurants and bar scene. Logan Square is regularly regarded as one of Chicago’s most sought after apartment rental neighborhoods.

North Milwaukee Avenue represents the main commercial corridor, featuring a variety of trendy restaurants, cocktail bars, and craft brew pubs. The area boasts bohemian coffee shops, art galleries, and well-known music venues such as the Concord Music Hall. The community is also home to a number of the Congress and Logan Theaters, both located along Milwaukee Avenue.

HIGHLIGHTS
  • 15 Apartments + 4 Additional Non-Conforming Apartments
  • All Properties Within 4 Minutes (or less) of Each Other
  • A+ Logan Square Locations Near 606, Blue Line, Restaurants & Night Life
  • All 19 Apartments Extensively Remodeled
  • Excellent In-Place Cash Flow with Value-Add Opportunities
  • CURRENT: 7.00% Cap, 10.10 GRM & 10.27% Cash-On-Cash
LISTING BROKERS
Abe Eilian
Director
773.305.4882
Matt Feo
Director
224.305.4102
Doug Fisher
Principal
773.305.4910