ON MARKET – MULTI-FAMILY
747 North May Street Chicago, IL 60642
PRICE
$4,425,000
NUMBER OF UNITS
22
CAP RATE
6.95%
PROPERTY LISTED

Essex Realty Group, Inc. has been exclusively engaged to market for sale 747 North May Street, a 22 unit multi-family property located in Chicago’s West Town neighborhood. The property was completely renovated in 2017 and features 22 studio units with high end finishes including stainless steel appliances, custom soft close kitchen cabinetry and drawers, beautiful white quartz countertops, white subway tile backsplash and washer/dryer in-unit. Smart features in each unit include NEST thermostats, hi-speed internet and smart lock access. Additionally, the property has undergone a number of recent capital improvements including new electric service, new copper plumbing, new water service and HVAC throughout.

The property operates as an apartment hotel as the property is master leased to Ginosi Apartels & Hotels, an international hospitality chain with hotels and furnished apartments (apartels). Ginosi apartels & hotels can be found in cities in the US and Europe including Barcelona, Milan, Prague, Riga, Downtown LA, Hollywood and Chicago. Ginosi signed a 5 year lease expiring in April 2023 with the option to extend 5 more years through April 2028 with a 15% rent escalation. Per the lease agreement, Ginosi handles all management and maintenance of the property. The tenant also subleases 8 parking spaces located in the vacant lot adjacent to the premises at 1139-41 West Chicago Avenue under a separate sublease agreement.

LOCATION DETAILS

Bordered by the north branch of the Chicago River and the Kennedy Expressway sits the newer neighborhood of River West, a subsect of West Town. In recent years River West’s traditional factories and industrial buildings have converted to luxury loft condo buildings and been cleared for new multi-family developments generating an influx of homeowners and renters. Tenants are drawn to River West’s prime central location adjacent to popular neighborhoods such as River North, the West Loop and West Town. The neighborhood also benefits from easy access to public transportation and close proximity to Chicago's Loop. Chicago’s West Loop sits just south of River West and has slowly become a hotspot for global companies to situate their Midwest headquarters. Google, Twitter, McDonald’s and LinkedIn all have decided to make the West Loop their Chicago home, bringing a multitude of well-paying jobs to the area. For example, 747 North May Street is situated approx. 1 mile from Chicago’s Google HQ.

The property is located on a triangular parcel on May Street, Aberdeen Street and Ogden Avenue, in the heart of Chicago’s River West Neighborhood. The property is also conveniently located just steps from the Chicago Blue Line CTA Station and in close proximity to numerous bus stops and Divvy Bike Stations.

HIGHLIGHTS
  • Master Leased through April 2023 to Ginosi Apartels & Hotels, an International Hospitality Chain
  • Ginosi is Responsible for all Management & Maintenance of the Property
  • 22 Completely Renovated Studio Units with Washer/Dryer In-Unit
  • Smart Features Include: High Speed Internet, NEST Thermostats and Smart Lock Access
  • Great River West Location - Across the Street from the Blue Line CTA Station
  • Steady Investment Opportunity
  • Recent Capital Improvements to the Property Include: New Water Service, New Electric Service, New Copper Plumbing and HVAC throughout
LISTING BROKERS
Jim Darrow
Principal
773.305.4920
Jordan Gottlieb
Principal
773.305.4922