Essex Realty Group, Inc. has been exclusively engaged to market for sale a 3-building, 110-unit multifamily portfolio located in Chicago’s Chatham and neighborhood. The properties are located at 7945 S Drexel Ave, 7948 S Ingleside Ave, and 8032 S Ellis Ave.
This portfolio features a favorable mix of almost entirely [93%] two-bedroom and three-bedroom units with strong in-place rents, averaging $1,253 for 1 Beds, $1,357 for 2 Beds, $1,611 for 3 Beds. Properties were rehabbed in 2018 and have been meticulously maintained by a professional operator, there is no major work needed with this portfolio. Additionally, there is a strong history of collections as all tenants are subsidy holders.
Further contributing to this portfolio’s cash flow is the assumable debt. There is an assumable loan with a balance of $5,891,087 [77% LTV at list], a below-market interest rate of 4.21%, and 5 years of term remaining.
This offering presents the rare opportunity to acquire a stabilized, exceptionally well maintained portfolio with a desirable unit mix and achieve stellar 22% cash-on-cash and 9.5% cap returns on day one with a low rate, high leverage assumption.
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- Favorable Assumable Debt: Total Balance of $5.8MM [73% LTV at List], 3.76% IR, Just Under 6 Year Term Remaining
- Opportunity For Investor to Add-Value by Leasing Currently Vacant Units
- All Three Properties Within Two Blocks of Each Other
- Unit Mix of Studios, 1BRs, and 2BRs
- Close Proximity to 79th St CTA Red Line Station