N. Bell Ave. Chicago, IL 60645

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1 N. Bell Ave. MULTIFAMILY PROPERTY FOR SALE 2211 N. Elston Ave. Suite

2 Table of Contents 1. PROPERTY INFORMATION 3 Executive Summary Property Details Property Description Additional Photos Additional Photos Additional Photos 9 2. LOCATION INFORMATION 10 West Ridge Neighborhood Location Maps Aerial Maps Retailer Map FINANCIAL ANALYSIS 15 Real Estate Taxes Rent Roll Operating Statement Financial Summary SALE COMPARABLES 20 Sale Comps Map Sale Comps Sale Comps Summary RENT COMPARABLES 26 Rent Comps Map Rent Comps DEMOGRAPHICS 30 Demographics Report Demographics Map

3 1 Property Information

4 Executive Summary OFFERING SUMMARY Sale Price: $1,499,000 Number Of Units: 9 Current/Stabilized Cap Rate: Current/Stabilized GRM: 6.3%/6.78% / 9.80 NOI: $94,434 Building Size: 10,500 Parking Type: Two (2) Exterior Spaces PIN: PROPERTY OVERVIEWVIEW has been exclusively engaged to market for sale N. Bell Ave., a 9-unit walk-up apartment building located in Chicago's West Ridge neighborhood. The unit mix consists of three (3) 2 Bd/1 Ba+Den and six (6) 2 Bd/1 Ba units. The building had been significantly renovated in 2016/2017 and each unit features hardwood floors throughout, granite countertops, stainless steel appliances, espresso cabinetry, ceiling fans and individual in-unit HVAC systems. In addition, the building has received many additional CapEx improvements such as windows (2016), electric service (2016) and copper plumbing (2016). LOCATION OVERVIEWVIEW The property is situated 1 mile west of Loyola University's campus, on the west side of Bell Avenue, just south of Arthur Avenue in West Ridge, and is conveniently located only steps from a multitude of local shops and restaurants along Devon and Western Avenues. The building is also located next door to the Robert A. Black Golf Course as well as Hoyne Field which is home to Loyola University's beloved NCAA Men's and Woman's Soccer and

Property Details Property Summary ADDRESS: S: 6442-44 N. Bell Ave.

. OF UNITS: 9 Building Systems HEAT: Individual HVAC In-Unit; Duct-Work (2016); PLUMBING: Copper (2016); ELECTRIC: Breakers

5 Property Details Property Summary ADDRESS: S: N. Bell Ave. PIN: YEAR BUILT: 1926 BUILDING SIZE: 10,500 SF LOT SIZE: 5,580 (45' X 125') NO.. OF UNITS: 9 Building Systems HEAT: Individual HVAC In-Unit; Duct-Work (2016); PLUMBING: Copper (2016); ELECTRIC: Breakers In-Unit; (2016); WINDOWS: Double Payne; Vinyl (2016); HOT WATER: LAUNDRY: PORCHES: (1) 100 Gallon Bradford White Tank; New; One (1) Washer ($2.00) / One (1) Dryer ($2.00); Owned; Wood; Reinforced; PARKING: Two (2) Exterior Parking Spaces.

Property Description BUILDING CONDITION 6442-44 N. Bell Ave.

The building was recently rehabbed in 2016/2017 and has received significant CapEx improvements to both the major building systems as well as the kitchens/baths in each unit.

6 Property Description BUILDING CONDITION N. Bell Ave. presents investors with a very unique opportunity to purchase an investment property in a north-side Chicago neighborhood with true value-add potential. The building was recently rehabbed in 2016/2017 and has received significant CapEx improvements to both the major building systems as well as the kitchens/baths in each unit. Such improvements include new windows (2016), copper plumbing (2016), electric service (2016) and new duct-work (2016) for the individual HVAC systems housed in each unit. In addition, all nine (9) units have been beautifully renovated to feature hardwood floors throughout, granite countertops, stainless steel appliances, espresso cabinetry, ceiling fans and central heating and air conditioning units. All units boast extremely spacious layouts, each with two large bedrooms, and three (3) of the nine (9) units also feature massive living/dining rooms that get phenomenal natural light through the east-facing bay windows. VALUE-ADD OPPORTUNITY A new owner may have the opportunity to purchase the building and increase value simply by raising rents to market rate as units turn, with little work necessary. For example each unit, on average, is currently renting for $120/month less than what the market may bare for similar units, of comparable condition in this neighborhood.

7 Additional Photos

8 Additional Photos

9 Additional Photos

10 2 Location Information

West Ridge Neighborhood West Ridge Neighborhood Description Known as one of Chicago s most historically and culturally abundant

Lunt Avenues, cultural institutions such as St. Scholastica Academy and one of the highest per capita incomes on the North Side of Chicago.

Avenue to the south and Kedzie Avenue and North Shore channel of the Chicago River to the west.

south of Arthur Avenue in West Ridge, and is conveniently located only steps from a multitude of local shops and restaurants along Devon and

11 West Ridge Neighborhood West Ridge Neighborhood Description Known as one of Chicago s most historically and culturally abundant neighborhoods, West Ridge has become a cherished community that boasts thriving retail lining Devon Avenue, historic mansions along Ridge and Lunt Avenues, cultural institutions such as St. Scholastica Academy and one of the highest per capita incomes on the North Side of Chicago. Bordered by Howard Street to the north, Ridge Boulevard, Western Avenue and Ravenswood Avenue to the east, Bryn Mawr Avenue and Peterson Avenue to the south and Kedzie Avenue and North Shore channel of the Chicago River to the west. The property is situated on a beautiful tree lined street 1 mile west of Loyola University's campus, on the west side of Bell Avenue, just south of Arthur Avenue in West Ridge, and is conveniently located only steps from a multitude of local shops and restaurants along Devon and Western Avenues. The building is also located next door to the Robert A. Black Golf Course as well as Hoyne Fields which is home to Loyola University's beloved NCAA Men's and Woman's Soccer and Softball Teams.

12 Location Maps

13 Aerial Maps

14 Retailer Map

15 3 Financial Analysis

16 Real Estate Taxes

17 Rent Roll UNIT NUMBER UNIT BED UNIT BATH UNIT SIZE (SF) CURRENT RENT CURRENT RENT/SF E 2 1 1,100 $1,200 $ W 2 1 1,100 $1,150 $ E 2 1 1,100 $1,250 $ W 2 1 1,100 $1,285 $ E 2 1 1,100 $1,285 $ W 2 1 1,100 $1,250 $ ,300 $1,300 $ ,300 $1,325 $ ,300 $1,325 $1.02 Totals/Averages 10,500 $11,370 $1.08

18 Operating Statement UNIT TYPE COUNT SIZE (SF) CURRENT RENT CURRENT MONTHLY CURRENT ANNUALAL MARKET RENT STABILIZED MONTHLY STABILIZED ANNUALAL 2 Bd/1 Ba 6 1,100 $1,237 $7,420 $89,040 $1,350 $8,100 $97,200 2 Bd/1 Ba + Den 3 1,300 $1,317 $3,950 $47,400 $1,450 $4,350 $52,200 TOTALS 9 1,167 $1,263 $11,370 $136,440 $1,383 $12,450 $149,400 INCOME SUMMARY CURRENT % OF SGI PER UNIT STABILIZED % OF SGI PER UNIT Rental Income $136, % $15,160 $149, % $16,600 Parking (2 $75/space) ¹ $0 0.0% $0 $1, % $200 Laundry $1, % $200 $1, % $200 GROSS S INCOME $138, % 0% $15,360 $153, 3, % 0% $17,000 Vacancy Loss -$6, % -$768 -$7, % -$850 COLLECTED INCOME $131, % 0% $14,592 $145, % 0% $16, EXPENSE SUMMARY CURRENT % OF SGI PER UNIT STABILIZED % OF SGI PER UNIT Real Estate Taxes ² $4, % $453 $16, % $1,777 Insurance $9, % $1,004 $3, % $350 Gas $ % $66 $ % $66 Electric $2, % $266 $2, % $266 Water & Sewer $3, % $336 $3, % $336 Scavenger $2, % $303 $2, % $303 Management ¹ $6, % $768 $7, % $850 Janitorial ¹ $2, % $300 $2, % $300 Maintenance/Decorating ¹ $2, % $300 $2, % $300 Misc. & Reserves ¹ $2, % $300 $2, % $300 GROSS S EXPENSES $36, % $4,099 $43, % $4,851 NET OPERATING INCOME $94, % $10,492 $101,6881, % $11,298 ¹ Broker Pro-Forma. ² Real Estate Taxes per Cook County Treasurer.

19 Financial Summary INVESTMENT OVERVIEWVIEW CURRENT STABILIZED Price $1,499,000 $1,499,000 Price per Unit $166,555 $166,555 GRM CAP Rate 6.3% 6.78% Cash-on-Cash Return (YR 1) 6.42% 8.36% Total Return (YR 1) 11.0% 13.0% Debt Coverage Ratio OPERATING DATA CURRENT STABILIZED Gross Scheduled Income $138,240 $153,000 Vacancy Cost $6,912 $7,650 Collected Income $131,328 $145,350 Operating Expenses $36,894 $43,662 Net Operating Income $94,434 $101,688 FINANCING DATA CURRENT STABILIZED Down Payment $374,750 25% $374,750 25% Loan Amount $1,124,250 75% $1,124,250 75% Debt Service $70, %/30 YRS $70, %/30 YRS Cash Flow $24,059 $31,313 Principal Reduction (YR 1) $17,347 $17,347 Total Return (YR 1) $41,406 $48,660

20 4 Sale Comparables

Sale Comps Map SUBJECT PROPERTY 6442-44 N. Bell Ave. 1 2101-051-05 W.. Arthur Ave. 2 6154 N. Oakley Ave.

21 Sale Comps Map SUBJECT PROPERTY N. Bell Ave W.. Arthur Ave N. Oakley Ave. Chicago, IL W.. Arthur Ave N. Bell Ave W.. Chase Ave. Chicago, IL W.. Pratt Blvd.

Sale Comps 1 2101-051-05 W.. ARTHUR AVE. 2 6154 N. OAKLEY AVE.

Units: 13 Price / Unit: $123,076 Cap: 6.56% Closed: 05/03/2018 GRM: 9.

Units: 16 Price / Unit: $123,625 Closed: 03/01/2018 UNIT TYPE # UNITS % OF UNIT TYPE # UNITS % OF SIZE SF RENT/SF 1 Bd/1 Ba

97 TOTAL/AVG 16 100% 1,068 $1.37 Section 8 housing. Units feature large bedrooms and separate furnaces.

22 Sale Comps W.. ARTHUR AVE N. OAKLEY AVE. Chicago, IL Sale Price: $1,600,000 Year Built: 1928 Building SF: 5,301 SF Price PSF: $ No. Units: 13 Price / Unit: $123,076 Cap: 6.56% Closed: 05/03/2018 GRM: 9.15 Sale Price: $1,978,000 Year Built: 1928 Building SF: 16,912 SF Price PSF: $ No. Units: 16 Price / Unit: $123,625 Closed: 03/01/2018 UNIT TYPE # UNITS % OF UNIT TYPE # UNITS % OF SIZE SF RENT/SF 1 Bd/1 Ba Bd/2 Ba TOTAL/AVG % 2 Bd/2 Ba $ Bd/3 Ba ,800 $0.97 TOTAL/AVG % 1,068 $1.37 Section 8 housing. Units feature large bedrooms and separate furnaces. Building amenities include on-site laundry and private storage. The property had newer windows, newer roof, enclosed porches, 2 car garage and 1 exterior parking space included in sale. Recently gut rehabbed units feature hardwood floors, exposed brick walls, laminate countertops, black appliances, central air conditioning and in-unit laundry.

Sale Comps 3 2950-54 W.. ARTHUR AVE. 4 6442-6444 N. BELL AVE. 3 4 Sale Price: $2,375,000 Year Built: 1957 Building SF: 15,475 SF Price PSF: $153.

Units: 16 Price / Unit: $148,437 Cap: 6% Closed: 07/25/2017 GRM: 10 Sale Price: $1,270,000 Year Built: 1925 Building SF: 8,418 SF Price PSF:

5 550 1 Bd/1 Ba (G) 1 6.3 650 1 Bd/1 Ba 3 18.8 875 2 Bd/1 Ba (Sm) 3 18.8 1,050 2 Bd/1 Ba (G) 1 6.3 1,050 2 Bd/1 Ba (Lg) 6 37.

Recently rehabbed units feature hardwood floors throughout, granite countertops, stainless steel appliances and central air conditioning.

23 Sale Comps W.. ARTHUR AVE N. BELL AVE. 3 4 Sale Price: $2,375,000 Year Built: 1957 Building SF: 15,475 SF Price PSF: $ No. Units: 16 Price / Unit: $148,437 Cap: 6% Closed: 07/25/2017 GRM: 10 Sale Price: $1,270,000 Year Built: 1925 Building SF: 8,418 SF Price PSF: $ No. Units: 9 Price / Unit: $141,111 Closed: 01/31/2017 UNIT TYPE # UNITS % OF SIZE SF UNIT TYPE # UNITS % OF SIZE SF Studio Bd/1 Ba (G) Bd/1 Ba Bd/1 Ba (Sm) ,050 2 Bd/1 Ba (G) ,050 2 Bd/1 Ba (Lg) ,150 TOTAL/AVG % Bd/1 Ba ,300 TOTAL/AVG 9 100% 1,300 Seven (7) out of the nine (9) units were vacant at the time of sale. Recently rehabbed units feature hardwood floors throughout, granite countertops, stainless steel appliances and central air conditioning. Building amenities include on-site laundry. Recently rehabbed units feature hardwood floors throughout, granite countertops, stainless steel appliances and radiator heat. Building amenities include on-site laundry and eight (8) exterior parking spaces. New windows, new boiler and new hot water heater at time of sale.

Sale Comps 5 1344-48 W.. CHASE AVE. 6 2740 W.. PRATT BLVD.

Units: 9 Price / Unit: $150,000 Cap: 6.56% Closed: 10/13/2016 GRM: 9.

Units: 9 Price / Unit: $147,222 Cap: 7.27% Closed: 06/15/2016 GRM: 9.

3 750 2 Bd/1 Ba 3 33.3 1,000 3 Bd/1 Ba 3 33.3 1,350 Recently rehabbed walk-up building located in Rogers Park.

24 Sale Comps W.. CHASE AVE W.. PRATT BLVD. Chicago, IL Sale Price: $1,350,000 Year Built: 1960 Building SF: 11,000 SF Price PSF: $ Building Type: Walk-Up No. Units: 9 Price / Unit: $150,000 Cap: 6.56% Closed: 10/13/2016 GRM: 9.82 Sale Price: $1,325,000 Year Built: 1968 Building SF: 9,300 SF Price PSF: $ Building Type: Walk-Up No. Units: 9 Price / Unit: $147,222 Cap: 7.27% Closed: 06/15/2016 GRM: 9.81 UNIT TYPE # UNITS % OF SIZE SF UNIT TYPE # UNITS % OF SIZE SF 2 Bd/1 Ba TOTAL/AVG 9 100% Bd/1 Ba Bd/1 Ba ,000 3 Bd/1 Ba ,350 Recently rehabbed walk-up building located in Rogers Park. Units feature hardwood and ceramic tile floors, stainless steel appliances, in-unit laundry and central air conditioning. Six (6) exterior parking spaces included in sale. TOTAL/AVG 9 100% 1,033 Recently renovated units feature hardwood and ceramic tile floors, stainless steel appliances, granite countertops, in-unit laundry, wall-unit air conditioners and baseboard radiant heat. New windows and seven (7) exterior parking spaces included in sale.

25 Sale Comps Summary SALE COMPS PRICE BLDG SF PRICE/SF PRICE/UNIT CAP GRM # OF UNITS W. Arthur Ave. $1,600,000 5,301 SF $ $123, % /03/ N. Oakley Ave. Chicago, IL $1,978,000 16,912 SF $ $123,625 N/A /01/ W. Arthur Ave. $2,375,000 15,475 SF $ $148, % /25/ N. Bell Ave. $1,270,000 8,418 SF $ $141,111 N/A /31/ W. Chase Ave. Chicago, IL $1,350,000 11,000 SF $ $150, % /13/ W. Pratt Blvd. $1,325,000 9,300 SF $ $147, % /15/2016 SALE COMPS PRICE BLDG SF PRICE/SF PRICE/UNIT CAP GRM # OF UNITS CLOSE TOTALS/AVERAGES $1,649,667 11,068 SF $ $137, %

26 5 Rent Comparables

27 Rent Comps Map SUBJECT PROPERTY N. Bell Ave N. Claremont Ave W.. Glenlake e Ave. Chicago, IL W.. Thome Ave. Chicago, IL W.. Arthur Ave N. Washt ashtenaw Ave. Chicago, IL N. Rockwell St. Chicago, IL 60659

laundry. UNIT TYPE SIZE SF AVG. RENT RENT/SF 2 Bd/1 Ba 850 $1,385 $1.63 TOTAL/AVG 850 $1,385 $1.63 2 2617 W.. GLENLAKE AVE.

conditioning. UNIT TYPE AVG. RENT 2 Bd/1 Ba $1,395 TOTAL/AVG $1,395 3 1819 W.. THOME AVE.

conditioning. UNIT TYPE SIZE SF AVG. RENT RENT/SF 2 Bd/1 Ba 1,150 $1,450 $1.26 TOTAL/AVG 1,150150 $1,450 $1.26 4 2950 W.. ARTHUR AVE.

28 Rent Comps N. CLAREMONT AVE. Building Type: Unit features hardwood floors throughout, granite countertops, stainless steel appliances, central air conditioning and in-unit laundry. UNIT TYPE SIZE SF AVG. RENT RENT/SF 2 Bd/1 Ba 850 $1,385 $1.63 TOTAL/AVG 850 $1,385 $ W.. GLENLAKE AVE. Chicago, IL Building Type: Unit features hardwood floors throughout, laminate countertops, white appliances, radiator heat and window air conditioning. UNIT TYPE AVG. RENT 2 Bd/1 Ba $1,395 TOTAL/AVG $1, W.. THOME AVE. Chicago, IL Building Type: Unit features hardwood floors throughout, granite countertops, stainless steel appliances and central air conditioning. UNIT TYPE SIZE SF AVG. RENT RENT/SF 2 Bd/1 Ba 1,150 $1,450 $1.26 TOTAL/AVG 1, $1,450 $ W.. ARTHUR AVE. Building Type: Units feature hardwood floors throughout, granite countertops, stainless steel appliances, radiator heat and window mounted air conditioning. Building amenities include on-site laundry. Parking available for additional monthly rent. UNIT TYPE SIZE SF AVG. RENT RENT/SF 2 Bd/1 Ba 1,150 $1,450 $1.26 TOTAL/AVG 1, $1,450 $1.26

air conditioning. UNIT TYPE SIZE SF AVG. RENT 2 Bd/2 Ba 800 $1,450 TOTAL/AVG 800 $1,450 6 6300 N. ROCKWELL ST. air conditioning.

29 Rent Comps N. WASHTENAW AVE. Chicago, IL Building Type: Unit features hardwood floors throughout, granite countertops, stainless steel appliances, in-unit laundry and central air conditioning. UNIT TYPE SIZE SF AVG. RENT 2 Bd/2 Ba 800 $1,450 TOTAL/AVG 800 $1, N. ROCKWELL ST. Chicago, IL Building Type: Unit features hardwood floors throughout, granite countertops, stainless steel appliances, in-unit laundry and central air conditioning. Garage parking available for additional $125/month. UNIT TYPE SIZE SF AVG. RENT RENT/SF 2 Bd/2 Ba 1,200 $1,470 $1.23 TOTAL/AVG 1,200 $1,470 $1.23

30 6 Demographics

31 Demographics Report 0.5 MILES 1 MILE 1.5 MILES Total households 6,316 23,093 53,890 Total persons per hh Average hh income $52,711 $58,397 $60,244 Average house value $269,421 $319,022 $337, MILES 1 MILE 1.5 MILES Total population 19,120 66, ,280 Median age Median age (male) Median age (female) * Demographic data derived from 2010 US Census

Demographics Map POPULATION 0.5 MILES 1 MILE 1.5 MILES TOTAL POPULATION 19,120 66,342 146,280 MEDIAN AGE 32.7 34.4 34.8 MEDIAN AGE (MALE) 30.8 33.4 34.2 MEDIAN AGE (FEMALE) 34.0 35.

32 Demographics Map POPULATION 0.5 MILES 1 MILE 1.5 MILES TOTAL POPULATION 19,120 66, ,280 MEDIAN AGE MEDIAN AGE (MALE) MEDIAN AGE (FEMALE) HOUSEHOLDS S & INCOME 0.5 MILES 1 MILE 1.5 MILES TOTAL HOUSEHOLDS 6,316 23,093 53,890 # OF PERSONS PER HH AVERAGE HH INCOME $52,711 $58,397 $60,244 AVERAGE HOUSE VALUE $269,421 $319,022 $337,083 * Demographic data derived from 2010 US Census

3449 W. SCHUBERT AVE.

A MULTIFAMILY INVESTMENT OPPORTUNITY 3449 W. SCHUBERT AVE. CHICAGO, IL 60647 2211 N Elston Ave., Suite 302, Chicago, IL 60614 Phone: 773.305.4900 Website: essexrealtygroup.com TABLE OF CONTENTS 1. PROPERTY