SOUTH SHORE DRIVE

Transcription

1 SOUTH SHORE DRIVE Price Per Unit: $47,042 GRM: 5.67 Cap Rate: 11.18% MULTIFAMILY INVESTMENT OPPORTUNITY MULTIFAMILY INVESTMENT OPPORTUNITY

2 CONTENTS CONFIDENTIALITY & DISCLAIMER PROPERTY INFORMATION FINANCIAL ANALYSIS SALE COMPARABLES DEMOGRAPHICS ADDITIONAL INFORMATION PRESENTED BY The information contained herein is proprietary and confidential. It is intended only for the use of the party receiving it from First Western Properties, Inc. and is not to be duplicated or distributed to any other party without the written approval of First Western Properties, Inc. The purpose of this analysis is to provide summary information to prospective investors and to establish a preliminary level of interest in the property. THE INFORMATION IS NOT A SUBSTITUTE FOR A THOROUGH DUE DILIGENCE INVESTIGATION BY THE PROSPECTIVE INVESTOR. Although the information contained herein has been secured by sources believed to be reliable, First Western Properties, Inc. makes NO REPRESENTATION OF WARRANTY, EXPRESS OF IMPLIED, AS TO THE ACCURACY OF THE INFORMATION, including but not limited to number of legal units, income and expenses of the property; projected financial performance of the property; size and square footage of the property; presence or absence of contaminating substances, lead, PCB s or asbestos; compliance with the Americans with Disabilities Act; physical condition or age of the property or improvements suitability for a prospective investors intended us; or financial condition of occupancy plans of tenant. First Western Properties, Inc. has not conducted an investigation for verified the information. ALL POTENTIAL INVESTORS ARE RESPONSIBLE TO TAKE APPROPRIATE STEPS TO VERIFY ALL INFORMATION SET FORTH HEREIN AND CONDUCT THEIR OWN THOROUGH DE DILIGENCE BEFORE PURCHASING THE PROPERTY. Potential investors assume all risk for any inaccuracies or inconsistencies. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE ALLOW HOUR NOTICE IN SCHEUDLING YOUR SHOWING. PRESENTED BY: PAUL TSAKIRIS President O: x80 C: E: paul@1stwesternproperties.com GENE HART O: C: E: gene@1stwesternproperties.com Multi-Family Investment Sales This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. Photos herein are the property of their respective owners and use of these images without the express written content of the owner is prohibited.

3 1 PROPERTY INFORMATION Executive Summary Unit Mix Property Description Property Details

4 1 PROPERTY INFORMATION DETAILS Sale Price $1,129,000 Cap Rate 11.18% Building Size 15,500 SF Lot Size 17,923 SF Parking Spaces 15 Number Of Units 24 Number Of Stories 3 LOCATION DESCRIPTION Chicago's South Shore Neighborhood is located along the lake shore of the city's south side. Throughout the past 30 years, South Shore has experienced steady growth as a result of several factors such as the South Shore Cultural Center's adoption into the Chicago Park District, efforts to enrich the area culturally with programs and events, as well as a commitment from community leaders and businesses to reinvest in the area. In addition, some attribute the area's boost in popularity to its desirable residential qualities including the unique and affordable South Shore homes for sale ranging from luxurious lakefront condos to more modest homes set upon tranquil, tree-lined streets. PROPERTY HIGHLIGHTS Zoning Cross Streets RM-6 E. 78th & South Shore Drive 4

5 1 PROPERTY INFORMATION South Shore Chicago, IL For Sale $1,129,000 UNIT TYPE COUNT % TOTAL 1 Bed / 1 Bath Bed / 1 Bath Totals / Averages % Enter Notes or Comments 5

6 1 PROPERTY INFORMATION PROPERTY DESCRIPTION PROPERTY DESCRIPTION Walking distance from the park, only a few steps to the lake. LOCATION The historic South Shore Neighborhood is located along the shore of Lake Michigan on Chicago's south side. Throughout the past 30 years, South Shore has experienced steady growth as a result of several factors such as the South Shore Cultural Center's adoption into the Chicago Park District, efforts to enrich the area culturally with programs and events, as well as a commitment from community leaders and businesses to reinvest in the area. In addition, some attribute the area's boost in popularity to its desirable residential qualities including the unique and affordable South Shore homes for sale ranging from luxurious lakefront condos to more modest homes set upon tranquil, tree-lined streets. It is these attributes which have allowed the South Shore Neighborhood to grow and become the attractive and inviting community it is today. ZONING RM-6 6

7 1 PROPERTY INFORMATION ADDRESS: South Shore CITY, STATE, ZIP: Chicago, IL, LOT SIZE: 17,923 BUILDING SIZE: 15,500 SF ZONING: RM-6 PARKING SPACES: 15 NUMBER OF STORIES: 3 NUMBER OF UNITS: 24 7

8 2 FINANCIAL ANALYSIS Financial Summary Income & Expenses Rent Roll Unit Mix

9 2 FINANCIAL ANALYSIS South Shore Chicago, IL Investment Overview 2016 FINANCIALS For Sale $1,129,000 Price $1,129,000 Price per Unit $47,041 GRM 5.66 CAP Rate 11.2% Cash-on-Cash Return (yr 1) 24.95% Total Return (yr 1) $88,389 Debt Coverage Ratio Operating Data 2016 FINANCIALS Gross Scheduled Income from Rents $201,840 Total Scheduled Income $206,642 Vacancy Cost (5%) $8,074 Operating Expenses $72,354 Net Operating Income $126,214 Pre-Tax Cash Flow $74,730 Financing Data 2016 FINANCIALS Down Payment $282,250 Loan Amount $846,750 Debt Service $51,484 Debt Service Monthly $4,290 Principal Reduction (yr 1) $13,659 9

10 2 FINANCIAL ANALYSIS South Shore Chicago, IL For Sale $1,129,000 Income Summary 2016 FINANCIALS PGI (Current In-place Rents - July 2017) $201,840 Move-in Fees (2016) $1,850 Laundry Income (2016) $632 Parking Income (2016) $2,320 Vacancy (4%) -$8,074 GROSS INCOME $206,642 Expenses Summary 2016 FINANCIALS Real Estate Taxes (All 2016 Actuals) $16,748 Insurance $5,946 Gas $12,789 Electric $2,960 Water, Sewer, & Trash $15,724 Repairs & Maintenance $3,909 Management Fee $10,878 Legal & Accounting $1,200 Janitor $2,200 GROSS EXPENSES $72,354 NET OPERATING INCOME $126,214 10

11 2 FINANCIAL ANALYSIS South Shore Chicago, IL For Sale $1,129,000 UNIT NUMBER UNIT BED UNIT BATH CURRENT RENT A 1 1 $ B 1 1 $ C 1 1 $ D 2 1 $ A 1 1 $ B 1 1 $ C 1 1 $ D 2 1 $ A 1 1 $ B 1 1 $ C 1 1 $ D 2 1 $ A 1 1 $ B 1 1 $ C 1 1 $ D 2 1 $ A 1 1 $ B 1 1 $650 11

12 2 FINANCIAL ANALYSIS South Shore Chicago, IL For Sale $1,129,000 UNIT NUMBER UNIT BED UNIT BATH CURRENT RENT C 1 1 $ D 2 1 $ A 1 1 $ B 1 1 $ C 1 1 $ D 2 1 $750 Totals/ Averages $16,820 12

13 2 FINANCIAL ANALYSIS South Shore Chicago, IL For Sale $1,129,000 UNIT TYPE COUNT % TOTAL 1 Bed / 1 Bath Bed / 1 Bath Totals / Averages % Enter Notes or Comments 13

14 3 SALE COMPARABLES _South_Shore_Drive_-_Sale_Comps.p

15 Address City Property Info Sale Info S Coles Ave Chicago 45,740 SF Multi- Sold: $1,875,000 ($50,676/Unit) Family/Apartments S Clyde Ave Chicago 12,600 SF Multi- Sold: $880,000 ($48,889/Unit) Family/Apartments S Paxton Ave Chicago 21,050 SF Multi- Sold: $1,461,864 ($47,157/Unit) Family/Apartments S Merrill Ave Chicago 19,000 SF Multi- Sold: $1,413,136 ($56,525/Unit) Family/Apartments S Kingston Ave Chicago 30,000 SF Multi- Sold: $1,875,000 ($55,147/Unit) Family/Apartments S Coles Ave Chicago 14,946 SF Multi- Family/Apartments Under Contract: w/asking Price of $1,100,000 ($44,000/Unit) Copyrighted report licensed to First Western Properties /20/2017 Page 1

16 S Clyde Ave SOLD Chicago, IL Cook County Sale Date: 09/22/2016 Bldg Type: Class C Multi-FamilyApartments Sale Price: $880,000 - Confirmed Year Built/Age: Built 1922 Age: 94 Price/SF: $69.84 RBA: 12,600 SF Price/Unit: $48,889 # of Units: 18 Pro Forma Cap - Parcel No: - Actual Cap Rate: 10.00% Comp ID: GRM/GIM: 6.45/- Research Status: Confirmed Sale Conditions: S Coles Ave SOLD Chicago, IL Cook County Sale Date: 02/10/2017 (105 days on mkt) Bldg Type: Class C Multi-FamilyApartments Sale Price: $1,875,000 - Declaration Year Built/Age: Built 1928 Age: 89 Price/SF: $40.99 RBA: 45,740 SF Price/Unit: $50,676 # of Units: 37 Pro Forma Cap - Parcel No: - Actual Cap Rate: 9.60% Comp ID: GRM/GIM: - Research Status: Declaration Sale Conditions: S Coles Ave UNDER CONTRACT Chicago, IL Cook County Asking Price: $1,100,000 Sale Type: Investment Price/SF: $73.60 Bldg Type: Class C Multi-FamilyApartments Days on Market: Sale Status: 187 Under Contract Bldg Status: RBA: Built ,946 SF Price/Unit: $44,000 # of Units: 25 Actual Cap Rate: 8.75% Parcel No: GRM/GIM: 5.55/- Sale Conditions: S Kingston Ave SOLD Chicago, IL Cook County Sale Date: 12/18/2015 (315 days on mkt) Bldg Type: Class C Multi-FamilyApartments Sale Price: $1,875,000 - Confirmed Year Built/Age: Built 1922 Age: 93 Price/SF: $62.50 RBA: 30,000 SF Price/Unit: $55,147 # of Units: 34 Pro Forma Cap 11.88% Parcel No: Actual Cap Rate: 9.00% Comp ID: GRM/GIM: - Research Status: Confirmed Sale Conditions: S Merrill Ave SOLD Chicago, IL Cook County Sale Date: 12/23/2015 Bldg Type: Class C Multi-FamilyApartments Sale Price: $1,413,136 - Confirmed Year Built/Age: Built 1915 Age: 100 Price/SF: $74.38 RBA: 19,000 SF Price/Unit: $56,525 # of Units: 25 Pro Forma Cap - Parcel No: Actual Cap Rate: 8.30% Comp ID: GRM/GIM: - Research Status: Confirmed Sale Conditions: S Paxton Ave SOLD Chicago, IL Cook County Sale Date: 12/23/2015 Bldg Type: Class C Multi-FamilyApartments Sale Price: $1,461,864 - Confirmed Year Built/Age: Built 1921 Age: 94 Price/SF: $69.45 RBA: 21,050 SF Price/Unit: $47,157 # of Units: 31 Pro Forma Cap - Parcel No: Actual Cap Rate: 8.30% Comp ID: GRM/GIM: - Research Status: Confirmed Sale Conditions: - Copyrighted report licensed to First Western Properties /20/2017 Page 2

17 4 DEMOGRAPHICS Demographics Report Demographics Map

18 4 DEMOGRAPHICS South Shore Chicago, IL For Sale $1,129,000 1 MILE 3 MILES 5 MILES Total households 8,510 56, ,239 Total persons per hh Average hh income $34,454 $46,094 $50,590 Average house value $210,062 $197,365 $217,751 Total population 21, , ,657 Median age Median age (male) Median age (female) Total population - White 1,351 11,337 52,483 % White 6.2% 8.0% 15.5% Total population - Black 18, , ,352 % Black 87.4% 84.6% 75.2% Total population - Hispanic 2,199 17,712 50,308 % Hispanic 10.1% 12.5% 14.8% Total population - Asian ,991 % Asian 0.1% 0.2% 1.5% Total population - Hawaiian % Hawaiian 0.0% 0.1% 0.0% Total population - Indian % Indian 0.4% 0.1% 0.1% Total population - Other 1,048 8,508 21,810 % Other 4.8% 6.0% 6.4% 18

19 4 DEMOGRAPHICS POPULATION 1 MILE 3 MILES 5 MILES TOTAL POPULATION 21, , ,657 POPULATION DENSITY 21, , ,657 MEDIAN AGE MEDIAN AGE (MALE) MEDIAN AGE (FEMALE) HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILES TOTAL HOUSEHOLDS 8,510 56, ,239 # OF PERSONS PER HH AVERAGE HH INCOME $34,454 $46,094 $50,590 AVERAGE HOUSE VALUE $210,062 $197,365 $217,751 RACE & ETHNICITY 1 MILE 3 MILES 5 MILES TOTAL POPULATION - WHITE 1,351 11,337 52,483 TOTAL POPULATION - BLACK 18, , ,352 TOTAL POPULATION - HISPANIC 2,199 17,712 50,308 TOTAL POPULATION - ASIAN ,991 TOTAL POPULATION - HAWAIIAN TOTAL POPULATION - INDIAN TOTAL POPULATION - OTHER 1,048 8,508 21,810 19

20 5 ADDITIONAL INFORMATION Aerial/Parcel Maps Aerial/Parcel Maps Additional Photos Additional Photos Additional Photos

21 5 ADDITIONAL INFORMATION 21

22 5 ADDITIONAL INFORMATION 22

23 5 ADDITIONAL INFORMATION 23

24 5 ADDITIONAL INFORMATION 24

25 5 ADDITIONAL INFORMATION 25