OFFERING MEMORANDUM BULK SALE - SKOKIE & LINCONLNWOOD, IL (7) 4-FLATS, 5 TOWNHOMES, & 3 SINGLE-FAMILY HOMES

Transcription

1 (7) 4-FLATS, 5 TOWNHOMES, & 3 SINGLE-FAMILY HOMES BULK SALE - SKOKIE & LINCONLNWOOD, IL $7,200,000 ($480,000 PER PROPERTY % CAP) OFFERING MEMORANDUM

2 BULK SALE: (7) 4-FLATS, SKOKIE, IL 5 TOWNHOMES - SKOKIE, IL 1 SINGLE-FAMILY HOME - SKOKIE, IL 2 SINGLE-FAMILY HOMES - LINCOLNWOOD, IL

3 TABLE OF CONTENTS & & & & & & & & Executive Summary Locator Map -- (7) 4-Flats Locator Map -- 5 Townhomes & 3 Single-Family Homes Retail Map -- (7) 4-Flats Retail Map -- 5 Townhomes & 3 Single-Family Homes Market Overview - Skokie Market Overview - Lincolnwood Demographic Information Portfolio Summary Investment Summaries/Property Descriptions 8939 Bronx Avenue 9138 Keating Avenue 8039 Knox Avenue 8130 Knox Avenue 8134 Knox Avenue 9000 LaCrosse Avenue 8957 Lamon Avenue 9056 N. Niles Center 8944 Skokie Boulevard 4917 W. Carol Street 8318 Keating Avenue 9018 N. Skokie Boulevard 9733 Karlov Avenue 6653 Lawndale Avenue 3819 Greenleaf Avenue Pro Forma Confidentiality Agreement Adam D. Taylor Vice President ACO Commercial x7 adam.taylor@acocommercial.com George J. Toscas Managing Broker ACO Commercial x1 george.toscas@acocommercial.com AGENCY DISCLOSURE: Prospective purchasers are hereby notified that ACO Commercial, Inc., through George Toscas and Adam Taylor, is acting as an agent of the seller of the property, and any information given by prospective purchasers to ACO Commercial, Inc. may be disclosed to the seller ACO Commercial, Inc. We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction.

4 EXECUTIVE SUMMARY ACO Commercial is pleased to offer for sale a portfolio of rental properties located in Chicago s northern suburb of Skokie and Lincolnwood. All properties are located within a 4 mile radius. The offering includes: Seven, two-story, walk-up style apartment buildings each containing four, two-bedroom units (Skokie, IL) Five townhomes (Skokie, IL) One single-family home (Skokie, IL) Two single-family homes (Lincolnwood, IL) All units have been well-maintained and most contain updated kitchens and bathrooms. All units are currently 100% occupied. INVESTMENT HIGHLIGHTS Off-street parking available Private enclosed porches and/or large backyards Turn-key offering Proven track record of full occupancy in the buildings Multiple strategies for rental or sale Laundry facilities on-site Close to restaurants, attractions and transportation Excellent public schools nearby The portfolio is offered for $7,200,000 ($480,000/property % Cap Rate). This bulk opportunity provides investors with the ability to acquire stabilized assets in an appreciating submarket in northern Chicago suburbs. Please contact Adam Taylor at x7 for more information to arrange private tours of these properties. 4

5 LOCATOR MAP -- (7) 4-FLATS 5

6 LOCATOR MAP -- 5 TOWNHOMES & 3 SINGLE-FAMIY HOMES ownhomes 6653 Lawndale Ave 3819 W Greenleaf Ave 9733 Karlov Ave 9056 Niles Center Rd 8944 Skokie Blvd 4917 Carol St 9018 Skokie Blvd 8318 Keating Ave 6

7 RETAIL MAP -- (7) 4-FLATS Knox 8130 Knox 8134 Knox 8939 Bronx 8957 Lamon 9000 LaCrosse 9138 Keating 7

8 RETAIL MAP -- 5 TOWNHOMES & 3 SINGLE-FAMIY HOMES Lawndale Greenleaf Karlov Niles Center Skokie Carol Keating Skokie 8

9 MARKET OVERVIEW - SKOKIE The Village of Skokie is a well-established suburb located approximately 16 miles northwest of Downtown Chicago. During the 1940 s and 1950 s, Skokie experienced a surge in population growth. Middle-class Chicagoans moved to Skokie for its newly developed bungalow-style homes and 2-4 flat buildings, which today, are still a major composite in Skokie s housing inventory. The village has a total area of approximately 10 square miles and is bordered by Glenview and Wilmette to the north, Lincolnwood and Chicago to the south, Morton Grove and Niles to the west and Evanston to the east. Skokie has a estimated population of approximately 64,000 residents. While Skokie is primarily residential, the village s steady population growth has attracted a wide variety of businesses and restaurants to the area, notably the Westfield Old Orchard shopping mall. The mall, located on the north end of Skokie, just east of I-94, offers residents convenient access to major highend retailers such as Bloomingdales and Nordstrom, as well as, numerous restaurants such as Maggiano s, California Pizza Kitchen, and Cheesecake Factory. Skokie offers residents excellent educational institutions including Niles West and Niles North High Schools, Oakton Community College, National Louis University, and the Hebrew Theological College. In 2007, the Kennedy Center for the Performing Arts and the National School Boards Association selected Niles North as the #1 fine and performing arts education program in the nation. Skokie offers superior accessibility to transportation and is served by numerous CTA and PACE suburban bus lines. Additionally, the CTA s Skokie Swift (Yellow Line) runs a route from Dempster Street in Skokie to the Howard Street station in Chicago, with one stop at Oakton Street in Downtown Skokie. The Yellow Line is Skokie s fastest public transportation option into Downtown Chicago. The Edens Expressway (I-94) runs along Skokie s western border and provides convenient access to Chicago and the surrounding suburbs. Chicago Magazine has continually ranked Skokie as one of the top suburbs with regards to suburban livability, featuring the city s strong schools, parks, municipal services, and entertainment attractions, including the Skokie Park District, Public Library, the Illinois Holocaust Museum, and the highly regarded North Shore Center for the Performing Arts. 9

10 MARKET OVERVIEW - LINCOLNWOOD The Village of Lincolnwood is a prime suburb in a strategic location with convenient access to downtown Chicago, O Hare Airport and surrounding communities. Lincolnwood is located on the northern border of Chicago and consists of approximately 2.7 square miles. Originally settled in the mid s, Lincolnwood s population increased significantly between 1940 and 1960, going from 752 residents to 11,744. Today, Lincolnwood is an affluent, mature community that is home to over 12,500 culturally diverse residents. Nearby communities include Skokie, Evanston, Morton Grove and Wilmette. Lincolnwood is known throughout the metropolitan area for its great residential areas and strong housing values. Much of the village s housing stock is comprised of detached single-family homes, and more than 90 percent of housing units in the village are owner occupied. Homes and values in Lincolnwood are strong. It is a village of great neighbors and neighborhoods. service and employment. Lincolnwood Town Center is the local mall, and offers anchor stores Carson Pirie Scott, Old Navy and Kohl s in addition to more than 90 other popular retailers. Lincolnwood is home to more than 700 businesses including a dynamic blend of both small and large innovative and long established companies. These include local favorites such as Lou Malnati s Pizza (which got its start in Lincolnwood), to well known regional icons such as Grossinger Auto and Loeber Motors. Residents will continue to seek out Lincolnwood as a place to call home due to its beautiful neighborhoods and parks, an excellent school system, and prosperous business community. Lincolnwood has an excellent transportation network. The village is currently served by three Pace bus routes that link Lincolnwood to the Chicago area. Additionally, the village is connected to Chicago on the east side of Lincolnwood by the Devon-Kedzie stop which is serviced by CTA Route 11, Route 54A, Route 82, Route 96, and Route 155. On the west side of Lincolnwood is the Edgebrook Metra Station along the Milwaukee District / North Line near the intersection of Central and Devon Avenues in Chicago. Although the village is only 2.7-square miles in size, Lincolnwood has a dynamic mix of businesses that offer a wealth of opportunities for shopping, 10

11 DEMOGRAPHIC INFORMATION Radius 1 Mile 3 Mile 5 Mile Population: 2022 Projection 27, , , Estimate 27, , , Census 27, , , Population by Race: White 16, , ,742 Black 1,586 10,820 47,106 American Indian and Alaska Native ,048 Asian 8,434 37, ,094 Native Hawaiian and Pacific Islander Other Race 952 4,466 17, Population by Hispanic Origin Households: 2022 Projection 10,280 58, , Estimate 10,284 58, , Census 10,311 57, ,263 Owner Occupied 6,852 45, ,636 Renter Occupied 3,432 13,076 91, Avg Household Income $86,048 $103,509 $94, Med Household Income $64,440 $79,682 $67, Households by Household Inc: Income less than $25,000 2,223 8,933 48,038 Income $25,000 - $50,000 2,013 10,612 46,237 Income $50,000 - $75,000 1,472 8,383 34,392 Income $75,000 - $100,000 1,386 7,835 29,565 Income $100,000 - $125,000 1,260 6,268 21,780 Income $125,000 - $150, ,502 15,751 Income $150,000 - $200, ,685 18,252 Income $200, ,573 24,948 Source: CoStar Note: Demographics were run on a centrally located address (8045 Lamon Ave., Skokie) to the Portfolio Properties 11

12 PORTFOLIO SUMMARY Address Location Type SF # of Units Bed/Bath Parking Year Built Monthly Rent Annual Rent Lease Expirations PIN Taxes Bronx Ave. Skokie MF 4, bed/1bath 5 exterior 1949 $4,955 $59,460 (1) 5/30/18 (3) 9/30/ $5, Keating Ave. Skokie MF 3, bed/1bath 4 exterior 1951 $4,795 $57, Knox Ave. Skokie MF 3, bed/1bath 5 exterior 1949 $4,750 $57, Knox Ave. Skokie MF 3, bed/1bath 4 exterior 1949 $4,850 $58, Knox Ave. Skokie MF 3,648 4 (1) 2bed/2bath (3) 2bed/1bath 9000 LaCrosse Ave. Skokie MF 4, bed/1bath 8957 Lamon Ave. Skokie MF 3,956 4 (1) 2bed/2bath (3) 2bed/1bath 4 exterior 1949 $5,050 $60,600 3 exterior 2 garage 1949 $4,945 $59,340 5 exterior 1949 $4,508 $54,096 (1) 4/30/18 (1) 5/30/18 (2) 9/30/18 (1) 11/30/17 (1) 4/30/18 (1) 6/30/19 (1) 5/30/20 (1) 9/30/17 (1) 4/30/18 (2) 5/30/18 (1) 4/30/18 (1) 5/30/18 (1) 6/30/18 (1) 10/30/18 (1) MTM (1) 3/30/18 (1) 5/30/18 (1) 6/30/19 (1) 4/30/18 (1) 6/30/18 (1) 8/30/ $8, $12, $6, $6, $5, $5,806 Sub Totals 27,720 $33,853 $406,236 $51,321 12

13 PORTFOLIO SUMMARY CONTINUED Address Location Type SF Beds Baths Parking Year Built Monthly Rent Annual Rent Lease Expiration PIN Taxes N. Niles Center Rd. #A Skokie TH 1, exterior 1957 $1,580 $18,960 07/31/ $4, Skokie Blvd. #B Skokie TH 1, exterior 1958 $1,700 $20,400 05/31/ $4, W. Carol St. #D Skokie TH 1, exterior 1950 $1,850 $22,200 05/31/ $5, Keating Ave. #A Skokie TH 1, exterior 1958 $1,600 $19,740 09/30/ $5, Skokie Blvd. #A Skokie TH 1, exterior 1960 $1,500 $18,000 04/30/ $3, Karlov Ave. Skokie SFH 1, exterior 1956 $2,550 $30,600 04/30/ $1, N. Lawndale Lincolnwood SFH 1, Street 1957 $3,100 $37,200 08/31/ $6, W. Greenleaf Ave. Lincolnwood SFH 1, garage 1956 $2,940 $35,280 07/31/ $7,337 Sub Totals 9,576 $16,820 $201,840 $39,806 Portfolio Totals 37,296 $50,673 $608,076 $91,127 13

14 INVESTMENT SUMMARY BRONX AVENUE 8939 Bronx Avenue, Skokie, IL Unit # Bed/Bath Unit SF Monthly Rent Annual Rent Lease Expiration 1N 2bed/1bath 1,082 $1,150 $13,800 9/30/18 2N 2bed/1bath 1,082 $1,365 $16,380 9/30/18 1S 2bed/1bath 1,082 $1,270 $15,240 9/30/18 2S 2bed/1bath 1,082 $1,170 $14,040 5/30/18 Totals 4 units 4,328 $4,955 $59,460 14

15 PROPERTY DESCRIPTION BRONX AVENUE Address 8939 Bronx Avenue Skokie, IL (Cook County) PIN Land Area Building Size Year Built 1949 Frontage +/- 3,000 SF +/- 4,328 SF Real Estate Taxes (2016) $5,591 Zoning Construction Access Roof Frontage is on the east side of Bronx Avenue. MF The property consists of one free-standing masonry building that is a two-story walk up. Access to the property is provided via multiple entrances. The front entrance is off of Bronx Avenue on the western side of the property. There is also a rear entrance on the eastern side of the building. The building has a tar and gravel roof. Overall it is in good condition. HVAC Hot Water Fire Safety Parking General Condition Laundry Utilities The building has a basement separated into two halves with independent entrances. The building uses gas-forced air and has central air conditioning. Located in the utility room of the basement is a gas-fired hot water heater. All units have hard-wired smoke detectors. Smoke/CO2 alarms are present in utility areas. There is an off-street parking lot with 5 surface spaces at the rear of the building. The parking lot is paved in asphalt and is in average condition. The property is 100% occupied and all units are in excellent condition, with new kitchens, bathrooms, and appliances. Each unit features a private enclosed porch. Storage lockers are in basement. All common areas have timed light switches. There are washers and dryers located in each half of the basement. Water is master metered and paid for by Landlord. Electricity, gas, and heat is individually metered for each unit and paid by Tenant. Building has all new electric. 15

16 INVESTMENT SUMMARY KEATING AVENUE 9138 Keating Avenue, Skokie, IL Unit # Bed/Bath Unit SF Monthly Rent Annual Rent Lease Expiration 1N 2bed/1bath 990 $1,140 $13,680 9/30/18 2N 2bed/1bath 990 $1,155 $13,860 9/30/18 1S 2bed/1bath 990 $1,300 $15,600 4/30/18 2S 2bed/1bath 990 $1,200 $14,400 5/30/18 Totals 3,960 $4,795 $57,540 16

17 PROPERTY DESCRIPTION KEATING AVENUE Address 9138 Keating Avenue Skokie, IL (Cook County) PIN Land Area Building Size Year Built 1951 Frontage +/- 5,490 SF +/- 3,960 SF Real Estate Taxes (2016) $8,938 Zoning Construction Access Roof Frontage is on the west side of Keating Avenue. MF The property consists of one free-standing masonry building that is a two-story walk up. Access to the property is provided via multiple entrances. The front entrance is off of Keating Avenue on the eastern side of the property. There is also a rear entrance on the western side of the building. The building has a flat rubber roof. Overall it is in good condition. HVAC Hot Water Fire Safety Parking General Condition Laundry Utilities The building has a partially finished basement separated into two halves with independent entrances. The building uses gas-forced air and has central air conditioning. Located in the utility room of the basement is a gas-fired hot water heater. All units have hard-wired smoke detectors. Smoke/CO2 alarms are present in utility areas. There is an off-street parking lot with 4 surface spaces at the rear of the building. The parking lot is paved in asphalt and is in average condition. The property is 100% occupied. Each unit features a private enclosed porch, whirpool tub, and hardwood floors. Storage lockers are in the basement. All common areas have timed light switches. There are washers and dryers located in each half of the basement. Water is master metered and paid for by Landlord. Electricity, gas, and heat is individually metered for each unit and paid by Tenant. Building has all new electric. 17

18 INVESTMENT SUMMARY KEATING KNOX AVENUE 8039 Knox Avenue, Skokie, IL Unit # Bed/Bath Unit SF Monthly Rent Annual Rent Lease Expiration 1N 2bed/1bath 992 $1,200 $14,400 11/30/17 2N 2bed/1bath 992 $1,250 $15,000 4/30/18 1S 2bed/1bath 992 $1,175 $14,100 6/30/19 2S 2bed/1bath 992 $1,125 $13,500 5/30/20 Totals 3,968 $4,750 $57,000 18

19 PROPERTY DESCRIPTION KNOX AVENUE Address 8039 Knox Avenue Skokie, IL (Cook County) PIN Land Area Building Size Year Built 1949 Frontage +/- 7,257 SF +/- 3,968 SF Real Estate Taxes (2016) $12,311 Zoning Construction Access Roof Frontage is on the east side of Knox Avenue. MF The property consists of one free-standing masonry building that is a two-story walk up. Access to the property is provided via multiple entrances. The front entrance is off of Knox Avenue on the western side of the property. There is also a rear entrance on the eastern side of the building. The building has a rubber, tar, and gravel roof. Overall it is in good condition. HVAC Hot Water Fire Safety Parking General Condition Laundry Utilities The building has an unfinished basement separated into two halves with independent entrances. The building uses gas-forced air and has central air conditioning. Located in the utility room of the basement is a gas-fired hot water heater. All units have hard-wired smoke detectors. Smoke/CO2 alarms are present in utility areas. There is a large off-street parking lot with 5 surface spaces at the rear of the building. The parking lot is paved in asphalt and is in average condition. The property is 100% occupied. Each unit features a private enclosed porch/den, whirpool tub, and hardwood floors. Storage lockers are in the basement. All common areas have timed light switches. Each unit has its own washer and dryer. Water is master metered and paid for by Landlord. Electricity, gas, and heat is individually metered for each unit and paid by Tenant. Building has all new electric. 19

20 INVESTMENT SUMMARY KNOX AVENUE 8130 Knox Avenue, Skokie, IL Unit # Bed/Bath Unit SF Monthly Rent Annual Rent Lease Expiration 1N 2bed/1bath 912 $1,250 $15,000 9/30/18 2N 2bed/1bath 912 $1,150 $13,800 4/30/18 1S 2bed/1bath 912 $1,200 $14,400 5/30/18 2S 2bed/1bath 912 $1,250 $15,000 5/30/18 Totals 3,648 $4,850 $58,200 20

21 PROPERTY DESCRIPTION KNOX AVENUE Address 8130 Knox Avenue Skokie, IL (Cook County) PIN Land Area Building Size Year Built 1949 Frontage +/- 5,412 SF +/- 3,648 SF Real Estate Taxes (2016) $6,513 Zoning Construction Access Roof Frontage is on the west side of Knox Avenue. MF The property consists of one free-standing masonry building that is a two-story walk up. Access to the property is provided via multiple entrances. The front entrance is off of Knox Avenue on the eastern side of the property. There is also a rear entrance on the western side of the building. The building has a tar and gravel roof. Overall it is in good condition. HVAC Hot Water Fire Safety Parking General Condition Laundry Utilities The building has an unfinished basement separated into two halves with independent entrances. The building uses gas-forced air and has central air conditioning. Located in the utility room of the basement is a gas-fired hot water heater. All units have hard-wired smoke detectors. Smoke/CO2 alarms are present in utility areas. There is an off-street parking lot with 4 surface spaces at the rear of the building. The parking lot is paved in asphalt and is in average condition. The property is 100% occupied. Each unit features a private enclosed porch, new maple cabinets, new built-in kitchen appliances, and hardwood floors. Storage lockers are in the basement. All common areas have timed light switches. There are washers and dryers located in each half of the basement. Water is master metered and paid for by Landlord. Electricity, gas, and heat is individually metered for each unit and paid by Tenant. Building has all new electric. 21

22 INVESTMENT SUMMARY KNOX AVENUE 8134 Knox Avenue, Skokie, IL Unit # Bed/Bath Unit SF Monthly Rent Annual Rent Lease Expiration 1N 2bed/2bath 912 $1,375 $16,500 6/30/18 2N 2bed/1bath 912 $1,200 $14,400 4/30/18 1S 2bed/1bath 912 $1,300 $15,600 10/30/18 2S 2bed/1bath 912 $1,175 $14,100 5/30/18 Totals 3,648 $5,050 $60,600 22

23 PROPERTY DESCRIPTION KNOX AVENUE Address 8134 Knox Avenue Skokie, IL (Cook County) PIN Land Area Building Size Year Built 1949 Frontage +/- 5,412 SF +/- 3,648 SF Real Estate Taxes (2016) $6,520 Zoning Construction Access Roof Frontage is on the west side of Knox Avenue. MF The property consists of one free-standing masonry building that is a two-story walk up. Access to the property is provided via multiple entrances. The front entrance is off of Knox Avenue on the eastern side of the property. There is also a rear entrance on the western side of the building. The building has a tar and gravel roof. Overall it is in good condition. HVAC Hot Water Fire Safety Parking General Condition Laundry Utilities The building has an unfinished basement separated into two halves with independent entrances. The building uses gas-forced air and has central air conditioning. Located in the utility room of the basement is a gas-fired hot water heater. All units have hard-wired smoke detectors. Smoke/CO2 alarms are present in utility areas. There is an off-street parking lot with 4 surface spaces at the rear of the building. The parking lot is paved in asphalt and is in average condition. The property is 100% occupied. Three units are 2bed/1bath and one unit has a 2bed/2bath configuration, which is newly remodeled. Three of the units feature private enclosed porches/dens. All units have new maple cabinets, new stainless steal appliances, granite countertops, and hardwood floors. Storage lockers are in the basement. All common areas have timed light switches. There are washers and dryers located in each half of the basement. Water is master metered and paid for by Landlord. Electricity, gas, and heat is individually metered for each unit and paid by Tenant. Building has all new electric. 23

24 INVESTMENT SUMMARY KEATING LACROSSE AVENUE 9000 LaCrosse Avenue, Skokie, IL Unit # Bed/Bath Unit SF Monthly Rent Annual Rent Lease Expiration 1N 2bed/1bath 1,053 $1,125 $13,500 MTM 2N 2bed/1bath 1,053 $1,320 $15,840 3/30/18 1S 2bed/1bath 1,053 $1,200 $14,400 5/30/18 2S 2bed/1bath 1,053 $1,300 $15,600 6/30/19 Totals 4,212 $4,945 $59,340 24

25 PROPERTY DESCRIPTION LACROSSE AVENUE Address 9000 LaCrosse Avenue Skokie, IL (Cook County) PIN Land Area Building Size Year Built 1949 Frontage +/- 3,600 SF +/- 4,212 SF Real Estate Taxes (2016) $5,642 Zoning Construction Access Roof Frontage is on the west side of LaCrosse Avenue MF The property consists of one free-standing masonry building that is a two-story walk up. Access to the property is provided via multiple entrances. The front entrance is off of LaCrosse Avenue on the eastern side of the property. There is also a rear entrance on the western side of the building. The building has a tar and gravel roof. Overall it is in good condition. HVAC Hot Water Fire Safety Parking General Condition Laundry Utilities The building has an unfinished basement separated into two halves with independent entrances. The building uses gas-forced air and has central air conditioning. Located in the utility room of the basement is a gas-fired hot water heater. All units have hard-wired smoke detectors. Smoke/CO2 alarms are present in utility areas. There is off-street parking with a total of 5 spaces: 3 surface spaces and a large parking garage for 2 cars in the rear of the building. Proprety is a corner-lot building with (4) large 2bed/1bath units. All units have private enclosed porches and are in excellent condition. Storage lockers are in basement. All common areas have timed light switches. There are washers and dryers located in each half of the basement. 2 units have in-unit washers and dryers. Water is master metered and paid for by Landlord. Electricity, gas, and heat is individually metered for each unit and paid by Tenant. Building has all new electric. 25

26 INVESTMENT SUMMARY LAMON AVENUE 8957 Lamon Avenue, Skokie, IL Unit # Bed/Bath Unit SF Monthly Rent Annual Rent Lease Expiration 1N 2bed/1bath 989 $1,185 $14,220 8/30/18 2N 2bed/2bath 989 $1,125 $13,500 4/30/18 1S 2bed/1bath 989 $1,099 $13,188 6/30/18 2S 2bed/1bath 989 $1,099 $13,188 6/30/18 Totals 3,956 $4,508 $54,096 26

27 PROPERTY DESCRIPTION LAMON AVENUE Address 8957 Lamon Avenue Skokie, IL (Cook County) PIN Land Area Building Size Year Built 1949 Frontage +/- 3,245 SF +/- 3,956 SF Real Estate Taxes (2016) $5,806 Zoning Construction Access Frontage is on the east side of Lamon Avenue MF The property consists of one free-standing masonry building that is a two-story walk up. Access to the property is provided via multiple entrances. The front entrance is off of Lamon Avenue on the western side of the property. There is also a rear entrance on the eastern side of the building. Roof HVAC Hot Water Fire Safety Parking General Condition Laundry Utilities The building has a tar and gravel roof. Overall it is in good condition. The building has an unfinished basement separated into two halves with independent entrances. The building uses gas-forced air and has central air conditioning. Located in the utility room of the basement is a gas-fired hot water heater. All units have hard-wired smoke detectors. Smoke/CO2 alarms are present in utility areas. There is off-street parking with a total of 5 spaces at the rear of the building. All units are 2bed/1bath. The 2 northern units have brand new maple kitchens, and the 2 southern units have newer extra-wide kitchens. All units are in excellent condition. Storage lockers are in basement. All common areas have timed light switches. There are washers and dryers located in each half of the basement. Water is master metered and paid for by Landlord. Electricity, gas, and heat is individually metered for each unit and paid by Tenant. Building has all new electric. 27

28 9056 N. NILES CENTER ROAD - UNIT A - SKOKIE, IL - TOWNHOME Address Lot Size 9056 N. Niles Center Rd. - Unit A - Skokie, IL 41 x 60 (2,460 SF) PIN Number(s) Real Estate Taxes (2016) $4,291 Approximate SF 1,064 Year Built 1957 Bedrooms 3 Bathrooms Parking Basement Exterior 2 full, 1 half 1 exterior space Full Brick Features Central air Finished basement Maple cabinets with granite countertops Off street parking Family room Leased through July 2018 $1,580 per month 28

29 8944 SKOKIE BOULEVARD - UNIT B - SKOKIE, IL - TOWNHOME Address Lot Size 8944 Skokie Blvd. - Unit B - Skokie, IL Approximately 1,111 SF PIN Number(s) Real Estate Taxes (2016) $4,571 Approximate SF 1,056 Year Built 1958 Bedrooms 2 Bathrooms Parking Basement Exterior 2 full, 1 half 1 exterior space Full finished Brick Features Central air Finished basement Off street parking Family room Leased through May 2018 $1,700 per month 29

30 4917 W. CAROL STREET - UNIT D - SKOKIE, IL - TOWNHOME Address Lot Size 4917 W. Carol St. - Unit D - Skokie, IL Approximately 1,295 SF PIN Number(s) Real Estate Taxes (2016) $5,666 Approximate SF 1,070 Year Built 1950 Bedrooms Bathrooms Parking Basement Exterior 2 + large family-room in basement, which can be used as an additional bedroom 2 full, 1 half 1 exterior space Full, finished Brick Features Central air Finished basement Off street parking Family room Leased through May 2018 $1,850 per month 30

31 PROPERTY 8318 KEATING DESCRIPTION AVENUE - - UNIT 8039 A KNOX - SKOKIE, AVENUE IL - TOWNHOME Address Lot Size 8318 Keating Ave. - Unit A - Skokie, IL Approximately 1,891 SF PIN Number(s) Real Estate Taxes (2016) $5,757 Approximate SF 1,092 Year Built 1958 Bedrooms Bathrooms Parking Basement Exterior 2 on 2nd floor, 1 in basement 1 full, 1 half 1 exterior space Full, finished Brick Features Central air Finished basement Family room Fenced in yard Leased through September 2018 $1,600 per month 31

32 9018 N. SKOKIE BOULEVARD - UNIT A - SKOKIE, IL - TOWNHOME Address Lot Size 9018 N. Skokie Blvd. - Unit A - Skokie, IL Approximately 1,972 SF PIN Number(s) Real Estate Taxes (2016) $3,915 Approximate SF 1,053 Year Built 1960 Bedrooms 2 Bathrooms Parking Basement Exterior 2 full, 1 half 1 exterior space Full, finished Brick Features Central air Finished basement Granite countertops Leased through April 2019 $1,500 per month 32

33 9733 KARLOV AVENUE- SKOKIE, IL - SINGLE-FAMILY HOME Address Lot Size 9733 Karlov Ave., Skokie, IL 60 x 23 (7,380 SF) PIN Number(s) Real Estate Taxes (2016) $1,273 Approximate SF 1,222 Year Built 1956 Bedrooms 3 Bathrooms Parking Basement Exterior 2 full 2 exterior spaces None Brick Features Central air Off street parking Professionally landscaped Leased through April 2019 $2,550 per month 33

34 6653 LAWNDALE AVENUE - LINCOLNWOOD, IL - SINGLE-FAMILY HOME Address Lot Size 6653 Lawndale Ave., Lincolnwood, IL 45 x 144 (6,480 SF) PIN Number(s) Real Estate Taxes (2016) $6,995 Approximate SF 1,604 Year Built 1957 Bedrooms 4 Bathrooms Parking Basement Exterior 3 full Street parking Full English basement Vinyl siding, steel siding, brick Features Central air Finished basement Master bath with whirlpool & double sinks Fenced in yard Leased through August 2018 $3,100 per month 34

35 3819 GREENLEAF AVENUE - LINCOLNWOOD, IL - SINGLE-FAMILY HOME Address Lot Size 3819 Greenleaf Ave., Lincolnwood, IL 64 x 137 (8,768 SF) PIN Number(s) Real Estate Taxes (2016) $7,337 Approximate SF 1,415 Year Built 1956 Bedrooms 3 Bathrooms Parking Basement Exterior 1 full, 1 half 2 car detached garage with a rooftop deck Partially finished Brick, frame Features Central air Recently remodeled Detached 2 car garage with rooftop deck Fireplace in family room Walking distance to schools Leased through July 2018 $2,940 per month 35

36 PRO FORMA Skokie'4'Flats'11/8/2017'(Financial'Run) PRO$FORMA$RENT$ROLL Projected Unit Number'of Avg.' Monthly Avg Rent'per Monthly Annual Type Units Rent SF Sq.'Ft. Total Apartments 28 $1, $1.22 $33,853 $386,054 1 Town9Home 5 $1,646 $8,230 $98,737 1 Single9Family 3 $2,863 $8,590 $103,080 1 Total 36 $50,673 $587,870 1 TU12'Rental'Income $587,870 1 Vacancy9 3% ($1,470) ($17,636) Water9Reimbursement $1,050 $12,600 Effective'Gross'Income $582,834 1 EXPENSES: %'Gross $/Unit Annual Real9Estate9Taxes 20.19% $3,269 $117,695 Gas 0.67% $109 $3,923 Electric 0.25% $40 $1,441 Water/Sewer/Scavenger 1.57% $253 $9,124 Insurance 3.07% $497 $17,893 Janitor 1.24% $200 $7,200 Repairs9&9Maintenance 1.99% $322 $11,600 1 Unit9Turnover/Decorating 1.99% $322 $11,600 1 Management 5.00% $809 $29,142 1 Snow9Removal/landscaping 0.29% $47 $1,680 Advertising/9Tenant9Screening 0.17% $28 $1,000 License9and9Permits 0.12% $19 $700 Total'Expenses 36.55% $5,917 $212,997 Net'Operating'Income $369, ACO9Commercial9Estimate9based9on9market9rates 36

37 CONFIDENTIALITY AGREEMENT AGREEMENT This is a confidential memorandum intended solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of Bulk Portfolio: (7) 4-flats, 5 Townhomes, & 3 Single-Family Homes located in Skokie and Lincolnwood, Illinois. This Memorandum contains selected information pertaining to the Property and does not purport to be a representation of the state of affairs of the Owner or the Property, to be all-inclusive or to contain all or part of the information which prospective investors may require to evaluate a purchase of real property. All financial projections and information are provided for general reference purposes only and are based on assumptions relating to the general economy, market conditions, competition and other factors beyond the control of the Owner and ACO Commercial, Inc. Therefore, all projections, assumptions and other information provided and made herein are subject to material variation. All references to acreages, square footages and other measurements are approximations. Additional information and an opportunity to inspect the Property will be made available to interested and qualified prospective purchasers. Neither the Owner nor ACO Commercial, Inc., nor any of their respective directors, officers, affiliates or representatives make any representation or warranty, expressed or implied, as to the accuracy or completeness of this Memorandum or any of its contents and no legal commitment or obligation shall arise by reason of your receipt of this Memorandum or use of its contents. The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions with any entity at any time with or without notice which may arise as a result of review of this Memorandum. The Owner shall have no legal commitment or obligation to any entity reviewing this Memorandum or making an offer to purchase the Property unless and until written agreement(s) for the purchase of the Property have been fully executed, delivered and approved by the Owner and any conditions to the Owner s obligations therein have been satisfied or waived. By your acceptance and review of this Memorandum, you agree that this Memorandum and its contents are of a confidential nature, that you will hold and treat it in the strictest confidence and that you will not disclose this Memorandum or any of its contents to any other entity without the prior written authorization of the Owner or ACO Commercial, Inc. You also agree that you will not use this Memorandum or any of its contents in any manner detrimental to the interest of the Owner or ACO Commercial, Inc. In this Memorandum, certain documents, including leases and other materials, are described in summary form. These summaries do not purport to be complete nor necessarily accurate descriptions of the full agreements referenced. Interested parties are expected to review all such summaries and other documents of whatever nature independently and not rely on the contents of this Memorandum in any manner. FOR MORE INFORMATION PLEASE CONTACT: Adam D. Taylor Vice President x7 adam.taylor@acocommercial.com George J. Toscas Managing Broker x1 george.toscas@acocommercial.com ACO Commercial, Inc N. Clark Street Suite 200 Chicago, IL O: If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return this Memorandum to ACO Commercial, Inc ACO Commercial, Inc. We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction. 37