WARREN ASHLAND PLACE W Warren Blvd Chicago, IL. Lieberman & Associates LLC

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1 WARREN ASHLAND PLACE 1609 W Warren Blvd Chicago, IL Lieberman & Associates LLC

2 CONFIDENTIALITY & DISCLAIMER AGREEMENT The information contained in the following Offering Memorandum is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from and should not be made available to any other person or entity without the written consent of. This Marketing Brochure has been prepared to provide summary information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. All potential buyers must take appropriate measures to verify all of the information set forth herein. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONTACT LIEBERMAN & ASSOCIATES LLC FOR MORE DETAILS. 2

3 EXECUTIVE SUMMARY OFFERING SUMMARY Price $20,500,000 Price per Unit $394,231 Price per RSF $351 Cap Rate 5.08% PROPERTY OVERVIEW Address 1609 W Warren Blvd, Chicago, IL Buildings 1 Floors 4 Year Built 2015 Units / SF 52 Units / 58,454 SF % Leased 98% FINANCING SUMMARY* Loan Type Fannie Mae Balance (as of 1/1/2018) $10,700,000 Interest Rate (Fixed) 4.26% Maturity 5/15/2025 *LOAN CAN BE ASSUMED OR PAID OFF This apartment investment is located in Chicago s dynamic West Loop neighborhood. This condominium quality rental property contains 52 units, 51 of which are 2BR. The ground floor is the parking garage for all 52 units. Completed in 2015, all of the apartments feature 10-foot ceilings, wood floors, granite countertops, stainless steel appliances, in-unit washer and dryer, and a balcony, terrace or patio. All floors can be accessed by elevator and the fourth floor penthouse units have access to private roof decks. All units are sub-metered for tenant paid heat, hot water, cooking gas, and electric utilities. The West Loop neighborhood has become very popular in recent years due to its easy access to transportation and close proximity to Chicago s downtown yet maintains the charm and attractiveness of a neighborhood with its own restaurants and shops. 3

4 INVESTMENT HIGHLIGHTS Warren Ashland Place is a 52-unit property developed in 2015 by Michigan Avenue Real Estate Group. It is strategically located at the southwest corner of Warren Boulevard and Ashland Street in Chicago s West Loop, which has seen its population increase significantly. Transformation continues in this dynamic and rapidly growing neighborhood. Warren Ashland Place is located on a 0.51 acre site with attractive landscaping. The four-story building features granite countertops, wood floors, 10-foot ceilings, a chef s kitchen, and stainless steel appliances. Each unit includes one heated garage parking space and contains a private, enclosed balcony. All units located on the fourth floor include private access to an assigned space on the rooftop deck. Warren Ashland Place offers two bedroom floor plans (and a single one bedroom unit) at an attractive price point in the Class A market. Unit interiors feature custom quality and designer kitchens with wood floors, stainless steel appliances, granite countertops, and much more. The property includes 52 underground parking spaces. 4

5 LOCATION OVERVIEW Fueled by Google s move to Fulton Market in 2015, the West Loop continues to attract the likes of notable companies such as Dyson, Glassdoor, and Uber, along with a variety of tech incubators and coworking spaces. The West Loop continues to experience unprecedented commercial development, such as McDonald s new $250 million World HQ (600,000 sf), opening Spring 2018, accompanied by more than ten office projects (proposed/under development) that will continue to attract notable tenants such as advertising giant WPP Group. The West Loop is a dynamic and rapidly growing neighborhood that borders Ashland Avenue on the west, the Chicago River on the east, Grand Avenue on the north and the Eisenhower Expressway on the south. Once home to the city s manufacturing and meatpacking district, the West Loop has become an eclectic mix including loft residential spaces, a blossoming gallery district, and some of the city s best restaurants. The conversion of former manufacturing buildings into loft residence fueled the initial development of the neighborhood atmosphere, including new parks and improved sidewalks for more pedestrian traffic. In recent years the City of Chicago has worked to improve transit access to the neighborhood including a new Green Line station at Morgan & Lake and improved Blue Line service at UIC-Halsted that will round-out efforts made by planners to make the West Loop a gateway to downtown Chicago. Furthermore, a few blocks away from Property, the United Center has finished its notable expansion and the new Blackhawks training facility has recently opened. Just south of the Property, Rush University has commenced construction of its $500 million research facility and the Illinois Medical District has launched the first phase of its new development program that will ultimately accommodate a medical district workforce expanding from 50,000 to 100,000. POPULATION GROWTH Census Year 0-1 Miles 0-3 Miles 0-5 Miles , , , , , , % Change 21.34% 5.39% -3.43% 2016 Estimate 39, , , Projection 42, ,891 1,015,287 5

6 AERIAL N GOOGLE MCDONALD S WORLD HQ I-290 WARREN ASHLAND PLACE Madison St Rush Hospital Ashland St Warren Blvd 6

7 SURVEY 7

8 PROPERTY OVERVIEW PROPERTY OVERVIEW Ownership Fee Simple Pins Lot Size Acres Zoning B3-3 Year Built 2015 Buildings 1 Floors 4 Structure Concrete, Brick, Wood Total Rentable Square Feet 58,454 BUILDING SYSTEMS Roof Rubber Windows Aluminum Porches Interior Stair Systems Parking 52-Car Heated Garage Elevator 1 Plumbing Copper Heating Sub-Metered Gas Forced Air In-Unit Electric 2600 Amp Main, 100 Amps Per Unit Domestic Hot Water Sub-Metered 40-Gallon Tanks In-Unit Cooking Gas Sub-Metered Laundry In-Unit A/C Sub-Metered, Central 8

9 UNIT MIX TYPE / SF COUNT 1BR/1BA BR/2BA , , , , , , , , , , , , , , , ,290 2 TOTAL 52 9

10 SAMPLE FLOOR PLANS - 1ST FLOOR UNIT (101) UNIT SF PATIO 10'-9" x 4'-6" BEDROOM 11'-3" x 12'-5" DW CLOSET REF. HALL M. BEDROOM 12'-4" x 11'-0" BATH UTIL. W/D M. BATH W.I.C. 10

11 SAMPLE FLOOR PLANS - 2ND FLOOR UNITS (205, 206) BALCONY 8'-4" x 5'-4" UTIL. W/D BEDROOM 11'-19" X 10'-6" CLOSET HALL BATH M. BATH REF. DW CLOS. CLOSET M. BEDROOM 11'-4" X 11'-0" CLOSET CLOS. M. BEDROOM 12'-4" X 11'-6" REF. DW M. BATH BATH HALL CLOSET KEY PLAN WARREN KEY PLAN UTIL. W/D BEDROOM 11'-10" X 10'-6" ASHLAND BALCONY 22'-3" x 12'-0" WARREN ASHLAND 265 SF 11 NORTH NOTE: ALL DIMENSIONS SHOWN ARE APPROXIMATE AND SUBJECT TO FIELD REVISIONS. NORTH NOTE: ALL DIMENSIONS SHOWN ARE APPROXIMATE AND SUBJECT TO FIELD REVISIONS. UNIT UNIT

12 UNIT FEATURES Bicycle Storage Central Air Conditioning Heated Parking Garage (included) Secured Entry Boutique Building Elevator Walking Distance to Park Balcony Balcony 5-Burner Gas Range Chef s Kitchen Dishwasher Garbage Disposal Modern Bath Fixtures Granite Countertops Washer/Dryer In Unit Wood Flooring Condominium Quality High (10 ft) Ceilings Open Floor Plan Stainless Steel Appliances 12

13 RENT ROLL (AS OF FEBRUARY 2018) UNIT STATUS TYPE SF MONTHY RENT LEASE FROM LEASE TO 101 Leased 2/2.00 1,010 2,050 7/8/2017 7/7/ Leased 2/2.00 1,005 1,700 1/1/ /31/ Leased 2/ ,100 5/7/2017 5/6/ Leased 1/ ,600 8/1/2017 7/31/ Leased 2/2.00 1,125 2,500 5/1/2017 4/30/ Leased 2/2.00 1,145 2,475 7/1/2017 6/30/ Leased 2/2.00 1,035 2,450 6/7/2017 6/6/ Leased 2/2.00 1,030 2,350 7/1/2017 6/30/ Leased 2/2.00 1,105 2,400 8/9/2016 7/31/ Leased 2/2.00 1,120 2,600 6/1/2017 3/31/ Leased 2/ ,320 9/25/2017 3/24/ Vacant 2/2.00 1, Leased 2/2.00 1,010 2,450 7/7/2017 7/6/ Leased 2/2.00 1,120 2,550 6/4/2016 5/31/ Leased 2/2.00 1,040 2,100 11/27/2017 4/26/ Leased 2/2.00 1,030 2,550 5/26/2017 5/25/ Leased 2/2.00 1,105 2,200 7/1/2017 6/30/ Leased 2/2.00 1,120 2,500 9/1/2017 8/31/ Leased 2/2.00 1,084 2,350 7/1/2017 6/30/ Leased 2/2.00 1,095 2,500 6/1/2017 5/31/ Leased 2/2.00 1,125 2,475 7/8/2017 7/7/ Leased 2/2.00 1,290 2,550 8/19/2017 8/18/ Leased 2/2.00 1,105 2,275 7/1/2017 6/30/ Leased 2/2.00 1,260 2,200 8/1/2016 4/30/ Leased 2/2.00 1,105 2,350 6/7/2017 6/6/

14 RENT ROLL (AS OF FEBRUARY 2018) UNIT STATUS TYPE SF MONTHY RENT LEASE FROM LEASE TO 306 Leased 2/2.00 1,260 2,450 7/1/2017 6/30/ Leased 2/2.00 1,010 2,395 7/16/2017 7/15/ Leased 2/2.00 1,260 2,045 1/1/2017 6/30/ Leased 2/2.00 1,045 2,300 7/1/2017 6/30/ Leased 2/2.00 1,260 2,400 8/4/2016 7/31/ Leased 2/2.00 1,105 2,300 4/1/2017 3/31/ Leased 2/2.00 1,260 2,450 3/7/2017 4/6/ Leased 2/2.00 1,105 2,000 7/1/2017 6/30/ Leased 2/2.00 1,260 2,450 9/7/2017 5/6/ Leased 2/2.00 1,085 2,400 6/1/2017 5/31/ Leased 2/2.00 1,250 2,450 6/1/2017 5/31/ Leased 2/2.00 1,125 2,475 8/1/2017 7/31/ Leased 2/2.00 1,290 2,775 7/1/2017 6/30/ Leased 2/2.00 1,105 2,500 7/1/2017 4/30/ Leased 2/2.00 1,260 2,595 7/12/2017 7/11/ Leased 2/2.00 1,105 * 4/1/2018* 3/31/ Leased 2/2.00 1,260 2,600 9/9/2017 7/8/ Leased 2/2.00 1,010 2,495 9/1/2017 8/31/ Leased 2/2.00 1,260 2,575 5/6/2017 5/5/ Leased 2/2.00 1,045 2,145 1/1/2017 6/30/ Leased 2/2.00 1,260 2,600 7/1/2017 6/30/ Leased 2/2.00 1,105 2,600 7/7/2017 7/6/ Leased 2/2.00 1,260 2,600 4/22/2017 4/21/ Leased 2/2.00 1,105 2,500 6/16/2017 6/30/ Leased 2/2.00 1,260 2,195 11/21/2016 5/20/ Leased 2/2.00 1,085 2,500 6/7/2017 3/31/ Leased 2/2.00 1,250 2,450 5/1/2017 4/30/2018 TOTAL 98% 52 UNITS 58, ,840 14

15 PRO FORMA (YEAR 1) Units $ / Unit Total Income Gross Potential Rent 52 $28,613 $1,487,880 Vacancy Loss (3%) (858) (44,636) Pet Income $1,400 Effective Gross Income $27,782 $1,444,644 Expenses Payroll $1,480 76,960 Management Fees (3.5%) ,563 Repairs & Maintenance 1,213 63,099 Grounds Maintenance 33 1,731 Administrative & Marketing ,429 Utilities ,913 Insurance ,284 Property Taxes 2, ,659 Reserves (CapEx) 150 7,800 Total Expenses $7,758 $403,438 Net Operating Income $20,023 $1,041,206 15

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