FULLY LEASED OFFICE / RETAIL FOR SALE $1,300,000 ROBERT E. THOMAS rthomas@jameson.com 312.335.3246 Jameson Commercial Real Estate 425 W. North Avenue Chicago www.jamesoncommercial.com
EXECUTIVE SUMMARY ASKING PRICE: $1,300,000 TOTAL AREA: 3,302 SF PIN: 14-32-221-046 ZONED: C1-2 PROPERTY DESCRIPTION This is a four story 1910 industrial building reconstructed in 1997 as the Hedman Lofts. The first floor commercial premises are fee simple and include a tandem garage parking space and storage. The balance of the building contains 14 residential condominiums each with a garage tandem parking space. 2016 TAXES: $22,682.66, $6.87 PER SF TENANT HIGHLIGHTS PROPERTY HIGHLIGHTS 2017 OPERATIONS AS LEASE Princeton Review, 2,417 RSF https://www.princetonreview.com 5 Year Term + two 3 Year Options Professional Training & Test Preparation Palazzo Bridal, 885 RSF http://www.palazzobridal.com 3 Year Term + One 3 Year Option A Lincoln Park shop for 24 Years Designing bridal dresses since 1998 Total Area 3,302 +/- SF Fee Simple Ownership Dedicated HVAC 40 SF Garage Storeroom 163 SF Basement Storeroom 11 9 Open Loft Ceiling Dedicated & Tenant controlled HVAC Metered Natural Gas & Electricity 200 Amp Electrical Service Comcast, Copper Data Medium Zoned C1-2 Base Rent $87,000 Tenant Escalations $18,000 Rental Income $105,800 Tax & Expense $24,800 Net Income $81,200 Cap Rate 6.24%
EXECUTIVE SUMMARY AREA HIGHLIGHTS The property is located in the Lincoln Park Community on the Armitage Avenue Fashion and Commercial Corridor. It is also situated in the Armitage-Halsted Chicago Landmark District, the Sheffield Historic District, and a National Historic District. TRANSPORTATION The CTA Brown Line Armitage Station is three blocks east at Sheffield Avenue. The CTA Red Line is available by transfer north at Fullerton Avenue and south at Sedgewick. The CTA Bus #73 Armitage is at the front door and #8 Halsted is seven blocks east. PREMISES The premises front Armitage Avenue with floor to ceiling windows and a dedicated exterior entrance. Presently the 3,302 SF layout is demised into a 2,417 SF suite and a 885 SF suite with a shared vestibule. The larger suite is improved with reception desk, two conference rooms, 8 private offices, open office area, work room, file room, kitchen, two toilet rooms, The smaller suite is open plan with storage closet and one toilet room. Total Area 3,302 SF Demised to 885 SF & 2,417 SF 40 SF Garage Storeroom 163 SF Basement Storeroom Tandem Garage Parking Space Exterior Entry Open 11 9 Ceiling Metered Natural Gas & Electricity Dedicated HVAC Comcast Internet Service 200 Amp Electrical Service 2016 Operating Expense $1,915.16, $0.58 per SF Association increases capped at 3% per annum 2016 Taxes $22,682.66, $6.87 per SF PIN 14-32-221-046 Zoned C1-2 Fee Simple Ownership
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RENT ROLL Rent Roll 1156 West Armitage Avenue, Chicago, Illinois 60614 Tenant Suite Rentable Area Prorata Share Lease Date Term From Term To Base Rental Rate Base Yr R E Taxes Base Yr Oper Exp Security Deposit Options Comments Jaus Ltd. d/b/a Palazzo 1154 885 26.8% 11/09/16 12/30/16 12/31/19 12/30/16 - $33.90 01/18/18 - $34.92 01/19/19 - $35.96 01/19/20 - $35.97 01/19/21 - $36.69 01/19/22 - $37.42 2015 Payable 2016 $6.28 2016 $0.58 Estimate $5,000 1 / 3 Modified Gross Lease Option subject to TRP Education renewal and expansion options. TPR Education, LLC d/b/a Princeton Review. 1156 2,417 75.00% 03/01/16 01/01/16 03/31/21 04/01/16 - $23.50 04/01/17 - $24.09 04/01/18 - $24.69 04/01/19 - $25.31 04/01/20 - $25.94 2015 Payable 2016 $6.28 2016 $0.58 Estimate $6,445.33 2 / 3 None Net Lease Exclusive use of one tandem parking space and basement and garage storage facilities. 04/01/21 - $26.52 04/01/22 - $27.12 04/01/23 - $27.73 04/01/24 - $28.35 04/01/25 - $28.99 04/01/26 - $29.64 Combined Tax & Operating Expenses are capped at $8.50 in the first lease year and 102.5% annually thereafter. Option to expand into Unit 1154 01/01/20
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ZONING MAP Zoning Map Created on: 12/18/2014 12:10 P.M. Address 1156 W ARMITAGE AVE Zoning Business Commercial Manufacturing Residential Planned Development Planned Manufacturing Downtown Core Downtown Service Downtown Mixed Downtown Residential Transportation Parks & Open Space Zoning Boundaries Historic Preservation CHICAGO LANDMARKS Chicago Landmarks Landmark Districts Chicago Historic Resources Survey - Buildings subject to Demolition-Delay Ordinance Red Orange Buildings Wards CTA Station Curbs Water National Register of Historic Places NRHP - Property NRHP - District NHL - Property NHL - District Pedestrian Streets TIFs Parcels CTA Line Streets Schools Parks Forest Preserve Cemetery City Boundary Municipalities Information provided on the City of Chicago web site should not be used as a substitute for legal, accounting, real estate, business, tax, or other professional advice. The City of Chicago assumes no liability for any damages or loss of any kind that might arise from the use of, misuse of, or the inability to use the City web site and-or the materials contained on the web site. The City of Chicago also assumes no liability for improper or incorrect use of materials or information contained on its web site. All materials that appear on the City of Chicago web site are distributed and transmitted as is, without warranties of any kind, either express or implied, and subject to the terms and conditions stated in this disclaimer.
DEMOGRAPHICS Population 0.25 miles 0.5 miles 1 mile 2000 Population 2,936 12,049 54,100 2010 Population 2,986 12,109 53,376 2017 Population 2,948 12,114 54,918 2022 Population 2,928 12,099 55,506 2000-2010 Annual Rate 0.17% 0.05% -0.13% 2010-2017 Annual Rate -0.18% 0.01% 0.39% 2017-2022 Annual Rate -0.14% -0.02% 0.21% 2017 Male Population 48.6% 46.8% 49.3% 2017 Female Population 51.4% 53.2% 50.7% 2017 Median Age 29.7 26.7 30.7 In the identified area, the current year population is 54,918. In 2010, the Census count in the area was 53,376. The rate of change since 2010 was 0.39% annually. The five-year projection for the population in the area is 55,506 representing a change of 0.21% annually from 2017 to 2022. Currently, the population is 49.3% male and 50.7% female. Median Age The median age in this area is 29.7, compared to U.S. median age of 38.2. Race and Ethnicity 2017 White Alone 90.0% 87.0% 82.3% 2017 Black Alone 2.1% 3.2% 4.8% 2017 American Indian/Alaska Native Alone 0.2% 0.1% 0.2% 2017 Asian Alone 4.5% 5.0% 6.2% 2017 Pacific Islander Alone 0.0% 0.0% 0.0% 2017 Other Race 1.5% 2.2% 3.7% 2017 Two or More Races 1.7% 2.3% 2.8% 2017 Hispanic Origin (Any Race) 5.4% 6.3% 9.9% Persons of Hispanic origin represent 9.9% of the population in the identified area compared to 18.1% of the U.S. population. Persons of Hispanic Origin may be of any race. The Diversity Index, which measures the probability that two people from the same area will be from different race/ethnic groups, is 43.8 in the identified area, compared to 64.0 for the U.S. as a whole. Households 2000 Households 1,527 5,297 26,085 2010 Households 1,400 4,718 25,082 2017 Total Households 1,362 4,663 25,642 2022 Total Households 1,345 4,642 25,870 2000-2010 Annual Rate -0.86% -1.15% -0.39% 2010-2017 Annual Rate -0.38% -0.16% 0.31% 2017-2022 Annual Rate -0.25% -0.09% 0.18% 2017 Average Household Size 2.06 2.07 2.01 The household count in this area has changed from 25,082 in 2010 to 25,642 in the current year, a change of 0.31% annually. The five-year projection of households is 25,870, a change of 0.18% annually from the current year total. Average household size is currently 2.01, compared to 2.00 in the year 2010. The number of families in the current year is 9,112 in the specified area.
DEMOGRAPHICS Median Household Income 0.25 miles 0.5 miles 1 mile 2017 Median Household Income $120,310 $116,258 $105,261 2022 Median Household Income $130,463 $126,674 $118,881 2017-2022 Annual Rate 1.63% 1.73% 2.46% Average Household Income 2017 Average Household Income $184,261 $172,247 $156,580 2022 Average Household Income $204,801 $192,823 $178,075 2017-2022 Annual Rate 2.14% 2.28% 2.61% Per Capita Income 2017 Per Capita Income $82,917 $69,124 $74,527 2022 Per Capita Income $91,489 $76,662 $84,392 2017-2022 Annual Rate 1.99% 2.09% 2.52% Households by Income Current median household income is $105,261 in the area, compared to $56,124 for all U.S. households. Median household income is projected to be $118,881 in five years, compared to $62,316 for all U.S. households Current average household income is $156,580 in this area, compared to $80,675 for all U.S. households. Average household income is projected to be $178,075 in five years, compared to $91,585 for all U.S. households Current per capita income is $74,527 in the area, compared to the U.S. per capita income of $30,820. The per capita income is projected to be $84,392 in five years, compared to $34,828 for all U.S. households Housing 2000 Total Housing Units 1,582 5,504 27,749 2000 Owner Occupied Housing Units 826 2,489 10,480 2000 Renter Occupied Housing Units 701 2,808 15,605 2000 Vacant Housing Units 55 207 1,664 2010 Total Housing Units 1,507 5,067 27,033 2010 Owner Occupied Housing Units 743 2,230 11,097 2010 Renter Occupied Housing Units 657 2,488 13,985 2010 Vacant Housing Units 107 349 1,951 2017 Total Housing Units 1,507 5,069 27,787 2017 Owner Occupied Housing Units 672 2,036 10,464 2017 Renter Occupied Housing Units 690 2,628 15,178 2017 Vacant Housing Units 145 406 2,145 2022 Total Housing Units 1,507 5,073 28,177 2022 Owner Occupied Housing Units 654 2,007 10,471 2022 Renter Occupied Housing Units 690 2,634 15,399 2022 Vacant Housing Units 162 431 2,307 Currently, 37.7% of the 27,787 housing units in the area are owner occupied; 54.6%, renter occupied; and 7.7% are vacant. Currently, in the U.S., 55.6% of the housing units in the area are owner occupied; 33.1% are renter occupied; and 11.3% are vacant. In 2010, there were 27,033 housing units in the area - 41.0% owner occupied, 51.7% renter occupied, and 7.2% vacant. The annual rate of change in housing units since 2010 is 1.23%. Median home value in the area is $627,709, compared to a median home value of $207,344 for the U.S. In five years, median value is projected to change by 2.46% annually to $708,869.