- For Sale $29,700,000
- Property Type Multi-Family
- Property Size 109,350 SF
- Units 81
- Lot Size 4.13 Acre
- Year Built 2024
- Date Updated Apr 16, 2024
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Highlights
- New construction tri-plex homes in high growth Bronzville Chicago submarket
- Excellent opportunity to purchase 81 homes in 27 buildings at Certificate of Occupancy
- Opportunity to purchase completed, fully leased buildings (2) and soon to be delivered buildings
- All homes will be finished by Q3 of 2024
- Opportunity to purchase all 27 buildings in bulk or purchase in smaller bulk packages of two or more buildings
- Quality, high end condo finishes throughout
- All 3 bedroom 2 bathroom, 1350/sf homes with 1 detached garage per home
- Access Green Line, employment, entertainment and lakefront
- Chicago market poised for strong rental growth of 14.5% though 2027 according to John Burns
- Home value appreciation projected at 11.5% through 2027
- Per home stabilized rental rates conservatively projected at $2729 per month
- Two buildings currently leased, most recent rental rate is $2595, only 5% below projected stabilized rents
- Conservative 6.67% cap rate at Stabilized NOI after all buildings leased and operating
- Annual Gross Rents at Year 1 modeled at $2,501,788, its anticipated lease up rents will surpass projected stabilized rents as buildings come online in Q2 & Q3 this year, further driving net stabilized NOI growth
- Year 5 disposition shows strong 24.58% IRR assuming 5% exit
- Flexible disposition strategies available pending market conditions
- All SVN® Offices Independently Owned & Operated
- Local Broker License Information: www.SFRhub.com/realestatelicensing
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Contacts
Michael Finch
SVN | SFRhub Marketplace
(480) 797-9825
Location
Getting Around
-
Walk Score ®
Very Walkable (70) -
Transit Score ®
Good Transit (54) -
Bike Score ®
Very Bikeable (78)
- City Chicago, IL
- Neighborhood Oakland
- Zip Code 60653
- Market Chicago
Points of Interest
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43rd
0.82 miles
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Indiana
0.91 miles
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47th
1.08 miles
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State & 37th Street
1.26 miles
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35th-Bronzeville-IIT
1.37 miles
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51st
1.48 miles
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51st-53rd Street (Hyde Park)
1.56 miles
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47th
1.56 miles
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Sox-35th
1.63 miles
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Garfield
1.90 miles
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BP
0.63 miles
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BP
0.79 miles
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BP
1.05 miles
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BP
1.21 miles
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BP
1.27 miles
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BP
1.45 miles
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Citgo
1.45 miles
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BP
1.50 miles
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Mobil
1.51 miles
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GoLo
1.57 miles
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McCormick Place Truck Marshing Yard
1.47 miles
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Lot L
1.65 miles
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Tailgate Lot
1.66 miles
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Lot F
1.67 miles
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Lot A
1.69 miles
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VIP Lot E
1.70 miles
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Lot B
1.74 miles
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Ride Share Lot
1.74 miles
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McCormick Place Parking Lot B Overflow
1.75 miles
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VIP Lot D
1.77 miles
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Cleo's Southern Cuisine
0.27 miles
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Surf's Up Bronzeville
0.31 miles
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Just Turkey
0.37 miles
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Mr. Captain Hook
0.37 miles
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Bronzeville Winery
0.47 miles
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Popeyes
0.73 miles
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McDonald's
0.74 miles
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Subway
0.77 miles
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Uncle Remus
0.78 miles
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Burger King
0.78 miles
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Holy Angels Catholic School
0.25 miles
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Price Elementary School
0.30 miles
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Jackie Robinson Elementary School
0.33 miles
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Jacob H. Carruthers Center for Inner City Studies
0.36 miles
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King College Prep
0.41 miles
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Fuller Elementary School
0.46 miles
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Holy Angels School
0.47 miles
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Woodson Elementary School
0.50 miles
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Donoghue Elementary School
0.53 miles
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Christ the King Lutheran School
0.59 miles
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UChicago Child Development Center - Drexel
1.91 miles
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The Goddard School
2.60 miles
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DJ Brooks Child Development Center
3.65 miles
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Ada S. McKinley, Ersula Howard Child Care Center
4.40 miles
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Taylor Tots
4.53 miles
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Kenyatta's Day Care and Learning Center
4.62 miles
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Bright Horizons
4.65 miles
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New Zion Childcare Academy
4.80 miles
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Brighton Park Early Learning Center
5.01 miles
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Adams Street Child Care Center
5.49 miles
Contact Listing Broker
Michael Finch
SVN | SFRhub Marketplace
(480) 797-9825