3225 WEST 111TH STREET - LoopNetimages1.loopnet.com/d2/NrHb-j5_gEs6i7h9QO6Os3IshG6aOlcnu... · 2017-07-27 · 3225 WEST 111TH STREET CHICAGO, IL MORE INFORMATION AVAILABLE ONLINE:

PRESENTED BY:

INTERRA REALTYT 312.361.3140 [email protected]

3225 WEST 111TH STREETCHICAGO, IL

MORE INFORMATION AVAILABLE ONLINE:

640 North La Salle Street, Suite 200Chicago, IL 60654

CONFIDENTIAL OFFERING MEMORANDUM

www.interrarealty.com

Cover Page 1

Table of Contents 2

Executive Summary 3

Property Description 4

Property Details 5

Additional Photos 6

Location Maps 7

Retailer Map 8

Rent Roll 9

Income & Expenses 10

Financial Summary 11

Demographics Map 12

Lead Disclosure 13

Dual Agency (pg. 1) 14

Back Page 16

A M U LT I FA M I LY I N V E S T M E N T O P P O R T U N I T Y

3225 WEST 111TH STREET | 18 UNITS | CHICAGO, IL

TABLE OF CONTENTS

All materials and information received or derived from Interra Realty its directors,officers, agents, advisors, affiliates and/or any third party sources are providedwithout representation or warranty as to completeness , veracity, or accuracy,condition of the property, compliance or lack of compliance with applicablegovernmental requirements, developability or suitability, financial performance ofthe property, projected financial performance of the property for any party’sintended use or any and all other matters.

Neither Interra Realty its directors, officers, agents, advisors, or affiliates makesany representation or warranty, express or implied, as to accuracy orcompleteness of the any materials or information provided, derived, or received.Materials and information from any source, whether written or verbal, that may befurnished for review are not a substitute for a party’s active conduct of its own duediligence to determine these and other matters of significance to such party.Interra Realty will not investigate or verify any such matters or conduct duediligence for a party unless otherwise agreed in writing.

EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATIONAND DUE DILIGENCE.

Any party contemplating or under contract or in escrow for a transaction is urgedto verify all information and to conduct their own inspections and investigationsincluding through appropriate third party independent professionals selected bysuch party. All financial data should be verified by the party including by obtainingand reading applicable documents and reports and consulting appropriateindependent professionals. Interra Realty makes no warranties and/orrepresentations regarding the veracity, completeness, or relevance of any financialdata or assumptions. Interra Realty does not serve as a financial advisor to anyparty regarding any proposed transaction. All data and assumptions regardingfinancial performance, including that used for financial modeling purposes, maydiffer from actual data or performance. Any estimates of market rents and/orprojected rents that may be provided to a party do not necessarily mean that rentscan be established at or increased to that level. Parties must evaluate anyapplicable contractual and governmental limitations as well as marketconditions,vacancy factors and other issues in order to determine rents from or forthe property.

Legal questions should be discussed by the party with an attorney. Tax questionsshould be discussed by the party with a certified public accountant or tax attorney.Title questions should be discussed by the party with a title officer or attorney.Questions regarding the condition of the property and whether the propertycomplies with applicable governmental requirements should be discussed by theparty with appropriate engineers, architects, contractors, other consultants andgovernmental agencies. All properties and services are marketed by Interra Realtyin compliance with all applicable fair housing and equal opportunity laws.

2 WWW.INTERRAREALTY.COMMORE INFORMATION ONLINE:

This information has been secured from sources we believe to be reliable, but we make no representations nor warranties, express nor implied as to the accuracy of the information. References to squarefootage are approximate. Buyer must verify the information and bears all risks for any inaccuracies.





PROPERTY OVERVIEWInterra Realty, LLC. has been exclusively engaged to market 3225 W. 111th St for sale.The sale presents an opportunity for qualified investors to purchase a well located,mixed use, California style building located in the Mt. Greenwood sub-market ofChicago. The building consists of 2 ground floor commercial spaces (occupied by thesame tenant) as well as (15) 1BD/1BA units and (1) Studio/1 BA unit, all of which havebeen recently rehabbed. Condo quality unit upgrades include stainless steel appliances,hardwood floors, granite counter tops, kitchen cabinetry, and other cosmetic finishes.

PROPERTY HIGHLIGHTS

• All Residential Units Recently Gut Rehabbed With Condo Quality Finishes

• Steel Porches

• Commercial Space Occupied by Optometrist

• Security Camera Surveillance System On Site

• On-Site Parking

• Close Proximity to 111th Street Metra Station

• 1.5 Miles From St. Xavier University

MULTIFAMILY PROPERTY FOR SALE

OFFERING SUMMARY

Sale Price: $1,495,000

Number Of Units: 18

Cap Rate: 8.42%

NOI: $125,855

Lot Size: 0.26 Acres

Building Size: 11,400 SF

Year Built: 1974

Renovated: 2013

Zoning: B1-1

EXECUTIVE SUMMARY





PROPERTY DESCRIPTION

PROPERTY OVERVIEW

Interra Realty, LLC. has been exclusively engaged to market3225 W. 111th St for sale. The sale presents an opportunity forqualified investors to purchase a well located, mixed use,California style building located in the Mt. Greenwood sub-marketof Chicago. The building consists of 2 ground floor commercialspaces (occupied by the same tenant) as well as (15) 1BD/1BAunits and (1) Studio/1 BA unit, all of which have been recentlyrehabbed. Condo quality unit upgrades include stainless steelappliances, hardwood floors, granite counter tops, kitchencabinetry, and other cosmetic finishes.

LOCATION OVERVIEW

Mount Greenwood has become a popular neighborhood forfamilies. Situated close to the suburbs but within city limits(important distinction for police/fire and other employmentopportunities that require a city address), it attracts manyChicagoans who want a little more peace and quiet, but enjoybeing part of a bigger city.

Mount Greenwood is a small town in a big city built on ablue-collar work ethic and pride in home and family. ManyChicago police officers and firefighters have settled in the area,which other residents like as they know their streets are safe andhouses secure. This southwest side neighborhood featuresvarying architectural styles that include older homes, newconstructions and rehabbed dwellings. Most properties aresituated on good-sized lots that offer residents room enough forplanting colorful flowerbeds and planning backyard barbeques.

Mt. Greenwood is home to St. Xavier University which has astudent body of nearly 4,000, a faculty of nearly 400, and offersmore than 80 undergraduate and post-graduate degreescombined. In addition, Mt. Greenwood is served by the 111thStreet Metra station (Rock Island District Line) and provides easyaccessibility to Interstate 57.



PROPERTY DETAILS



PROPERTY ADDRESS: 3225 West 111th StreetChicago, IL 60655

APN: 24-203-207-077-0000

LOT SIZE: 0.26 AC

BUILDING SIZE: 11,400 SF

ZONING: B1-1

PARKING SPACES: 20

PARKING RATIO: 1 : 1.11

YEAR BUILT: 1974

NUMBER OF STORIES: 3

NUMBER OF UNITS: 18

ROOF: Pitched





ADDITIONAL PHOTOS





LOCATION MAPS





RETAILER MAP



UNITNUMBER

UNITBED

UNITBATH

UNITSIZE (SF)*

LEASENOTES

LEASEEND

CURRENTRENT

MARKETRENT

3225-101(Commercial) 750 12/31/2018 $1,575 $1,575

3225-102(Commercial) 750 12/31/2018

3225-103 1 1 600 03/31/2018 $950 $950

3225-104 1 1 600 08/01/2020 $925 $950

3225-105 1 1 600 03/31/2018 $950 $950

3225-106 0 1 500 07/31/2017 $795 $800

3225-201 1 1 600 VACANT $950 $950

3225-202 1 1 600 03/31/2018 $875 $950

3225-203** 1 1 600 CHA 03/31/2018 $925 $950

3225-204** 1 1 600 CHA 08/31/2017 $925 $950

3225-205 1 1 600 08/31/2017 $900 $950

3225-206 1 1 600 05/31/2017 $925 $950

3225-301 1 1 600 01/31/2018 $950 $950

3225-302** 1 1 600 CHA 07/31/2017 $925 $950

3225-303 1 1 600 05/31/2017 $950 $950

3225-304 1 1 600 01/31/2018 $950 $950

3225-305 1 1 600 03/31/2018 $975 $950

3225-306** 1 1 600 CHA 07/31/2017 $925 $950

Totals/Averages 11,000 $16,370 $16,625

*Broker Estimate of Unit SF.**Units indicated to have CHA tenants fall under the Property Rental Assistance (PRA) program which offers Housing Assistance Payment contractsfor specified units.



RENT ROLL



INCOME SUMMARY CURRENT PER UNIT

Scheduled Gross Income $196,440 $10,913

Vacancy Factor (5%) -$9,822 -$546

Laundry Income $720 $40

GROSS INCOME $187,338 $10,407

EXPENSE SUMMARY CURRENT PER UNIT

Taxes (2015) $13,672 $759

Insurance $4,322 $240

Gas $7,101 $394

Electric $560 $31

Water $9,256 $514

Trash/Scavenger $3,706 $205

Management* (5 % SGCI) $9,366 $520

Janitorial* $4,500 $250

Turnover Costs* $4,500 $250

Misc. and Reserves* $4,500 $250

GROSS EXPENSES $61,483 $3,415

NET OPERATING INCOME $125,855 $6,991

*Broker Pro-Forma



INCOME & EXPENSES



INVESTMENT OVERVIEW

Price $1,495,000

Price per Unit $83,055

GRM 7.6

CAP Rate 8.4%

Cash-on-Cash Return (yr 1) 12.17 %

Total Return (yr 1) $80,476

Debt Coverage Ratio 2.1

OPERATING DATA

Gross Scheduled Income $196,140

Other Income $720

Total Scheduled Income $196,860

Vacancy Cost $9,522

Gross Income $187,338

Operating Expenses $61,483

Net Operating Income $125,855

Pre-Tax Cash Flow $65,860

FINANCING DATA**

Down Payment $541,000

Loan Amount $954,000

** Assumable debt with Fannie Mae, outstanding loan balance of $950,134.10 (as of 3/15/17), at 4.79% interest over a 30 year amortization period.** Maturity Date: 7/1/2027** 1 % assumption fee



FINANCIAL SUMMARY



* Demographic data derived from 2010 US Census

POPULATION 1 MILE 3 MILES 5 MILESTOTAL POPULATION 19,773 157,973 477,843MEDIAN AGE 36.8 38.1 37.6MEDIAN AGE (MALE) 35.3 36.5 35.3MEDIAN AGE (FEMALE) 38.9 40.0 39.9

HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILESTOTAL HOUSEHOLDS 7,557 59,862 169,053# OF PERSONS PER HH 2.6 2.6 2.8AVERAGE HH INCOME $83,902 $75,351 $65,258AVERAGE HOUSE VALUE $277,258 $259,489 $221,228



DEMOGRAPHICS MAP

MORE INFORMATION AVAILABLE ONLINE:

640 North La Salle Street, Suite 200Chicago, IL 60654

www.interrarealty.com

3225 WES3225 WEST 111TH ST 111TH STREETTREETCHICAGO, IL

PRESENTED BY:

INTERRA REALTYT 312.361.3140 [email protected]

3225 WEST 111TH STREET - LoopNetimages1.loopnet.com/d2/NrHb-j5_gEs6i7h9QO6Os3IshG6aOlcnu... · 2017-07-27 · 3225 WEST 111TH STREET CHICAGO, IL MORE INFORMATION AVAILABLE ONLINE:

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