630W Lake Street Chicago, Il

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630W Lake Street Chicago, Il 18 APARTMENT UNITS 630 W LAKE STREET CHICAGO, IL 12,718 SF OF PRIME RETAIL PRICING AND FINANCIAL ANALYSIS THE WEST LOOP year. It is also one block away from the CTA Clinton Green and Pink Line Station with over 1,195,811 total entries annually, respectively. Demographics for the area are very strong. Within a one-mile radius there is a daytime population of 446,397 and an average household income of $144,652. This is one of the fastest growing neighborhoods in Chicago and is expected to grow 18 percent by 2021. With the close proximity of the Metra, CTA, Restaurant Row, and Chicago’s Business District there are many successful retailers in the area. Some of these retailers include: Jewel-Osco, Whole Foods, and Mariano’s. Investment Highlights Property Overview . Located in the Booming West Loop Neighborhood . 630 West Lake Street is located in the West Loop neighborhood of Chicago. The subject property Northeast Corner of Lake and Desplaines. Rare and Irreplaceable Real Estate consists of 18 apartment units and 5 retail units. The building was fully renovated in 2017. 18 Apartments and Five Retail Units Major systems replaced including HVAC, electrical, plumbing, windows, and roof. All 18 apartments are one bedroom / one bathroom units and have stainless steel appliances, . Building was Gut Renovated in 2017 granite counter tops, in-unit laundry, queen-sized bedrooms, central HVAC, and share a common . roof deck. The retail units operate under net-leases ranging from five to 10 year leases. The Quarter-Mile from the West Loop’s Restaurant Row offering presents an outstanding opportunity to acquire a rare and irreplaceable piece of Chicago real . 850 Feet from the Metra-Ogilvie Transportation Center | Over 28 Million estate for investment. Located on the hard northeast corner of Lake Street and Desplaines Street in the booming West Passengers in 2017 Loop neighborhood, the property is well-positioned in a dense market with incredibly high . barriers to entry. The property is situated a quarter-mile from Randolph’s “Restaurant Row” & One Block from the CTA Clinton Green and Pink Line Station | 1,195,811 Total Fulton Market, which is lined with some of Chicago’s best eateries. The neighborhood’s close Entries Annually proximity to three major expressways, the United Center, Chicago’s main business district in The Loop, and of course the area’s old-time industrial and urban theme that makes Restaurant Row in . Daytime Population of 446,397 Within a One-Mile Radius the downtown West Loop so desirable. The property is well positioned benefiting from heavy . foot and vehicle traffic. The site is only 850 feet away from the Metra-Ogilvie Transportation Average Household Income of $144,652 within a Half-Mile Radius Center with Union Pacific North, Northwest, and West rail lines. In 2017 these lines had 38,945,500 passengersper , Ogilvie Transportation Center UP-N, UP-NW, UP-W 38,945,500 Annual Passengers Subject Property Pink & Green Line - Clinton Stop 1,195,811 Annual Total Entries W Lake St 11,000VPD Randolph St 7,100 VPD Interstate 90/94 273,100 VPD Subject Property Desplaines St 5,200 VPD OFFERING SUMMARY Price $10,750,000 TENANTS CURRENT RENTS MARKET RENTS CAM CAP 5.9% Number Square Type Monthly Monthly Monthly Avg Monthly CAM EST Square Footage 22,837 of Units Footage Avg Income Rent/Unit Income Price/SF $470.73 Rent/Unit GRM 12.9 18 10,119 1X1 $1,904.25 $34,276.50 $2,000.00 $36,000.00 Year Built 1910/2017 1 3,530 Bar Kumiko $5,000.83 $5,000.83 $11,766.67 $11,766.67 $735.42 Total Lot Size 12,000 1 1,430 Old Town $4,045.57 $4,045.57 $4,528.33 $4,528.33 $595.83 1 3,000 Roti $6,750.00 $6,750.00 $9,500.00 $9,500.00 $1,250.00 1 2,379 Med Spa $6,344.00 $6,344.00 $7,533.50 $7,533.50 $991.25 EXPENSE ANNUAL ESTIMATE 1 2,379 New Lease $6,344.00 $6,344.00 $7,533.50 $7,533.50 $991.25 Taxes $47,925 Billboard Total Outdoor $1,680.54 $1,680.54 $2,000.00 $2,000.00 Insurance $40,000 Parking Parking $600.00 $600.00 $650.00 $650.00 Utilities $21,884 TOTAL 22,837 $65,041.44 $79,512.00 $4,563.75 Repairs/Maintenance $18,000 Landscape/Snow Removal $3,500 Management Fee 5% $39,025 MONTHLY EST GROSS INCOME $69,605.19 Misc $20,000 ANNUAL EST GROSS INCOME $835,262.28 TOTAL $190,334 Annualized Operating Financials Pro Forma Financials ANNUALIZED OPERATING DATA PRO FORMA DATA Gross Operating Income $835,264 $1,008,909 Less Expenses ($190,334) 23% * ($190,334) 19% * Net Operation Income: $644,930 $818,575 Less Loan Payments ($495,983) ($495,983) Cash Flow $148,947 5.5% ** $322,592 12.0% ** Plus Principal Reduction $125,108 $125,108 Total Return Before Taxes $274,055 10.2% ** $447,700 16.7% ** *As a Percentage of Scheduled Gross Income **As a Percentage of Down Payment Improvement Cost Capital Expenditures : Appliances $51,396.94 Blinds - Drapes $557.82 Cabinets $31,235.51 Masonry $5,300.00 Construction $1,000.00 Concrete $1,300.00 Doors - Hardware $175.00 Electrical $12,004.95 Engineering Fees $6,600.00 Finishes $1,849.36 HVAC $96.00 Mailboxes $261.03 Materials $16.97 Design - Architect Fees $87,529.92 Plumbing $18,270.24 Windows $385.00 Work in Process Other $24,142.96 Work in Progress $2,234,776.77 Electrical Service $24,751.42 TI $215,502.00 TOTAL $2,717,151.89 UNIT UNIT TYPE FLOOR SF BASE RENT PER RENT PER SF LAUNDRY MARKET MARKET RENT/SF MONTH 201 1 BED / 1 BATH 513 $1,850.00 $3.61 In-Unit $1,950.00 202 1 BED / 1 BATH 600 $1,925.00 $3.21 In-Unit $2,025.00 203 1 BED / 1 BATH 560 $1,900.00 $3.39 In-Unit $1950.00 204 1 BED / 1 BATH 526 $1,900.00 $3.61 In-Unit $1,950.00 205 1 BED / 1 BATH 504 $1,850.00 $3.67 In-Unit $1,900.00 206 1 BED / 1 BATH 670 $1,850.00 $2.76 In-Unit $1,900.00 301 1 BED / 1 BATH 513 $2,050.00 $4.00 In-Unit $2,150.00 302 1 BED / 1 BATH 600 $2,100.00 $3.50 In-Unit $2,150.00 303 1 BED / 1 BATH 560 $1,900.00 $3.39 In-Unit $2,050.00 304 1 BED / 1 BATH 526 $1,900.00 $3.61 In-Unit $1,950.00 305 1 BED / 1 BATH 504 $2,075.00 $4.12 In-Unit $2,125.00 306 1 BED / 1 BATH 670 $2,000.00 $2.99 In-Unit $2,050.00 401 1 BED / 1 BATH 513 $1,850.00 $3.61 In-Unit $1,975.00 402 1 BED / 1 BATH 600 $1,925.00 $3.21 In-Unit $1,975.00 403 1 BED / 1 BATH 560 $1,600.00 $2.86 In-Unit $1,950.00 404 1 BED / 1 BATH 526 $1,700.00 $3.23 In-Unit $1,950.00 405 1 BED / 1 BATH 504 $1,850.00 $3.67 In-Unit $1,950.00 406 1 BED / 1 BATH 670 $1,900.00 $2.84 In-Unit $2,050.00 Retail BAR KUMIKO 3,530 $5,000.83 $17.00 $11,766.67 $40.00 Retail OLD TOWN 1,430 $4,045.57 $33.95 $4,528.33 $38.00 Retail ROTI 3,000 $6,750.00 $27.00 $9,500.00 $38.00 Retail MED SPA 2,379 $6,344.00 $32.00 $7,533.50 $38.00 Retail NAIL SALON 2,379 $6,344.00 $32.00 $7,533.50 $38.00 Billboard TOTAL OUTDOOR $1680.54 $2,000.00 Parking PARKING $600.00 $650.00 TOTAL 22,837 $64,889.94 $79,512.00 Tenant Highlights Rōti Rōti Modern Mediterranean, the Chicago based, fast-casual Mediterranean brand with 34 locations is among the fastest growing restaurants in its category. Roti offers a highly customizable, “build your own” style menu. Customers at Roti move down the line topping salads, wraps or rice plates with shawarma (simply labeled chicken, steak or salmon), hummus, couscous, eggplant, olives, feta cheese, tahini or five other sauces. The high standards of food Roti has always promised and delivered remain the same, now served in a new, modern atmosphere. Kumiko Chicago’s most anticipated cocktail bar inches closer and closer to opening. Young Gun Julia Momose will showcase her skills at an intimate, Japanese-inspired spot in the city’s hottest neighborhood — West Loop. In addition to roughly a dozen a la carte concoctions, guests can also let the bartenders dictate the experience by indulging in the omakase menu. It won’t all be about alcohol, though, as Momose plans to have a spirit-free selection of drinks as well. Rounding out Kumiko’s team are Noah and Cara Sandoval of Oriole, who will create complementary bites and run the front of house. Old Town Barbershop OTB is a family run business with 22 years of experience in the industry. Through observation and experience, they know the current styles, share experience in past trends and want their clients to feel good about the way they look today. Old Town offers a detailed cut at a reasonable rate that allows clients the flexibility to come back more often than they may have in the past.
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