2708 N. California Mixed-Used Property
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2708 N. CALIFORNIA MIXED-USED PROPERTY Strong Cash Flow Property In Appreciating Area! Priced to sell! Great place to live-work! MULTIFAMILY INVESTMENT OPPORTUNITY CONTENTS CONFIDENTIALITY & DISCLAIMER PROPERTY INFORMATION 3 The information contained herein is proprietary and confidential. It is intended only for the use of the party receiving it from First Western Properties, Inc. and is LOCATION INFORMATION 8 not to be duplicated or distributed to any other party without the written approval of First Western Properties, Inc. FINANCIAL ANALYSIS 12 The purpose of this analysis is to provide summary information to prospective DEMOGRAPHICS 16 investors and to establish a preliminary level of interest in the property. THE INFORMATION IS NOT A SUBSTITUTE FOR A THOROUGH DUE DILIGENCE ADVISOR BIOS 18 INVESTIGATION BY THE PROSPECTIVE INVESTOR. Although the information contained herein has been secured by sources believed to be reliable, First Western Properties, Inc. makes NO REPRESENTATION OF WARRANTY, EXPRESS OF IMPLIED, AS TO THE ACCURACY OF THE INFORMATION, including but not limited to number of legal units, income and expenses of the property; projected financial performance of the property; size and square footage of the property; presence or absence of contaminating substances, lead, PCB’s or asbestos; compliance with the Americans with Disabilities Act; physical condition or age of the property or improvements’ suitability for a prospective investors’ intended us; or financial PRESENTED BY condition of occupancy plans of tenant. First Western Properties, Inc. has not conducted an investigation for verified the information. ALL POTENTIAL INVESTORS ARE RESPONSIBLE TO TAKE APPROPRIATE STEPS TO VERIFY ALL INFORMATION SET FORTH HEREIN AND CONDUCT THEIR OWN THOROUGH DE DILIGENCE BEFORE PURCHASING THE PROPERTY. Potential investors assume all risk for any inaccuracies or inconsistencies. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE ALLOW 24-48 HOUR NOTICE IN SCHEUDLING YOUR SHOWING. PRESENTED BY: PAUL TSAKIRIS President O: 773.355.4780 E: [email protected] CHRISTOS TZANIS O: 708.669.3506 C: 312.678.7741 E: [email protected] Investment Sales This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. Photos herein are the property of their respective owners and use of these images without the express written content of the owner is prohibited. 1 PROPERTY INFORMATION Executive Summary Property Description Property Details Complete Highlights 1 PROPERTY INFORMATION 2708 N. CALIFORNIA MIXED-USED PROPERTY | 3 UNITS | CHICAGO , IL 2708 N. Californai | Chicago , IL 60647 › For Sale |$639,000 OFFERING SUMMARY PROPERTY OVERVIEW Sale Price: $639,000 Ideal mixed-use live/work and/or investment property in Chicago's Logan Square neighborhood. Fully rehabbed in 2016, this exceptional property offers an extra-wide Building Size: 3,600 SF lot with an office/retail storefront on the 1st floor 2 large apartments on the second Available SF: floor, and one studio unit in the garden/basement area. Lot Size: 0.09 Acres PROPERTY HIGHLIGHTS Number of Units: 3 Strong Cash Flow Property In Appreciating Area! Price / SF: $177.50 Priced to sell! Cap Rate: 6.53% Great place to live-work! NOI: $41,720 1 block from I90/94 makes for a great commute! Near high traffic intersection of Year Built: 1904 Diversey and California Renovated: 2016 Commercial Garage - Room for Two-to-Three Tandem Spaces Zoning: B1-2 or B1-1 30 X 131 Lot - B1-2 Zoning Market: Chicago Submarket: City - North 4 1 PROPERTY INFORMATION 2708 N. CALIFORNIA MIXED-USED PROPERTY | 3 UNITS | CHICAGO , IL 2708 N. Californai | Chicago , IL 60647 › For Sale |$639,000 PROPERTY DESCRIPTION Ideal mixed-use live/work and/or investment property in Chicago's Logan Square neighborhood. Fully rehabbed in 2016, this exceptional property offers an extra-wide lot with an office/retail storefront on the 1st floor 2 large apartments on the second floor, and one studio unit in the garden/basement area. LOCATION DESCRIPTION Located 1 block from I90/94 Expressway and high traffic California/Diversey intersection. 5 1 PROPERTY INFORMATION 2708 N. CALIFORNIA MIXED-USED PROPERTY | 3 UNITS | CHICAGO , IL 2708 N. Californai | Chicago , IL 60647 › For Sale |$639,000 PROPERTY INFORMATION Sale Price $639,000 Property Type Mixed-Use LOCATION INFORMATION Property Subtype High-Rise Zoning B1-2 or B1-1 Building Name 2708 N. California Mixed-Used Property Lot Size 0.09 Acres Street Address 2708 N. Californai City, State, Zip Chicago , IL 60647 PARKING & TRANSPORTATION County Cook Street Parking Yes Market Chicago Garage 2 or 3 Tandem Sub-market City - North Cross-Streets California / Diversey UTILITIES & AMENITIES Handicap Access Yes BUILDING INFORMATION Retail has full bathroom & Restrooms Building Size 3,600 SF Kitchen NOI $41,720.00 Power All Separate Cap Rate 6.53 Occupancy % 100.0% Tenancy Multiple Ceiling Height 10 ft Number of Floors 3 Average Floor Size 1,800 SF Year Built 1904 Year Last Renovated 2016 Free Standing No 6 1 PROPERTY INFORMATION 2708 N. CALIFORNIA MIXED-USED PROPERTY | 3 UNITS | CHICAGO , IL 2708 N. Californai | Chicago , IL 60647 › For Sale |$639,000 LOCATION INFORMATION 2708 N. California Mixed-Used Building Name Property Street Address 2708 N. Californai City, State, Zip Chicago , IL 60647 County Cook Market Chicago Sub-market City - North Cross-Streets California / Diversey Signal Intersection No BUILDING INFORMATION NOI $41,720.00 Cap Rate 6.53 Occupancy % 100.0% Tenancy Multiple Ceiling Height 10 ft Number of Floors 3 Average Floor Size 1,800 SF Year Built 1904 Year Last Renovated 2016 Free Standing No PROPERTY HIGHLIGHTS Strong Cash Flow Property In Appreciating Area! Priced to sell! Great place to live-work! 1 block from I90/94 makes for a great commute! Near high traffic intersection of Diversey and California 30 X 131 Lot - B1-2 Zoning 7 2 LOCATION INFORMATION Regional Map Location Map Aerial Map 2 LOCATION INFORMATION 2708 N. CALIFORNIA MIXED-USED PROPERTY | 3 UNITS | CHICAGO , IL 2708 N. Californai | Chicago , IL 60647 › For Sale |$639,000 Chicago , IL 9 2 LOCATION INFORMATION 2708 N. CALIFORNIA MIXED-USED PROPERTY | 3 UNITS | CHICAGO , IL 2708 N. Californai | Chicago , IL 60647 › For Sale |$639,000 10 2 LOCATION INFORMATION 2708 N. CALIFORNIA MIXED-USED PROPERTY | 3 UNITS | CHICAGO , IL 2708 N. Californai | Chicago , IL 60647 › For Sale |$639,000 11 3 FINANCIAL ANALYSIS Financial Summary Income & Expenses Rent Roll 3 FINANCIAL ANALYSIS 2708 N. CALIFORNIA MIXED-USED PROPERTY | 3 UNITS | CHICAGO , IL 2708 N. Californai | Chicago , IL 60647 › For Sale |$639,000 INVESTMENT OVERVIEW Price $639,000 Price per Unit $213,000 GRM - CAP Rate 6.5% Cash-on-Cash Return (yr 1) 7.99 % Total Return (yr 1) $22,855 Debt Coverage Ratio 1.58 OPERATING DATA Gross Scheduled Income - Other Income - Total Scheduled Income $58,260 Vacancy Cost - Gross Income $58,260 Operating Expenses $16,540 Net Operating Income $41,720 Pre-Tax Cash Flow $15,315 FINANCING DATA Down Payment $191,700 Loan Amount $447,300 Debt Service $26,405 Debt Service Monthly $2,200 Principal Reduction (yr 1) $7,540 13 3 FINANCIAL ANALYSIS 2708 N. CALIFORNIA MIXED-USED PROPERTY | 3 UNITS | CHICAGO , IL 2708 N. Californai | Chicago , IL 60647 › For Sale |$639,000 INCOME SUMMARY PER SF Retail $17,520 $4.87 Apt 1 $19,560 $5.43 Apt 2 $16,380 $4.55 Sign $4,800 $1.33 Gross Income $58,260 $16.18 EXPENSE SUMMARY PER SF Taxes $12,900 $3.58 Property Insurance $2,800 $0.78 Water/Sewer $840 $0.23 Gross Expenses $16,540 $4.59 Net Operating Income $41,720 $11.59 14 3 FINANCIAL ANALYSIS 2708 N. CALIFORNIA MIXED-USED PROPERTY | 3 UNITS | CHICAGO , IL 2708 N. Californai | Chicago , IL 60647 › For Sale |$639,000 UNIT UNIT LEASE LEASE NUMBER BEDS BATHS SIZE (SF) RENT MARKET RENT RENT/SF SECURITY DEPOSIT START END Retail 0 1 1,850 $1,460 $1,800 Apt 1 2 1 1,100 $1,630 $1,800 Apt 1 1 950 $1,365 $1,550 Garage 0 0 2,000 $0 $500 Sign 0 0 0 $400 $400 Totals/ 5,900 $4,855 6,050 0.82 $0 Averages 15 4 DEMOGRAPHICS Demographics Map & Report 4 DEMOGRAPHICS 2708 N. CALIFORNIA MIXED-USED PROPERTY | 3 UNITS | CHICAGO , IL 2708 N. Californai | Chicago , IL 60647 › For Sale |$639,000 POPULATION 0.5 MILES 1 MILE 1.5 MILES Total Population 14,607 56,593 139,892 Average age 32.1 31.8 31.8 Average age (Male) 32.1 32.3 32.2 Average age (Female) 32.5 31.6 31.8 HOUSEHOLDS & INCOME 0.5 MILES 1 MILE 1.5 MILES Total households 5,929 22,747 54,426 # of persons per HH 2.5 2.5 2.6 Average HH income $70,369 $65,403 $72,701 Average house value $456,851 $414,772 $437,596 * Demographic data derived from 2010 US Census 17 5 ADVISOR BIOS Advisor Bio 1 5 ADVISOR BIOS 2708 N. CALIFORNIA MIXED-USED PROPERTY | 3 UNITS | CHICAGO , IL 2708 N. Californai | Chicago , IL 60647 › For Sale |$639,000 PAUL TSAKIRIS President [email protected] Direct: 773.355.4780 PROFESSIONAL BACKGROUND Paul Tsakiris founded First Western Properties, Inc. in 1999 and is a leading figure in Chicago’s real estate community. Mr. Tsakiris has appeared as an expert guest on Stock Market Observer, the Chicago Real Estate Council and is frequently quoted in publications such as the Chicago Tribune, Chicago Sun Times, as well as Crain's Chicago Business.