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. He has also written articles published in Chicago Realtor Magazine.
His extensive real estate background includes:
Award Winning Brokerage Results; Mr. Tsakiris has earned numerous sales awards including: CoStar Power Broker, Top Multi-family Sales, Top Investment Sales, Top Retail Leasing by the Chicago Association of Realtors. He has also been recognized in the Wall Street Journ-Development of Retail and Medical facilities both locally and abroad.
The Acquisition and management of B class MF and Retail properties in the US and Abroad. Acquisition and Turn-Around of under-performing retail properties Acquisition and Rehab of over 1,500 decimated apartment units, resulting in 6 Good Neighbor Awards; an award given to projects that have the greatest positive impact on a community.
Receivership and REO Advisory to a wide range of debt investors from local community banks to large institutional clients.
Prior to founding First Western Properties, Mr. Tsakiris worked as a Sales Associate with Hallmark and Johnson.
EDUCATION Mr. Tsakiris holds a Master’s degree from Thunderbird, The Garvin School of International Business (U.S. News #1 ranked international business school). He also holds undergraduate degrees in Economics and International Business.
MEMBERSHIPS Mr. Tsakiris belongs to a number of real estate and community organizations including: Board member of Chicago’s Sister Cities- Athens Committee, Commercial Forum, ICSC, Chicago Real Estate Council, Commercial Roundtable, Chicago Association of Realtors and the Chicago Restaurant Brokers Association. First Western Properties, Inc 1205 W. Adams Chicago, IL 60607
19