OFFERING MEMORANDUM 1744-1754 W. ADDISON ST. LAKEVIEW
Zach Pruitt Nicholas Schaefer Managing Broker, Principal Vice President 312.766.4289 312.766.4285 [email protected] [email protected] 1744-1754 W. ADDISON ST.
PROPERTY SUMMARY
Cawley Chicago is pleased to present a unique opportunity to purchase a hard corner along the heavy trafficked Addison street in Chicago’s Lakeview neighborhood. The site is less than 350 ft to the CTA Addison Brown Line station giving this site the potential for a Transit Oriented Development.
This three property portfolio offers in-place lease income on a short term basis. Additionally, there is the opportunity to retain future tenancy for a new development, and have a secured lease as an anchor tenant within a future project.
The site has close proximity to everyday amenities including Trader Joes, Whole Foods, XSport Fitness, Starbucks, public transit, schools and much more. And the property is only 0.8 miles from Wrigley Field or less than a 20 minute walk. Located steps from the CTA Addison Brown Line gives direct access to Chicago’s neighborhoods including Lincoln Square, Southport, Depaul, Old Town, and River North and during Rush hour periods trains arrive every 3-6 minutes with direct access to Chicago’s Loop.
With favorable in-place zoning, strong demographics and the potential to take advantage of City’s TOD parameters, 1744-1754 W Addison St & 3609 N Ravenswood Ave, offers a development opportunity like no other in the Lakeview community.
In preparation of this offering, Cawley Chicago has utilized third party architectural, design, as well as legal opinion of local real estate & zoning law firms, to provide additional information and analysis of 1744-1754 W Addison St. This additional information and respective contacts will be provided upon request. 1744-1754 W. ADDISON ST.
OPPORTUNITY OVERVIEW
Address: 1744 W. Addison St. 1754 W. Addison St. 3609 N. Ravenswood Ave. Site Size: 15,563 SF Existing Infrastructure: 1744 W Addison St: 1,600 Sq.Ft. 1754 W Addison St: 2,785 Sq.Ft 3609 N Ravenswood Ave: 6,900 Sq.Ft Lot Dimensions: 124.50’ x 125’ Frontage: 124.50’ Addison; 125’ Ravenswood Zoning: C1-2; RS-3 2018 Taxes: $52,257.57 TOD Qualifications: < 350’ to CTA Addison Station Ward: 47th Ward, Ald. Matt Martin Community: Lakeview Neighborhood: Lakeview Enterprise Zone: 4 TIF: Planning Region NORTH Schools: Elementary Neighborhood: Hamilton (K-8) Charter: ACERO Schools - Carlos Fuentes Campus (K-8) Charter: AHS - Passages (K-8) Magnet: Disney Magnet School (PK-8) Hawthorne Scholastic Academy (K-8) Inter-American Magnet School (PK-8) Private: St. Andrew School (Pre-K - 8) High School Neighborhood: Lake View HS Magnet: Alcott HS Magnet: Devry HS Community Group: West Lakeview Neighbors 125.00’ 124.50’ 124.50’ ADDISON ST ADDISON 125.00’
RAVENSWOOD AVE PROPERTY SURVEY
FIELD WORK DATE: 8/5/2019 REVISION DATES: (REV.0 8/8/2019)
ALLEY (16' R/W)
0.07'
0.6' ON 3.78' LOT 25, 26, 27, 28 (EXCEPT THE NORTH 50 FEET OF 3.76' FND. CROSS FND. PK NAIL LEGEND SURVEYOR’S SAID LOTS TAKEN AS A TRACT) IN BLOCK 2 IN L2 2.00' N 2.00' W X X X SUBDIVISION OF BLOCK 25 IN THE SUBDIVISION OF METAL GUARD 30.67' RAIL X PROPERTY ADDRESS SURVEY NUMBER 1907.5600 SECTION 19, TOWNSHIP 40 NORTH, RANGE 14 EAST 18.18'
OF THE THIRD PRINCIPAL MERIDIAN (EXCEPT THE SOUTH X 0.2' ON
3609 N RAVENSWOOD AVENUE, 1746 W ADDISON, 1744 W ADDISON, CHICAGO, ILLINOIS 60613 X FRAME 20.62'
21.96' WEST QUARTER OF THE NORTH EAST QUARTER 21.08' GAR.
20.13'
20.16'
THEREOF AND THE SOUTH EAST QUARTER OF THE 10.64' DECK 2.02' X NORTH WEST QUARTER THEREOF AND THE EAST HALF 1.25' 57.14' 18.18' METAL FENCE X C/P
OF THE SOUTH EAST QUARTER THEREOF IN COOK 0.16' 2.5 STORY COUNTY, ILLINOIS. AND THE NORTH 50 FEET OF LOTS GV BRICK, FRAME & STUCCO LOT 25, 26, 27, 28 (EXCEPT THE NORTH 50 FEET OF MIXED-USE BLDG. X 24.95' 24.18' #3609
SAID LOTS TAKEN AS A TRACT) IN BLOCK 2 IN DECK
C.L.F. SUBDIVISION OF BLOCK 25 IN THE SUBDIVISION OF 10.86' X SEWER 0.18' SPIGOT 1.25' 85.71' EUB GOOGLE MAP SECTION 19, TOWNSHIP 40 NORTH, RANGE 14 EAST CO SEWER PROPERTY PICTURE L1 6.94' X // OF THE THIRD PRINCIPAL MERIDIAN (EXCEPT THE SOUTH X 90.69' C/P CO
WEST QUARTER OF THE NORTH EAST QUARTER EUB EUB GV X
THEREOF AND THE SOUTH EAST QUARTER OF THE X SEWER 1 STORY ACCESS 0.3' ON
NORTH WEST QUARTER THEREOF AND THE EAST HALF BRICK, FRAME, C.L.F. DATE: CONDUIT
08/08/19 BLOCK & STUCCO RES. X 24.96' OF THE SOUTH EAST QUARTER THEREOF IN COOK MAIN POWER BLDG. 0.03' E
TELECOM N.I.D. #3609 TELECOM N.I.D. BUYER: COUNTY, ILLINOIS. AND LOT 24 IN BLOCK 2 IN C/P SUBDIVISION OF BLOCK 25 IN THE SUBDIVISION OF // 76.75' 20.63' SELLER: BLDG. 0.05' E SECTION 19, TOWNSHIP 40 NORTH, RANGE 14 EAST 6.84' CERTIFIED TO: OF THE THIRD PRINCIPAL MERIDIAN (EXCEPT THE SOUTH 3 STORY
61.49' BRICK . WEST QUARTER OF THE NORTH EAST QUARTER SPIGOT
TRANSACTION APT BLDG #1742 THEREOF AND THE SOUTH EAST QUARTER OF THE O.H. CANOPY RES. NORTH WEST QUARTER THEREOF AND THE EAST HALF STRUCTURE 40.75' FRAME 40.71' #3609 BLDG. 0.02' E 36.40' 2.5 STORY OF THE SOUTH EAST QUARTER THEREOF IN COOK 125.00' (R) LOT 25, 26, 27, 28 (EXCEPT THE NORTH 50 FEET OF SAID LOTS TAKEN AS A TRACT) IN BLOCK 2 IN SUBDIVISION OF BLOCK 25 IN THE SUBDIVISION OF SECTION 19, TOWNSHIP 40 NORTH, RANGE 14 EAST OF THE THIRD PRINCIPAL MERIDIAN (EXCEPT THE SOUTH WEST QUARTER OF THE NORTH EAST QUARTER THEREOF AND THE SOUTH EAST QUARTER OF THE NORTH WEST QUARTER THEREOF AND THE EAST HALF OF THE SOUTH EAST QUARTER THEREOF IN COOK COUNTY, ILLINOIS. COUNTY, ILLINOIS. 48.66' //
AND 0.07' BLDG. 0.01' E N 0°06'17" E 125.03' (M) 8.30' 5.80' 20.61' THEE NORTH 50 FEET OF LOTS LOT 25, 26, 27, 28 (EXCEPT THE NORTH 50 FEET OF SAID LOTS TAKEN AS A TRACT) IN BLOCK 2 IN SUBDIVISION OF BLOCK 25 IN THE SUBDIVISION OF SECTION 19, TOWNSHIP 40 NORTH, RANGE 14 EAST OF THE THIRD PRINCIPAL MERIDIAN (EXCEPT THE SOUTH WEST QUARTER OF THE NORTH EAST QUARTER THEREOF AND THE SOUTH EAST QUARTER OF THE NORTH WEST QUARTER THEREOF AND THE EAST HALF OF THE SOUTH EAST QUARTER THEREOF IN COOK C/P COUNTY, ILLINOIS. TABLE: GAS VALVE
AND L1 125.00' (R) 12.53'
11.46' ELEC. //
S 0°04'02" W 124.94' (M) M/H // 11.39' LOT 24 IN BLOCK 2 IN SUBDIVISION OF BLOCK 25 IN THE SUBDIVISION OF SECTION 19, TOWNSHIP 40 NORTH, RANGE 14 EAST OF THE THIRD PRINCIPAL MERIDIAN (EXCEPT LEGAL DESCRIPTION THE SOUTH WEST QUARTER OF THE NORTH EAST QUARTER THEREOF AND THE SOUTH EAST QUARTER OF THE NORTH WEST QUARTER THEREOF AND THE EAST HALF OF N 89°42'15" W 124.50' (R&M) GV THE SOUTH EAST QUARTER THEREOF IN COOK COUNTY, ILLINOIS. L2 124.50' (R) FND. CROSS SET CROSS S 89°39'39" E 124.42' (M) 2.00' W WM WV 2.00' S 2.00' S NONE VISIBLE
0.2' ON
0.4' OFF (TYP.)
40.0' A . STREET LIGHT H KE ET N TO: , N N E THIS IS TO CERTIFY THAT THIS MAP OR PLAT AND THE SURVEY N POINTS OF INTEREST POINTS 035-003403 D E ON WHICH IT IS BASED WERE MADE IN ACCORDANCE WITH THE Y 2016 MINIMUM STANDARD DETAIL REQUIREMENTS FOR K PROFESSIONAL ALTA/NSPS LAND TITLE SURVEYS, JOINTLY ESTABLISHED AND LAND SURVEYOR ADOPTED BY ALTA AND NSPS, AND INCLUDES ITEMS 1, 2, 4, TOTAL AREA OF PROPERTY SURVEYED = 15555 SQ.FT.± 7A, 8, 11A, & 20 OF TABLE A THEREOF. THE FIELDWORK WAS MORRIS, IL COMPLETED ON AUGUST 5, 2019 DATED THIS 8th DAY OF S T S AUGUST 2019. A I T E NO OF I L L I ILLINOIS PROFESSIONAL LAND SURVEYOR NO. 3403 N
FLOOD INFORMATION FLOOD LICENSE EXPIRES 11/30/2020 PROFESSIONAL DESIGN FIRM 184008059-0008 NOTE: THIS SURVEY WAS PREPARED WITHOUT BEING PROVIDED A TITLE INSURANCE COMMITMENT OR POLICY JOB SPECIFIC SURVEYOR NOTES JOB SPECIFIC SURVEYOR
1. The legal description used to perform this survey was supplied by others. The survey does not determine or imply ownership. 2. This survey only shows improvements found above ground. Underground footings, utilities, and encroachments are not located on this survey map. 3. If there is a septic tank, well or drain eld on this survey, the location of such items was shown to us by others and are not veri ed. 4. This survey is exclusively for the use of the parties to whom it is certi ed. 5. Any additions or deletions to this 1-page survey document are strictly prohibited. 6. Dimensions are in feet and decimals thereof. 7. Due to varying construction standards, house dimensions are approximate. 8. Any FEMA ood zone data contained in this survey is for informational purposes only. Research to obtain such data was performed at www.fema.gov. 9. All pins marked as set are 5/8 diameter, 18” iron rebar. 10. Unless speci cally stated otherwise, an examination of the abstract of title was not performed by the signing surveyor to determine which instruments, if any, are a ecting this property. 11. Points of Interest (POI’s) are selected above-ground improvements which may be in con ict with boundary, building setback, or easement lines, as de ned by the parameters of this survey. There may be additional POI’s which are not shown, not called-out as POI’s, or which are otherwise unknown to the surveyor. These POI’s may not represent all items of interest to the viewer.
THANKS TO THANKS 12. Utilities shown on the subject property may or may not indicate the existence of recorded or unrecorded utility easements. LB# 184008059 13. The information contained in this survey has been performed exclusively and is the sole responsibility of Exacta Land Surveyors, LLC. Additional logo or references to third party rms are for informational purposes only. PERFORMED BY 14. House measurements should not be used for new construction or planning. Measurements should be veri ed prior to such activity. 316 East Jackson Street, Morris, IL 60450 15. Surveyor bearings are used for angular reference and are used to show angular relationships of lines only and are not related or orientated to true or magnetic north. Bearings are shown as surveyor bearings, and when shown as matching those on the subdivision plats on which this survey is based, they are to be deemed no more accurate as the determination of a north orientation made on and for those original subdivision plats. North 0 degrees east is assumed and upon preparation of this plat, the resulting bearing between found points as shown on this survey is the basis of said surveyor bearings as de ned and required to be noted by Illinois Administrative Code Title 68, Chapter Phone: 773.305.4011 GENERAL SURVEYOR NOTES GENERAL SURVEYOR VII, Sub-Chapter B, Part 1270, Section 1270.56, Paragraph B, Sub-Paragraph 6, Item k. 3609 N. RAVENSWOOD AVE. PIN: 14-19-229-043-0000 Land SF: 5,000 SF SITE ANALYSIS Building SF: Approx. 6,900 SF Surface Lot: Approx 1,350 SF Construction: Wood Frame Stories: 3 Age: 1893 Lot Dimensions: 50’ x 100’ Frontage: 50’ Ravenswood Zoning: C1-2 2018 Taxes: $16,361.05 Property Classification: 2-11 Apartment building with 2-6 units, any age Building Tenants: Playful Pets Playtime
1754 W. ADDISON ST. PIN: 14-19-229-044-0000 Land SF: 7,500 SF Building SF: 2,785 SF 1744 W. ADDISON ST. Surface Lot: Approx 3,265 SF PIN: 14-19-229-039-0000 Construction: Masonry Land SF: 3,063 SF Stories: 1 Building SF: 1,600 SF Age: 1962 Construction: Wood Frame Lot Dimensions: 75 x 100 Stories: 2 Frontage: 100’ Addison / Age: 1897 75’ Ravenswood Lot Dimensions: 24.5 x 125 Zoning: C1-2 Frontage: 24.5’ Addison 2018 Taxes: $26,377.93 Zoning: RS-3 Property Classification: 5-17 One Story 2018 Taxes: $9,518.59 Commercial Building Property Classification: 2-11 Apartment building Building Tenants: Athletico Physical with 2-6 units, any age Therapy, Café Orchid Building Tenants: Two (2) Residential Units 3609 N. Ravenswood Ave. Tenant Playful Pets Playtime TENANT Square Feet Occupied 6,900 Annual Base Rent $55,660.00 Rent/SF $8.36 OVERVIEW Rental Rate Structure Gross Lease CommencementDETAILS TO12/12/2012 BE PROVIDED Lease Expiration DateUPON6/30/2021 REQUEST Utilities Tenant Pays Gas, Electric, Communication Options None
1754 W. Addison St. 1744 W. Addison St. Tenant Accelerated Health Systems (Athletico) Tenant Apartment Tenant Square Feet Occupied 1,400 Unit Occupied Apt #1 Annual Base Rent $72,000.00 Monthly Rent $1,100.00 Rent/SF $51.43 Annual Rent $13,200.00 Rental RateDETAILS Structure TOGross BE PROVIDED Rental RateDETAILS Structure TOGross BE PROVIDED Lease Commencement 4/17/2012 Lease Commencement 11/1/2018 Lease Expiration DateUPON6/30/2021 REQUEST Lease Expiration DateUPON6/30/2021 REQUEST Utilities Tenant Pays Gas, Electric, Communication Utilities Tenant Pays Gas, Electric, Communication Options None Options None
1754 W. Addison St. 1744 W. Addison St. Tenant Café Orchid Tenant Apartment Tenant Square Feet Occupied 1,500 Unit Occupied Apt #2 Annual Base Rent $54,904.56 Monthly Rent Vacant Rent/SF $36.60 Annual Rent N/A Rental RateDETAILS Structure TOGross BE PROVIDED Rental RateDETAILS Structure TON/A BE PROVIDED Lease Commencement 6/30/2014 Lease Commencement N/A Lease Expiration DateUPONM-T-M REQUEST Lease Expiration DateUPONN/A REQUEST Utilities Tenant Pays Gas, Electric, Communication Utilities N/A Options None Options N/A 10,450 VPD N RAVENSWOOD AVE
N LINCOLN AVE
Brown Line 2,580 Avg. Daily Weekday <350’
W ADDISON ST 17,100 VPD
152 Bus 9,942 Avg. Daily Weekday LINCOLN AVE
ADDISON ST
RAVENSWOOD AVE WRIGLEYVILLE
LAKEVIEW
ROSCOE VILLAGE NORTH CENTER ZONING ANALYSIS
AS-OF-RIGHT TOD 1754 W Addison St & 1744 W Addison St 3609 N Ravenswood Ave ZONING SUMMARY & Zoning Classification: C1-2 RS-3 B/C - 3 Neighborhood Business Neighborhood Business General Description: Residential Single Unit & Commercial & Commercial BUILDABLE ANALYSIS Lot Size (Sq. Ft.) 12,500 Sq. Ft. 3,063 Sq. Ft. 15,563 Sq. Ft Floor to Area Ratio (FAR): 2.2 0.9 3.5 Maximum Area allowed per 27,500 Sq. Ft 2,756 Sq. Ft. 54,470 Sq. Ft. FAR (Sq. Ft. * FAR) Minimum Required 20% of Lot Area 12,500 20% of Lot Area 15,563 Commercial Ground Floor NA SF SF Area (Sq. Ft.) ZONING SUMMARY (AS-OF-RIGHT) Residential Allowed Above Ground Floor Yes Above Ground Floor Minimum Lot Area Per Unit The “C” (Commercial) districts are intended to accommodate retail, service and commercial uses and to ensure Dwelling 1,000 Sq. Ft. 2,500 Sq. Ft. 300 Sq. Ft that business and commercial-zoned areas are compatible with the character of existing neighborhoods. Efficiency 700 Sq. Ft. 200 Sq. Ft Does not apply for The primary purpose of the C1, Neighborhood Commercial district is to accommodate a very broad range of Maximum Number of small-scale, business, service and commercial uses. C1 zoning is distinguished from B1 zoning by the range 20% of Total Units projects within 660' of a Zoning and Land UseEfficiency Map Units of use types allowed: C1 permits more intensive, more auto-oriented commercial use types than does B1. Department of Planning and Development CTA Rail Station Entrance Max Potential Units 12 units 1 Unit 51 units The C1 district permits residential dwelling units above the ground floor, and it is generally intended to be applied in compact nodes, at the intersection of two or more major streets, or in a cohesive linear fashion Maximum Building Height 50' 30' 75' along streets. Off Street Parking 50% Reduction of 50%-100% Reduction of 1:1 Ratio Requirement Required 1:1 Ratio Required 1:1 Ratio
1744 W. ADDISON ST.
City of Chicago::Zoning Website https://gisapps.chicago.gov/ZoningMapWeb/?liab=1&conÞg=zoning
Zoning and Land Use Map Department of Planning and Development
1 of 1 11/3/20, 11:58 AM TRANSIT-ORIENTED DEVELOPMENT
SUMMARY Established in 2013, with Amendment 9304 introduced by Chicago Mayor Rahm Emanuel to City Council and passed by Committee of Zoning, Landmarks and Building Standards, January 23, 2019, the Transit-Oriented Development (TOD) Zoning Code has been expanded to certain streets with bus service frequencies and ridership comparable to rail line.
TOD INITIATIVES • Development around Chicago's transit assets • Reduce carbon footprint, and household costs associated with car ownership < 350’ • Increase access to public transportation • Promote development and affordability in communities
TOD REQUIREMENTS • Location within 1,320' of a CTA, Metra or certain CTA bus line corridor stops, or within 2,640' of a CTA, Metra or certain CTA bus line corridor stops along a "pedestrian street" / "pedestrian retail street."
BENEFITS FOR QUALIFIED TOD PROJECTS • Minimum Lot Area (MLA) Reduction • Floor to Ratio (FAR) Increased to 3.5 • Increase in Building Height • Reduction of required off-street parking ratios up to 50% • As much as 100% of required off-street parking may be reduced for residential uses with approval as special use • Minimum off-street parking ratios for non-residential uses may be reduced by 50% to 100% • Limits on efficiency units do not apply to TOD projects within 660' of station or stop LAKEVIEW STATS & TRENDS
One of the most sought after communities in the Chicago region, Lakeview is home of the Chicago Cubs, and Wrigley Field. Located just minutes from downtown and bordering Lake Michigan, the Lakeview RESIDENTIAL STATISTICS (SUMMER 2019) Community area is comprised of some of Chicago’s most sought after neighborhoods: Wrigleyville, North Halsted, Lake View East, West Lakeview. The western portion of Lakeview is served by three thriving business “7% rise year-over-year in Median sales price” - Trulia & retail corridors: Southport Corridor, Lincoln Hub & Paulina Station District. Here, vibrant streets are home to some of Chicago’s best shopping, dining and culture. With four CTA stations within one mile, this portion of Lakeview is conveniently connected to all areas of the city with easily-accessible public transportation. Residential Trends (April 2019) “Anchored by a beautiful stretch of shoreline to the east and dotted with train stops from two ‘L’ lines, Lakeview is one of Chicago’s liveliest and most accessible neighborhoods. Several distinct areas — East Lakeview, Central Lakeview, Boystown and Wrigleyville — meld together to form a lakefront MEDIAN SALES PRICE community that celebrates diversity and boasts something for every type of visitor.” - ChooseChicago $466,500 (Lakeview) $883,500 (Lakeview West)
“Lakeview is an ideal neighborhood for those who work Downtown, providing quick and easy commutes without the big-city price tag. While you can still find luxury housing, compared to its neighbors Lincoln Park and Roscoe Village, Lakeview is generally a little more budget-friendly, especially if you are willing MEDIAN PRICE PER SQ.FT. to live on the outskirts of the neighborhood.” - Neighborhoods.Com $447 p/Sq.Ft. (Lakeview) $457 p/Sq.Ft. (Lakeview West)
Walk Score Lakeview is a Walker’s Paradise MEDIAN RENT 91 Daily errands do not require a car. $3,100 per Month $1,495 per Month (1-Bed)
Transit Score Lakeview has Excellent Transit Lakeview has excellent public transportation and about 16 bus and 3 subway lines passing 79 through it. Crime Grade Bike Score Lakeview is Very Bikeable (1754 West Addison Street compared to all of Chicago) 88 Biking is convenient for most trips. Lowest crime area Safest 25% of neighborhoods Eating & Drinking A There are about 740 restaurants, bars and coffee shops in Lakeview. People in Lakeview can walk to an aver- age of 20 restaurants, bars and coffee shops in 5 minutes. LAKEVIEW DEMOGRAPHICS & HOUSING ANALYSIS (1 MILE RADIUS) CHICAGO | 770 N Halsted Street, Suite 206, Chicago, IL HEADQUARTERS | One Lincoln Centre, Suite 120, Oakbrook Terrace, IL
Zach Pruitt Nicholas Schaefer Managing Broker, Principal Vice President 312.766.4289 312.766.4285 [email protected] [email protected]