LINCOLN PARK APARTMENTS TROPHY LOCATION • MULTI-FAMILY INVESTMENT OPPORTUNITY • 6 UNITS • 11,000 ± SF HORVATH TREMBLAY HTAPARTMENTS.COM JOHN PRZYBYLA Managing Director LEAD AGENTS Managing Broker IL 471.010441 Direct: (312) 361-1643 [email protected] DISCLAIMER Horvath & Tremblay have been engaged by the owner of the property to market it for sale. Information concerning the property described herein has been obtained from sources other than Horvath & Tremblay and we make no representations or warranties, express or implied, as to the accuracy or completeness of such information. Any and all references to age, square footage, income, expenses and any other property specific information are approximate. Any opinions, assumptions, or estimates contained herein are projections only and used for illustrative purposes and may be based on assumptions or due diligence criteria different from that used by a buyer. Buyers should conduct their own independent investigation and rely on those results. The information contained herein is subject to change. PROPERTY OVERVIEW LINCOLN PARK APARTMENTS LIST PRICE: $5,100,000 NET OPERATING INCOME: $228,518 CAP RATE: 4.48% PRICE PER UNIT: $850,000 PRICE PSF-GLA: $464 RESIDENTIAL UNITS PROPERTY DETAILS 6 PROPERTY ADDRESS: 1713 N. Sheffield Avenue | Chicago, IL 60614 NUMBER OF UNITS: 6 Units YEAR BUILT: 2007 LAND AREA: 0.12 +/- acres LEASABLE AREA: 11,000 +/- SF 1 GROSS AREA: 12,940 +/- SF PARKING: 6 Garage Spaces in 3 heated garages BUILDING CONSTRUCTION 2 BEDROOM EXTERIOR Brick 4 BEDROOM 3 ROOF 2007 5 BEDROOM BUILDING UTILITIES 2 HEATING Gas Tenant Responsible HOT WATER Gas Tenant Responsible ELECTRIC Separately Metered Tenant Responsible WATER City of Chicago Tenant Responsible SEWER City of Chicago Tenant Responsible 3 INVESTMENT HIGHLIGHTS Horvath & Tremblay is pleased to present the exclusive opportunity to purchase the Lincoln Park Apartments located at 1713 N Sheffield Avenue in the city of Chicago, Illinois (the “Property”). Custom built in 2007 with high-end finishes and numerous amenities, the four-story building contains six units in 11,000 square feet of living area on a 0.12- acre parcel. The building is 100% occupied and has a strong occupancy history. The Property is located in Lincoln Park, a core-plus location on the North Side of Chicago and one of the most sought-after and attractive neighborhoods in the city. The transit-oriented location is just steps from North/Clybourn Red Line Station and a multitude of shopping, dining, fitness, lifestyle and entertainment options, and less than one mile from convenient access to Kennedy Expressway/I-90. PROPERTY HIGHLIGHTS The 4-story building consists of two 4-bedroom/3-bathroom duplexes, three 2-bedroom/2barthroom flats, and a stunning, 3,750 square foot, 3-floor, penthouse unit with 5-bedrooms/4-bathrooms and private deck with stunning Chicago Skyline views. Additional building highlights include: ◊ High-end stainless-steel appliances and finishes including granite countertops, central air, fireplaces, hardwood floors, open floor plans, island kitchens, high-ceilings, in-unit laundry and balconies. ◊ Large Units – the average unit size in the building is over 1,833 square feet. ◊ Attractive building and façade designed for ease of maintenance. ◊ Heated front walkway, front steps and rear driveway allowing for easy snow removal. ◊ Secured front gate system and private perimeter security fence. ◊ Six garage parking spaces in three heated garages. ◊ Two roof decks above the rear garages. ◊ Each unit is separately metered for gas (heat and hot water) and electricity, which the tenants pay. ◊ Each unit has a separate Parcel Identification Number (PIN), allowing for a potential condo conversion exit strategy in one of Chicago’s strongest condo markets. 4 INVESTMENT HIGHLIGHTS INVESTMENT STRATEGY ■ 1713 N. Sheffield offers investors the opportunity to acquire a high-quality, multi- family asset in one of the strongest residential submarkets in Chicagoland. The Property is competitively priced at $463 per square foot, which is at the market average for both multi-family sales and condo sales in Lincoln Park. ■ With strong rental demand in Lincoln Park, the opportunity exists to continue to lease the Property in its as-is condition and capture increasing market rental rates. ■ The layout of the Property also presents the opportunity to redevelop the three- floor penthouse unit into two (2) separate 1,875 square foot units. (Current ownership has existing design plans, architectural prints and cost estimates for the conversion which can be made available during due diligence). ■ The potential for condo conversion also exists and is facilitated by the individual PIN’s (Parcel Identification Numbers) assigned to the units. A condo conversion exit strategy offers the opportunity to maximize the price per square foot exit price in Lincoln Park’s high-demand, supply-constrained condo market. IRREPLACEABLE RESIDENTIAL LOCATION ■ Lincoln Park, one of Chicago's most sought-after and attractive neighborhoods, is an urban-infill neighborhood located on Chicago’s North Side that is located just 2 miles north of Downtown. The affluent neighborhood offers an appealing blend of active retail streets, urban college campuses, and attractive tree-lined residential streets. ■ The Property is located in the heart of Lincoln Park within walking distance of public transportation and endless retail, dining, entertainment and nightlife options. Lincoln Park, one of Chicago's most sought after neighborhoods, is located just 2 miles north of Downtown and is bordered by North Avenue, Diversey Parkway, the Chicago River and Lake Michigan. The affluent neighborhood offers an appealing blend of active retail streets, urban college campuses, and attractive tree-lined residential streets. ■ Lincoln Park is home to two major museums, DePaul University and one of the nation's oldest zoos. The community's amenities, location and housing options attract everyone from young, first-time homebuyers to local celebrities and CEOs. With its mix of city parks, endless shopping, restaurants, bars, theaters and top schools, Lincoln Park is a highly sought-after place to live and is considered one of the top urban neighborhoods in the U.S. EXCEPTIONAL DEMOGRAPHICS ■ 1713 N. Sheffield is located in a densely populated neighborhood that offers exceptional demographics. Within a 1-mile radius of the Property, there are over 53,000 people of renter age with an average household income of over $150,000. Additionally, an impressive 473,000 people live within a 3-mile radius of the Property with an average household income of $139,283. 5 LOCATION OVERVIEW CVS: 100 feet Whole Foods Market: 0.20 miles Trader Joe’s: 0.20 miles Steppenwolf Theater: 0.40 miles ArcLight Cinemas Movie Theater: 0.50 miles DePaul University: 0.70 miles Second City Comedy Club: 1.00 miles Chicago History Museum: 1.20 miles WALKABLE AMENITIES North Avenue Beach: 1.50 miles Lincoln Park Zoo: 1.50 miles ■ 1713 N. Sheffield is within walking distance to an endless list of national and local retailers, restaurants, bars, fitness centers, entertainment options, outdoor Downtown Chicago: 2.50 miles recreation areas and life-style amenities. Historic churches and handsome brick row houses nestled within landmark districts sit next to peaceful parks, while quiet, tree-lined residential areas give way to bustling business corridors. ■ Nearby Armitage Avenue is lined with independent boutiques and high- end retailers; Clark Street is packed with casual cafes, ethnic restaurants and sweet shops that spill out onto the sidewalks during warm weather; and Lincoln Avenue buzzes all night with bars and taverns that cater to the younger university crowd from nearby DePaul University (21,600 students). North Avenue satisfies other shopping needs with larger, big-box retailers such as The Apple Store, West Elm, Pottery Barn, The Container Store, Nordstrom Rack, Sephora and many more. The area is also known for its performing arts theaters and museums such as The Steppenwolf Theater, Second City and the Chicago History Museum to name a few. ■ For scenery and outdoor recreation, there's plenty of natural beauty and outdoors to enjoy nearby. This North Side neighborhood's namesake park is a sprawling 1,208 acres of green space with a free zoo open year-round, a nature museum and conservatory. And when the weather's right, the lakefront trail and beaches, offers sand and surf set against a backdrop of Downtown skyscrapers. TRANSIT-ORIENTED LOCATION ■ The transit-oriented location offers convenient access to public transportation, regional highways, Downtown Chicago, the Lake Michigan waterfront and O’Hare International Airport. ◊ HIGHWAY ACCESS ◊ North Avenue / IL-64: 400 feet ◊ Kennedy Expressway / I-90: 0.70 miles ◊ PUBLIC TRANSPORTATION ◊ Subway: North/Clybourn Station (Red Line): 0.20 miles ◊ Armitage Station (Brown & Purple Lines): 0.40 miles ◊ Bus: CTA Bus Station (Routes 9 & 72): 400 feet 6 INCOME & EXPENSES Current Per Unit INCOME Gross Potential Income $302,400 $50,400 Vacancy (2.0%) ($6,048) ($1,008) Effective Gross Income $296,352 $49,392 EXPENSES Real Estate Taxes $48,230 $8,038 Insurance $3,600 $600 Water/Sewer $2,800 $467 Common Area Electric $973 $162 Gas $3,003 $501 Trash Removal $1,155 $193 Repairs & Maintenance $6,423 $1,071 Reserves $1,650 $275 Total Expenses $67,834 $11,306 Net Operating Income $228,518 $38,086 7 RENT ROLL LINCOLN PARK APARTMENTS - RESIDENTIAL RENT ROLL # of # of Current Lease Unit Number Unit Type Bedrooms Bathrooms Square Feet Rent Expiration Unit 1S Duplex 4 Bedrooms 3 Bathrooms - $4,600 - Unit 2S Flat 2 Bedrooms 2 Bathrooms - $2,950 - Unit 3S PH Penthouse 5 Bedrooms 4 Bathrooms - $7,950 - Unit 1N Duplex 4 Bedrooms 3 Bathrooms - $4,300 - Unit 2N Flat 2 Bedrooms 2 Bathrooms - $2,850 - Unit 3N Flat 2 Bedrooms 2 Bathrooms - $2,550 - Total 19 Bedrooms 16 Bathrooms $25,200 8 PROPERTY PHOTOGRAPHS 9 PROPERTY PHOTOGRAPHS 10 PROPERTY PHOTOGRAPHS 11 PROPERTY PHOTOGRAPHS 12 LOCATION OVERVIEW CHICAGO | IL 473,000+ PEOPLE WITHIN 3 MILES 765,000+ EMPLOYEES WITHIN 3 MILES $139,000+ AVERAGE HOUSEHOLD INCOME OVERVIEW WITHIN 3 MILES Chicago is the 3rd largest metropolitan area in the U.S.