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 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 | , 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, (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 , 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 : 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; is packed with casual cafes, ethnic restaurants and sweet shops that spill out onto the sidewalks during warm weather; and 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. with almost 3 million residents in Chicago proper and another 10 million people in the surrounding metro area, often referred to as Chicagoland. Chicago has a large population, diverse economy, and 1 MI 2 MI 3 MI Chicago a stable market. It is home to 32 Fortune 500 companies. It has high private sector employment. And due to a number of factors, Chicago Real Estate Market is one of the POPULATION best rental real estate markets in the US. 2019 Estimated 53,567 256,661 473,497 2,709,504 Chicago is an international hub for finance, culture, commerce, industry, technology, telecommunications, and transportation. O'Hare International Airport is one of 2024 Projected 51,995 248,440 459,592 2,675,449 the busiest airports in the world, and the region also has the largest number of U.S. highways and greatest amount of railroad freight. The Chicago area has one of the 2010 Census 52,648 246,193 450,055 2,695,598 highest gross domestic products in the world, generating $680 billion in 2017. In addition, the city has one of the world's most diversified and balanced economies, not BUSINESS being dependent on any one industry, with no single industry employing more than 14% of the workforce. 2019 Est, Total Businesses 3,125 19,350 47,115 98,978 Chicago's 58 million domestic and international visitors in 2018 made it the 2nd most 2019 Est. Total Employees 38,898 229,544 765,279 1,345,652 visited city in the nation, behind only New York City. The city ranked 1st in the 2018 Time Out: City Life Index, a global quality of life survey of 15,000 people in 32 cities. The city is HOUSEHOLDS also home to several fortune 500 companies, the most notable being, Allstate, Boeing, Exelon, McDonald's, Quaker Oats, and United Airlines. Landmarks in the city include 2019 Estimated 27,390 150,829 267,517 1,116,756 Millennium Park, Navy Pier, the , the Art Institute of Chicago, Museum Campus, the Willis (Sears) Tower, Grant Park, the Museum of Science and Industry, and 2024 Projected 27,437 150,609 267,984 1,136,744 Lincoln Park Zoo. Chicago's culture includes the visual arts, literature, film, theater, 2010 Census 25,624 135,818 237,953 1,045,500 comedy, food, and music. Of the area's many colleges and universities, the University of Chicago and Northwestern University are classified as "highest research" doctoral INCOME universities. Chicago has professional sports teams in each of the major professional leagues, including two Major League Baseball teams. Average Household Income $153,399 $148,186 $139,283 $86,700 ◊ #5 Best City to Buy a Rental Property - Business Insider Median Household Income $111,144 $103,363 $99,042 $58,827 ◊ #12 Best City for First Time Homebuyers - Business Insider ◊ #10 Most High-Tech City in the World - Fortune 13 LOCATION HIGHLIGHTS LINCOLN PARK

Lincoln Park is a designated community area on the North Side of Chicago, Illinois. Lying to the west of Lincoln Park, Chicago's largest park, it is one of the most affluent and attractive residential neighborhoods in Chicago. The demographic of the neighborhood is primarily made up of young urban professionals, recent college and graduate school graduates, and young families. The neighborhood contains a large number of upscale national retailers, boutiques, bookstores, restaurants and coffee shops. There are also many bars, comedy clubs and nightclubs. Lincoln Park is one of the wealthiest and most expensive communities in which to live. While the average single-family house is priced around $1 million, many homes in the area sell for more than $10 million. In 2007, Forbes magazine named the area between Armitage Avenue, Willow Street, Burling Street, and Orchard Street as the most expensive block in Chicago. The Lincoln Park neighborhood is accessible via mass transit including the CTA's Red, Brown and Purple lines at the Fullerton station, the Purple and Brown lines at the Armitage and Diversey stations and the Red Line at the North/Claybourn Station, as well as numerous CTA bus lines. Via car, Lincoln Park can be reached by using or the Kennedy Expressway. Lincoln Park, for which the neighborhood was named, now stretches miles past the neighborhood of Lincoln Park. The park lies along the lakefront from Beach in the Streeterville neighborhood, northward to Ardmore Avenue in Edgewater. The section of the park adjacent to the Lincoln Park neighborhood contains the Lincoln Park Zoo, Lincoln Park Conservatory, an outdoor theatre, a rowing canal, the Chicago History Museum, the Peggy Notebaert Nature Museum, the Alfred Caldwell Lily Pool, the North Pond Nature Sanctuary, North Avenue Beach, playing fields, a very prominent statue of General Ulysses S. Grant, as well as a famous statue of Abraham Lincoln (and many other statues). Many smaller parks, such as Bauler Park and Jonquil Park are scattered throughout the Lincoln Park neighborhood.

14 LOCATION HIGHLIGHTS

DePaul University is a private, Roman Catholic university in Chicago, located 0.8 miles from the Property. Founded by the Vincentians, in what is now the Lincoln Park neighborhood of Chicago in 1898, the university takes its name from the 17th century French priest Saint . In 1998, it became the largest Catholic university by enrollment in the United States and remains so today. Following in the footsteps of its founders, DePaul University places special emphasis on recruiting 1st-generation students and others from disadvantaged backgrounds. DePaul's two campuses are located in Lincoln Park and within The Loop. The main campus in Lincoln Park is home to the Colleges of Liberal Arts and Social Sciences, Science and Health, and Education. It also houses the Sullivan Athletic Center, Student Center, the School of Music, the Theatre School, and the John T. Richardson Library. The university enrolls around 16,000 undergraduates and about 7,600 graduate/law students, making DePaul the 13th largest private university by enrollment in the United States, and the largest private university in Illinois. According to the Division of Student Affairs website, about 90% of DePaul's students commute or live off campus. The student body represents a wide array of religious, ethnic, and geographic backgrounds, including over 60 foreign countries. DePaul's Lincoln Park Campus is the older and larger of the university's two campuses. Located on 36 acres in Chicago's historic Lincoln Park neighborhood, this campus offers a traditional university environment. Approximately 2,400 students live on campus in DePaul's twelve residence halls. Resident Halls Located at the Lincoln Park Campus include: Belden-Racine Hall, Clifton-Fullerton Hall, Corcoran Hall, Munroe Hall, Seton Hall, and University Hall. DePaul's Lincoln Park Campus also offers other on-campus housing such as apartment-style living for upperclassmen. DePaul's intercollegiate athletic teams, known as the DePaul Blue Demons, compete in the . DePaul's men's basketball team has made 18 NCAA tournament appearances and appeared in two Final Fours.

15 SITE PLAN

N. SHEFFIELD AVENUE

16 AERIAL PHOTOGRAPH

17 AERIAL PHOTOGRAPH

CHICAGO

NEAR NORTH SIDE RIVER NORTH OLDTOWN

GOOSE ISLAND

W NORTH AVE

NORTH BRANCH CHICAGO RIVER 18 AERIAL PHOTOGRAPH

DOWNTOWN CHICAGO

1/2 BLOCK

19 AREA LOCATION MAP

OZ PARK

LINCOLN PARK

LINCOLN PARK APARTMENTS

ADAMS PLAYGROUND PARK

N SHEFFIELD AVE

NORTH BRANCH CHICAGO RIVER

W NORTH AVE

20 AREA LOCATION MAP

LAKE NORTHERLY ISLAND SOLDIER FEILD LINCOLN PARK APARTMENTS MICHIGAN

MONROE HARBOR

NAVY PIER CHICAGO

WEST LOOP GATE

RIVER NORTH

NORTH NEAR AVENUE BEACH NORTH SIDE

CHICAGO HISTORY MUSEUM

LINCOLN OLD TOWN PARK ZOO GOOSE ISLAND

RANCH TRIANGLE W NORTH AVE LINCOLN PARK HIGH SCHOOL

KENNEDY EXPY LINCOLN PARK SHEFFIELD AVE

NORTH BRANCH CHICAGO RIVER

21 COMPARABLES

MULTI-FAMILY SALES COMPS

SALE SALE # OF PRICE PER BUILDING PRICE PER ACTUAL YEAR PROPERTY ADDRESS DATE PRICE UNITS UNIT SF SF CAP RATE BUILT

A 909 W Belmont Ave* 06/20/19 $3,500,000 6 583,333 7,726 $453.02 - 1902

B 64 E Cedar St 06/07/19 $1,500,000 6 250,000 4,795 $312.83 4.00 1901

C 2914-2916 N St 05/06/19 $8,675,000 18 481,944 27,168 $319.31 - 1892

D 3230 N Seminary Ave 03/29/19 $1,400,000 3 466,666 6,000 $233.33 7.09 1993

E 721 W Buckingham Pl 02/21/19 $2,125,000 4 531,250 5,600 $379.46 6.33 2011

F 2108 N Sheffield Ave 01/07/19 $1,300,000 3 433,333 3,125 $416.00 6.00 1890

G 900 W Wrightwood Ave 10/31/18 $1,900,000 6 316,666 7,014 $270.89 4.75 1896

H 2058 N Seminary Ave 08/29/18 $2,600,000 4 650,000 8,000 $325.00 - 1891

I 3307 N Sheffield Ave 06/04/18 $1,745,000 4 436,250 6,000 $290.83 6.00 2007

J 548 W Fullerton Pky 12/19/17 $1,550,000 3 516,666 5,500 $281.82 5.00 1920

K 711 W Briar Pl 12/14/17 $1,245,000 3 415,000 4,000 $311.25 - 1887

L 1350 N Cleveland Ave 09/25/17 $3,200,000 6 533,333 6,480 $493.83 - 1967

M 1039 N La Salle Blvd UC $6,800,000 20 340,000 12,240 $555.56 - 1886

* Part of Multi-Property Sale

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