1914 w henderson st lake view offering chicago, il · offering summary: offering summary. price...
TRANSCRIPT
LAKE VIEW OFFERING
4,395 SQUARE FOOT 6-UNIT APARTMENT BUILDING
1914 W Henderson StCHICAGO, IL
PRICING AND FINANCIAL ANALYSIS
PROPERTY OVERVIEW:
1914 W Henderson St has 6 units with separate heat and electric, leaving the only responsibility for the owner being water
and common areas. Interior renovation includes all new HVAC, electric, plumbing, stainless steel appliances, and beautiful
granite counter tops. Exterior renovations include new windows, siding, porches and roof. This property has a fantastic
location and advantageous unit mix, three (3+1), two (2+1), and one (1+1). The property is only 2 blocks from the L train,
providing easy transportation to anywhere in the city.
One of the most sought-after areas of the city, the Chicago neighborhood of Lakeview is the most populated area in the
Midwest largely due to its great dining, shopping and nightlife. It is a very young neighborhood, with much of its
population under 30, as housing is slightly cheaper than neighborhoods nearer to the Loop. But its four mile proximity to
the Loop makes it a prime real estate destination.
It is also home to the Chicago Cubs' Wrigley Field, and a part of the neighborhood is named for it. The many bars and
restaurants are always full, especially during baseball season when they feed and entertain thousands of fans. The
Wrigleyville section of Lakeview is bounded by Halsted, Ashland, Roscoe and Byron. There are more than 600 retail stores
on the east side alone and Diversey, Clark, Halsted and Broadway boast strong commercial development.
Tucked on Chicago's North Side between North Center and Lakeview, the sleepy little pocket that is Roscoe Village is a
collection of laid-back taverns, destination brunch restaurants and cozy cafes that perk up during the warm-weather
months with pretty sidewalk patios and friendly beer gardens. Dining ranges from traditional comfort food to Turkish,
burgers to bakeries, Cuban to creamy custards — all serving up casual hospitality.
OFFERING SUMMARY:
OFFERING SUMMARY
Price $1,500,000
CAP 6.0%
GRM 11.7
Square Footage 4,395
Price/Unit $250,000
UNIT MIX INFORMATION
DESCRIPTION NO. UNITS
3 + 1 3
2 + 1 2
1 + 1 1
ANNUALIZED OPERATING FINANCIALS * PRO FORMA FINANCIALS *
Scheduled Gross Income$128,400 $137,400
Less Vacancy Reserve($3,852) 3% ** ($4,122) 3% **
Gross Operating Income$124,548 $133,278
Less Expenses($34,524) 27% ** ($34,524) 27% **
Net Operation Income$90,024 $98,754
Less Loan Payments($64,451) ($64,451)
Cash Flow$25,573 6.8% *** $34,303 9.1% ***
Plus Principal Reduction19,451 $19,451
Total Return Before Taxes $45,024 12.0% *** $53,754 14.3% **** As Stabilized Pro Forma**As a Percentage of Scheduled Gross Income***As a Percentage of Down Payment
FINANCIAL OVERVIEW:
PROPERTY VISUALS:
PROPERTY VISUALS:
PROPERTY VISUALS:
PROPERTY VISUALS:
DEMOGRAPHIC REPORT:
Population 0.5-Mile 1-Mile
Income 0.5-Mile 3-Mile
POPULATION 1 MILE 3 MILES
2019 Total Population 56,673 532,979
2019 Total Households 26,592 244,169
Average HH Income $147,059 $102,318
Median Household Income $115,217 $74,069
AERIAL VIEW:
SALES COMPS:
1914 W Henderson St
6 Units4,395 SFFor Sale
$1,500,000$341.30
$250,000/Unit
SUBJECT OFFERING
721 W Buckingham Pl
4 Unit5,600 SF
Sold Feb 2019$2,125,000$379.46/SF
$531,250/Unit
2108 N Sheffield Ave
4 Unit3,125 SF
Sold Jan 2019$1,300,000$416.00/SF
$433,333/Unit
1914 N Milwaukee11 Unit
13,500 SFSold Dec 2018
$4,807,500$356.11/SF
$437,045/Unit
PRESENTED BY:WINDY CITY RE, LLC
Milan RubensteinManaging PartnerChicago, IL312-867-8744 x200818-445-3529
Pat StichCommercial Asset ManagerChicago, IL312-867-8744 x210847-849-7137
1914 W Henderson St, Chicago, IL