wicker park restaurant property...wicker park restaurant property 2047 w division chicago, il 60622...

SVN | CHICAGO COMMERCIAL | 940 WEST ADAMS STREET, SUITE 200, CHICAGO, IL 60607 OFFERING MEMORANDUM

WICKER PARKRESTAURANTPROPERTY2047 W DIVISIONCHICAGO, IL 60622

Tim Rasmussen, CCIMAssistant Vice [email protected]

John LivaditisSenior [email protected]

1PROPERTY INFORMATIONProperty Summary

2LOCATION INFORMATIONLocation Maps

Zoning Map

3FINANCIAL ANALYSISPro-Forma Financial Summary

4SALE COMPARABLESSale Comps

Sale Comps Summary

Sale Comps Map

5DEMOGRAPHICSDemographics Report

Demographics Map

Back Page

OFFERING MEMORANDUMWICKER PARK RESTAURANT PROPERTY | 2047 W DIVISION, CHICAGO, IL 60622

1 PROPERTYINFORMATION

2047 W DivisionChicago, IL 60622

WICKER PARK RESTAURANT PROPERTY | 2047 W DIVISION, CHICAGO, IL 60622 SVN | Chicago Commercial |

OFFERING SUMMARY

Sale Price: $2,650,000

Pro-Forma Cap Rate: 7.92%

Pro-Forma NOI: $210,000

Lot Size: 8,734 SF

Year Built: 2007

Building Size: 6,300 SF

Renovated: 2016

Zoning: B3-3

Market: Chicago

Submarket: Wicker Park

Price / SF: $420.63

PROPERTY OVERVIEWThe subject property consists of a multi‐level restaurant (ground, lower and mezzanine plusseveral storage sections) in a four‐story, built circa 2007 mixed‐use condominium building. Thespaces are divided fee simple interests and consist of three levels and several unfinishedstorage rooms containing a total floor area of 6,300± square feet (of which it is estimated that1,480± square feet is unfinished and used for storage or mechanical equipment). The entirebuilding is situated on an 8,734± square foot site zoned B3‐3, Community Shopping District inChicago, Illinois.

The average price per square foot for market comparable sales of retail/mixed-use/restaurantbuildings along Wicker Park's Division Street corridor is over $490/sf.

PLEASE NOTE: This offering is for the sale of the real estate and restaurant FF&E only. Thetrade names, intellectual property and other assets of the underlying operating entity are notincluded as part of the sale. Only publicly available information such as real estate taxes willbe available to potential buyers.

PROPERTY HIGHLIGHTS• Fully improved second generation Wicker Park restaurant

• Built in 2006 with a 2016 renovation

• Full FF&E package included in sale price

• Large outdoor seating area

• Average household income growth of over 62% in the last eight years

Property Summary

WICKER PARK RESTAURANT PROPERTY | 2047 W DIVISION, CHICAGO, IL 60622 SVN | Chicago Commercial | All SVN® offices are independently owned and operated.

2 LOCATIONINFORMATION



Location Maps


Zoning Map


3 FINANCIALANALYSIS



INVESTMENT OVERVIEW

Price $2,650,000

Price per SF $420.63

CAP Rate 7.9%

Cash-on-Cash Return (yr 1) 6.6 %

Total Return (yr 1) $94,894

Debt Coverage Ratio 1.2

OPERATING DATA

Gross Scheduled Income $210,000

Other Income $0

Total Scheduled Income $210,000

Vacancy Cost $0

Gross Income $210,000

Operating Expenses $0

Net Operating Income $210,000

Pre-Tax Cash Flow $35,001

FINANCING DATA

Down Payment $530,000

Loan Amount $2,120,000

Debt Service $174,999

Debt Service Monthly $14,583

Principal Reduction (yr 1) $59,893

Pro-Forma Financial Summary


4 SALECOMPARABLES



Subject Property

2047 W Division, Chicago, IL 60622

$2,650,000

$2,650,000Sale Price: 8,734 SFLot Size:

2007Year Built: 6,300 SFBuilding SF:

$420.63Price PSF: 7.92%CAP:

$210,000NOI:

The subject property consists of a multi‐level restaurant (ground, lower and mezzanine plus several storage sections) in a four‐story, built circa 2007 mixed‐use condominium building. The spaces aredivided fee simple interests and consist of three levels and several unfinished storage rooms containing a total floor area of 6,300± square feet (of which it is estimated that 1,480± square feet isunfinished and used for storage or mechanical equipment). The entire building is situated on an 8,734± square foot site zoned B3‐3, Community Shopping District in Chicago, Illinois.

The average price per square foot for market comparable sales of retail/mixed-use/restaurant buildings along Wicker Park's Division Street corridor is over $490/sf.

PLEASE NOTE: This offering is for the sale of the real estate and restaurant FF&E only. The trade names, intellectual property and other assets of the underlying operating entity are not included aspart of the sale. Only publicly available information such as real estate taxes will be available to potential buyers. 1

Fatpour2005 W division | Chicago, IL 60622

$4,772,000Sale Price: 0.13 AcresLot Size:

1908Year Built: 8,500 SFBuilding SF:

$561.41Price PSF: 02/15/2015Closed:

1

2

Former Bob San1809 W Division | Chicago, IL 60622

$3,000,000Sale Price: 1879Year Built:

6,890 SFBuilding SF: $435.41Price PSF:

08/11/2015Closed:

2

Four story mixed-use building containing apartments and ground floor space leased to Smoke Daddy Restaurant. Sold to Store Capital on on sale leaseback.

3

Smoke Daddy1804 W Division | Chicago, IL 60622

$3,390,500Sale Price: 4,600 SFLot Size:


10/18/2013Closed:

3

Sale Comps


13 apartments totaling 14,707sf plus 3 retail storefronts containing 5,032SF

4

1726-1732 W Division1726-32 W Division | Chicago, IL 60622



11/10/2017Closed:

4

5

Anthem Restaurant1725 W Division | Chicago, IL 60622

$1,725,000Sale Price: 3,500 SFBuilding SF:


5

6

1711 W Division1711 W Division | Chicago, IL 60622



12/26/2016Closed: 100%Occupancy:

6

7

2037-2039 W Division2037 W Division | Chicago, IL 60622

$1,112,000Sale Price: 2,800 SFBuilding SF:


7

Sale Comps


1

2

3

4

5

6

7

SUBJECT PROPERTY PRICE BLDG SF PRICE/SF CAP # OF UNITS

Wicker Park Restaurant Property2047 W DivisionChicago, IL 60622

$2,650,000 6,300 SF $420.63 7.92% -

SALE COMPS PRICE BLDG SF PRICE/SF CAP # OF UNITS CLOSE

Fatpour2005 W divisionChicago, IL 60622

$4,772,000 8500 SF $561.41 - 1 02/15/2015

Former Bob San1809 W DivisionChicago, IL 60622

$3,000,000 6890 SF $435.41 - 1 08/11/2015

Smoke Daddy1804 W DivisionChicago, IL 60622

$3,390,500 7000 SF $484.36 - - 10/18/2013

1726-1732 W Division1726-32 W DivisionChicago, IL 60622

$9,800,000 19742 SF $496.40 - - 11/10/2017

Anthem Restaurant1725 W DivisionChicago, IL 60622

$1,725,000 3500 SF $492.86 - - 05/01/2018

1711 W Division1711 W DivisionChicago, IL 60622

$1,560,063 2979 SF $523.69 - 2 12/26/2016

2037-2039 W Division2037 W DivisionChicago, IL 60622

$1,112,000 2800 SF $397.14 - - 02/27/2015

Sale Comps Summary


SUBJECT PROPERTY PRICE BLDG SF PRICE/SF CAP # OF UNITS

PRICE BLDG SF PRICE/SF CAP # OF UNITS CLOSE

Totals/Averages $3,622,795 7,344 SF $493.30 - 1.33

Sale Comps Summary


2047 W Division, Chicago, IL 60622SUBJECT PROPERTY

12005 W divisionChicago, IL 60622

FATPOUR 21809 W DivisionChicago, IL 60622

FORMER BOB SAN


SMOKE DADDY 41726-32 W DivisionChicago, IL 60622

1726-1732 W DIVISION


ANTHEM RESTAURANT 61711 W DivisionChicago, IL 60622

1711 W DIVISION


2037-2039 W DIVISION

Sale Comps Map


5DEMOGRAPHICS



0.25 MILES 0.5 MILES 1 MILE

Total population 4,233 17,825 69,497

Median age 30.4 30.8 31.0

Median age (male) 32.1 32.3 31.7

Median age (female) 29.4 29.7 30.5

0.25 MILES 0.5 MILES 1 MILE

Total households 2,117 9,175 33,584

Total persons per HH

Average HH income $158,249 $141,008 $132,474

Average house value $545,462 $539,661 $545,651

* Demographic data derived from 2010 US Census

Demographics Report


POPULATION 0.25 MILES 0.5 MILES 1 MILE

Total population 4,233 17,825 69,497

Median age 30.4 30.8 31.0

Median age (male) 32.1 32.3 31.7

Median age (Female) 29.4 29.7 30.5

HOUSEHOLDS & INCOME 0.25 MILES 0.5 MILES 1 MILE

Total households 2,117 9,175 33,584

# of persons per HH

Average HH income $158,249 $141,008 $132,474

Average house value $545,462 $539,661 $545,651

* Demographic data derived from 2010 US Census

Demographics Map


wicker park restaurant property...wicker park restaurant property 2047 w division chicago, il 60622...

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