3604 W Diversey Ave LOGAN SQUARE OFFERING...3540 W Wolfram St 4 Units 3,332 SF Sold Feb 2019...
Transcript of 3604 W Diversey Ave LOGAN SQUARE OFFERING...3540 W Wolfram St 4 Units 3,332 SF Sold Feb 2019...
LOGAN SQUARE OFFERING
3,500 SQUARE FOOT NEWLY RENOVATED
APARTMENTS
3604 W Diversey AveCHICAGO, IL
PRICING AND FINANCIAL ANALYSIS
PROPERTY OVERVIEW:3604 W Diversey was rehabbed in 2016. Brand new finishes include stainless steel appliances, drywall, range-hood, and
hardwood flooring. Structural improvements made by the owner include an open porch system, brand new windows,
several plumbing improvements (drain tile, floor drain, water heater, sump pump), electrical upgrades, and HVAC to
provide central air.
The building is comprised of one 3b1b and two 2b1b, two rear garage parking spaces, and coin-operated laundry to help
generate extra income (W/D owned, not leased). The building is currently 100% occupied with room for rent increases as
the neighborhood appreciates.
Described as the "Midwest headquarters of hip," Logan Square has been named one of the 15 "hottest urban retail markets
across North America." The ranking by the national commercial real estate services company Cushman & Wakefield was
compiled by querying hundreds of its experts across the country, including brokers, property managers, appraisers and
marketing executives. Some of the criteria for "cool" are walkability, bicycle friendliness and ease of public transportation as
well as availability of places to eat and hear music.
At the heart of this community is the actual "square" in Logan Square. It comes together at the intersection of Kedzie and
Logan Boulevard, where a circle interchange meets with Milwaukee Avenue. The boulevards themselves are widened
thoroughfares that are set apart by grassy, landscaped medians and tall, stately trees that border both its sides. The
neighborhood boasts four of them in total and these link together to form Chicago's "Emerald Necklace," an expansive
system of interconnected parks and streetscapes dotted with beautifully-restored mansions, handsome greystone homes
and majestic churches.
OFFERING SUMMARY:
OFFERING SUMMARY
Price $729,000
CAP 5.9%
GRM 12.1
Square Footage 3,500
$/SF $208.29
UNIT MIX INFORMATION
DESCRIPTION NO. UNITS
3 + 1 1
2 + 1 2
Parking Spaces 2
ANNUALIZED OPERATING FINANCIALS PRO FORMA FINANCIALS *
Scheduled Gross Income$60,450 $65,400
Less Vacancy Reserve($1,814) 3% ** ($1,962) 3% **
Gross Operating Income$58,637 $63,438
Less Expenses($15,354) 25% ** ($15,354) 23% **
Net Operation Income$43,283 $48,084
Less Loan Payments($33,635) ($33,635)
Cash Flow$9,648 5.3% *** $14,450 7.9% ***
Plus Principal Reduction$8,484 $8,484
Total Return Before Taxes $18,132 9.9% *** $22,934 12.6% **** As Stabilized Pro Forma**As a Percentage of Scheduled Gross Income***As a Percentage of Down Payment
FINANCIAL OVERVIEW:
PROPERTY VISUALS:
DEMOGRAPHIC REPORT:
Population 0.5-Mile 1-Mile
Income 0.5-Mile 3-Mile
POPULATION 1 MILE 3 MILES
2019 Total Population 59,937 478,294
2024 Total Population 56,581 463,041
2019 Total Households 20,560 169,832
Median Household Income $51,145 $64,457
AERIAL VIEW:
SALES COMPS:
3604 W Diversey Ave3 Units
3,500 SFFor Sale$729,000
$208.29/SF
SUBJECT OFFERING
3540 W Wolfram St4 Units
3,332 SFSold Feb 2019
$810,000$243.10/SF
1754 W Roscoe St3 Unit
5,600 SFSold Dec 2018
$1,237,000$220.98/SF
1241 N Artesian Ave
6 Unit5,226 SF
Sold Feb 2019$1,250,000$239.19/SF
PRESENTED BY:WINDY CITY RE, LLC
Milan RubensteinManaging PartnerChicago, IL312-867-8744 x200818-445-3529
3604 W Diversey Ave, Chicago, IL
Will Oney-PageDirector of OperationsChicago, IL312-867-8744 x203312-613-3660