Stony South Side Multifamily Portfolio - Chicago

Highlights

• 103 Units
• 61 Apartments Units
• 37 Single Family Rentals
• 5 Storefronts

Description

SVN Chicago Commercial presents the exclusive right to sell a portfolio of 103 units in Chicago’s Cook County Metro Southside. The portfolio known as Stony South Side is a mix of 37 Single Family Homes, 61 Apartment units and 5 Storefronts.
The apartment units are located in Seven- 2 Flats, Four- 3 Flats, One- 4 Flat, a 7-unit and a 10-unit apartment building, with an additional 19 condos located in a 37-unit condo building.

The Apartment Portfolio unit mix consists of:
9-1 bedroom | 1 bath averaging 506 SF, 24- 2 bedroom | 1bath units averaging 951 SF, 21- 3 bedroom | 1 bath units averaging 998 SF, 3- 4 bedroom | 2 bath units averaging 1,025 SF, 4 - 4 bedroom | 1 bath units averaging 1,294 SF and 5 ground-level storefronts averaging 1,078 SF

The 37 Single Family Rental unit mix consists of:
1- 5 bedroom | 1 bath unit of 2,025 SF, 6- 4 bedroom | 2 bath units averaging 1,483 SF, 11- 4 bedroom | 1 bath units averaging 1,491 SF, 1- 3 bedroom | 1.5 bath unit of 1,025 SF, 10- 3 bedroom | 1 bath units averaging 1,069 SF , 8- 2bedroom | 1 bath unit averaging 977 SF

The Portfolio Owner presently manages, repairs, and collects rents for all the units. Presently about 55 % of the units have affordable tenants in the units with different Chicago Housing Groups guaranteeing the rents (CHAC, HACC, Heartland, Catholic Charities, etc.).

A Buyer will need to be well qualified to be able to assume the present existing debt in place. The present loan has a 5.11 % interest rate, a 10-ten-year loan term that expires in 2029, with a 30-year amortization period with an approximate loan balance of $6,628,632. The Portfolio is being offered for purchase at $8,900,000 ($86,407 per unit) with present-in-place debt at 5.11 % interest well below present-day rising interest rates.

Washington Park, South Side

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