Asking Price: $5,013,750
Building Size: 59,111 SQ FT
Lot Size: 172616
Cost per Square Foot: $84.82
A court-appointed federal receiver is conducting a “public sale” of the Property through a sealed-bid auction process in accordance with 28 U.S.C. § 2002. Accordingly, SVN has agreed to market the Property for a period of at least four full weeks, during which time the Receiver will advertise the sale in selected local newspapers, and all prospective purchasers will be required to submit offers by sealed bid, which bids will be opened and reviewed by the Receiver at the conclusion of the marketing period. The Receiver may select the winning bidder based on the sealed bids submitted or request that SVN make a subsequent call for “best and final” offers from some or all bidders. In addition, the Receiver reserves the right, in good faith, to reject all offers if none reflects the Receiver’s informed belief as to the value of the Property. This 47 Unit SFR investment portfolio includes 5 Duplexes, 1 Triplex and 1 Fourplex. This portfolio is located in the South side Chicago submarket, which entirely is within the Chicago metropolitan area. This portfolio offers an excellent opportunity for a buyer to take advantage of Chicago’s growing rental market. The Portfolio is 100% occupied with an average vintage of the homes being 1928. All homes throughout the portfolio range from 2 to 4 bedrooms and 1 to 4 baths with a range of 1 and 2 story homes. Homes range in livable square feet from about 796/SF to 2655/SF with an average home size of 1258/SF. Rents throughout the portfolio are strong, averaging $1,282 per month creating a 9.73% Cap Rate at seller’s asking price. Chicago is a major world financial center, with the second-largest central business district in the United States. The Chicago metropolitan area recorded the greatest number of new or expanded corporate facilities in the United States for calendar year 2014. And in 2007, Chicago was named the fourth-most important business center in the world in the MasterCard Worldwide Centers of Commerce Index. In addition, Chicago ranked First on the 2018 Time Out City Life Index, compiled by the British media group based on a global quality of life survey of 15,000 people in 32 cities. In all, Chicago hosts 12 Fortune Global 500 companies and 17 Financial Times 500 Companies. The city also claims two Dow 30 companies: aerospace giant Boeing and Kraft Heinz.
Key Points: Receiver is conducting a “public sale” of the Property through a sealed-bid auction process in accordance with 28 U.S.C. § 2002 Property will be marketed four weeks prior to offer being accepted Stabilized Year 1 Gross Yield of 13.76% Stabilized Year 1 Cap Rate of 9.83% Strong 18.58% Stabilized Year 1 Leveraged IRR and a Stabilized Year 1 Leveraged Cash on Cash of 18.58% 47 Single Family Rental Investment Portfolio Located across the Chicago MSA with the majority of the homes sit on the South Side of the city and close to Midway Airport This 47 Home SFR Investment Portfolio offers 100% occupied cash flow