bucktown turn-key multifamily investment...• fridge, dishwasher, gas oven/stove, micro • toto...

MIKUS [email protected]

BE COMMERCIAL3352 N Sheffield Ave. | Chicago, IL

60657773.234.3363 | berealtygroup.com

PROPERTY OVERVIEW

Incredible opportunity to own a turn-key legal three-unit condo quality investment propertyin the heart of Bucktown. Incredibly well maintained all brick two-flat + garden was recentlyconverted from a 3-unit condo building into a single owner. Garden 1bd/1ba fully gutrehabbed in 2016 to the studs/foundation. Unit includes modern & sleek wide-openconcept, custom sliding glass bedroom doors, radiant heat polished concrete floors, in-unitW/D, high efficiency tankless water heater and SS appliances. Unit 1 1 bd/1 ba + denfeatures HW floors, gas FP, high ceilings, granite counters/floors, original pocket shutters,built in's in office/dining, private deck, new W/D in 2016. Unit 2 1bd/1ba + den featuresbamboo floors, wainscoting throughout, high ceilings, built in's in office/living room/mudroom. Never an issue to find tenants on this quiet tree-lined street located steps toboutique stores, award winning restaurants and public transportation including L and Metra.

PROPERTY HIGHLIGHTS

• Turn-Key Investment Property in the Heart of Bucktown

• Over $275,000 Spent on Recent Rehab/Renovations

• Former Condo Building - Still Separate PINs Per Unit

• Rare One-Bedroom Units - Less than 15% of Market

OFFERING SUMMARY

Sale Price: $844,000

Building Size: 2,700 SF

Lot Size: 2,500 SF

Price / SF: $312.59

Cap Rate: 6.16%

NOI: $52,000

Year Built: 1902

Renovated: 2016

Zoning: RS-3

Market: Logan Square

Submarket: Bucktown

B U C K T O W N T U R N - K E Y M U L T I F A M I L Y I N V E S T M E N T1 9 4 0 N H O Y N E S T R E E T , C H I C A G O , I L 6 0 6 4 7




UNIT

NUMBER

UNIT

BED

UNIT

BATH

UNIT

SIZE (SF)

LEASE

START

LEASE

END

CURRENT

RENT

CURRENT

RENT (PER SF)

MARKET

RENT

MARKET

RENT/SF

SECURITY

DEPOSIT

Garden 1 1 750 03/31/2020 $1,650 $2.20 $1,900 $2.53 $0

Unit 1 1 1 900 Owner $2,000 $2.22 $2,100 $2.33 $0

Unit 2 1 1 900 Mo/Mo $1,800 $2.00 $2,100 $2.33 $0

Totals/Averages 2,550 $5,450 $2.14 $6,100 $2.40 $0


3352 N Sheffield Ave., Chicago IL 60657 [email protected] 312-925-8013

Recent Building Improvements

1940 N Hoyne Ave. Chicago, IL 60647

2018-2019 Updates to Building

• Patched Tuckpointing Entire Building - May 2019

• Patched Roof - May 2019

• New garage Door - 2018/19

• Professionally Cleaned All Three Dryer Vents and Both Furnace Ducts - 2019

2015-2016 Updates to Building

• Full Gut-Rehab of Garden Unit (See Unit Notes)

• New Sewer Line Installed

• Installed new drain tile down the center of the south gangway sidewalk extending past the rear

of the house. Also put in a drainage mat against the foundation wall on the exterior of the rear

foundation wall and the last 6 or 7 feet of the north foundation wall (the rear wood addition).

• Installed new drain tile on the interior of the foundation to a sump pump.

• Installed flashing around entire foundation perimeter

• Installed new sump pump, ejector pit and overhead sewer

• All new structural support (columns with all new footings and new support beam) - used

reclaimed wood beams from a Wisconsin barn for aesthetic look

• Removed concrete pad in back - put down drain rocks ready to have soil put on top (for

improved drainage of a lawn)

• Removed old rear yard catch basin

• Shored up rear (west) foundation wall

• Re-poured the concrete northside retaining wall in backyard

• Drywalled entire rear staircase

• All new gangway and backyard concrete stairs

• All new front doors on 3 units

• Installed extra sound proofing in ceiling/floor between garden and unit

mailto:[email protected]

3352 N Sheffield Ave., Chicago IL 60657 [email protected] 312-925-8013

Unit Highlights

1940 N Hoyne Ave. Chicago, IL 60647

Garden Unit - Full Gut-Rehab in 2016

• New Radiant heat polished concrete floors

• New high efficiency tankless water heater

• A/C window unit

• Exposed beams

• Dug down floor to increase ceiling height

• Built in custom cabinets - pantry and

mudroom

• Exposed refinished brick walls above

limestone foundation

• Custom glass/metal doors for bedroom and

bathroom

• All new stainless-steel appliances in 2016

• Quartz countertops

• All new windows

• Fridge, dishwasher, gas oven/stove, micro

• Custom blinds on windows

•

Unit 1

• Wood floors

• Gas Fireplace (chimney cleaned in 2017)

• High ceilings

• Brand new deck in 2016 (stained/sealed

2018), storage under

• Granite counters and floors

• Original pocket shutters

• Custom accordion blinds on every window -

blackout in bedroom

• Built in's in office and dining area

• New W/D in 2016

• Central heat and A/C

• Fridge, dishwasher, gas oven/stove, micro

• Toto and Grohe bathroom

• Wired for an alarm system

Unit 2

• Bamboo floors

• Wainscoting throughout

• High ceilings

• Built in's in office and living room and

mudroom

• Central heat and A/C

• Exposed duct work to provide slight

industrial look and feel

• Fridge, dishwasher, gas oven/stove

• Wired for an alarm system

mailto:[email protected]




POPULATION 0.5 MILES 1 MILE 1.5 MILES

Total Population 15,426 56,878 135,047

Median age 31.1 30.8 31.1

Median age (Male) 32.0 31.8 31.7

Median age (Female) 30.1 30.1 30.7

HOUSEHOLDS & INCOME 0.5 MILES 1 MILE 1.5 MILES

Total households 7,623 25,578 58,928

# of persons per HH 2.0 2.2 2.3

Average HH income $123,132 $102,145 $98,201

Average house value $644,412 $595,357 $568,661

* Demographic data derived from 2010 US Census


bucktown turn-key multifamily investment...• fridge, dishwasher, gas oven/stove, micro • toto...

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