Property Overview

Interra Realty has been exclusively engaged to market the attached opportunity for sale. The attached subject opportunity is a six-unit apartment building in the heart of Chicago's West Town Neighborhood. The building features three two-bedroom one-bathroom apartments and three three-bedroom one-bathroom apartments. The entire building has been completely gut-rehabbed down to the studs and features new building systems such as new electric, new plumbing, a new roof, new windows, and new porches.

In addition, the entirety of the interior of all apartments has been rehabbed and features some of the nicest finish levels the market has to offer. The true condo-quality finish level in each unit is comprised of new kitchens, bathrooms, and in-unit laundry. The units also feature keyless entry and motion-sensor lighting throughout. There are also large storage lockers in the basements that provide additional income.

The property was renovated by the current owner-developer under Chicago’s Affordable Requirements Ordinance (ARO). All units are reserved for households earning no more than either 60% or 100% of the area median income (AMI). The property is currently in the application process for the Affordable Housing Special Assessment Program (AHSAP), which it would be eligible for based on ARO criteria. Once approved, the AHSAP program will allow for a 35% tax assessment reduction. This affordability component is in place for the next thirty years. Following that time, new ownership is free and clear to charge market rents throughout the property.

Highlights

  • Dynamic West Town Location
  • Completely Gut Renovated Property Featuring Condo Quality
    Finish Levels
  • Strong Unit Mix Comprised of Two and Three-Bedroom
    Apartments
  • Parking On-Site

Key Details

Number of Units
Six (6)
Submarket
West Town