Property Overview

Interra Realty has been exclusively engaged to market 3501 N. Pine Grove Avenue and 700 W. Grace Street (The Pine Grove Portfolio) for sale. The offering consists of two vintage walk-up properties in prime East Lakeview locations. The properties are two blocks from one another, offering immediate economies of scale in a prime Chicago submarket. The properties are being offered free-and-clear of the existing debt and offers will be entertained on either an individual or portfolio basis.

All apartments have been modernized with new cabinets in the kitchens and bathrooms, stone countertops and stainless steel appliances. The units have individual gas forced air furnaces with A/C condensers and Grace offers in-unit laundry equipment. The average rent acoss the portfolio is $2,234.

The properties have been well maintained and are professionally managed. 3501 N. Pine Grove presents investors with a unique value-add opportunity as it was recently re-zoned to allow for addition of 5 units. Our pro forma assumes 4 additional units are created by splitting the existing 4 bedroom units into three additional 2x1 units and one additional 1x1 unit.

Highlights

  • Rarely Available Portfolio Offering in East Lakeview
  • Approximately $1MM in Capital Improvements in Last 5 Years
  • Modernized Apartments with Individual HVAC
  • Average Rent is $2,234
  • Significant Value-Add Opportunity: Zoning Approved to Add 5 Units at 3501 N. Pine Grove Avenue

Key Details

Asking Price
$11,875,000
Number of Buildings
2
Number of Units
32, with approval for 37
Cap Rate
5.31%