1205 N Orleans St - Specialty FOR SALE


Chicago, IL 60610- Old Town
$21,083,000 USD
949-547-2213
1205 N Orleans St, Chicago, IL for Sale
$21,083,000 USD
Specialty - FOR SALE
1/5
null | Request Cap Rate

1205 N Orleans St
Chicago, IL 60610
Old Town


HIGHLIGHTS

  • Portfolio includes 98 condominium units across five Old Town developments.
  • Master leased to Chicago Housing Authority through 2038, 2042, and 2043.
  • Approximately 16.52 years of blended lease term remaining.
  • Ownership consists of fee simple condominium interests.
  • Located less than two miles from Downtown Chicago and near Lincoln Park.
  • CHA is responsible for unit maintenance, renovations, and capital expenditures.

OVERVIEW

SRS Real Estate Partners-Midwest, LLC is pleased to offer the opportunity to acquire the fee simple interest (condominium interests) in a collection of 98 master-leased, luxury residential condominium units within four complexes located in the Near Northside (Old Town) neighborhood of Chicago, IL. The portfolio is master leased to the Chicago Housing Authority (“CHA”) across two tranches, with terms extending through 2042 & 2043 (Tranche 1, 82 units) and 2038 (Tranche 2, 16 units) — representing approximately 16.52 years of blended term remaining amongst the portfolio. Allowing the investor to purchase the portfolio at significantly below market value and unlocking the future value at the lease expirations.

FOR SALE DETAILS

PRICE

$21,083,000 USD

PRICE/SF

$307 USD /SF

CAP RATE

Request Cap Rate

% LEASED

-

TENANCY

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Old Town Condos 98 units SF approximate

PROPERTY TYPE

Specialty

TOTAL BUILDING SIZE

-

STORIES

7

BUILDING CLASS

C

YEAR BUILT

1998

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

-

LAND SF

-

ZONING

-

APN/PARCEL ID

-

ASK ABOUT THIS PROPERTY

John RedfieldSRS Real Estate PartnersMore Info
949-547-2213

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John RedfieldSRS Real Estate PartnersMore Info
949-547-2213

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.