Interra Realty is pleased to present a market analysis on the Vesta Lofts. The subject investment property is a 60 unit mixed-use property in a booming area of Chicago's South Loop Neighborhood. In addition to the apartment building, there is also 19,373 square feet of land (zoned DX-5) that currently functions as a surface parking lot for the building.
Before being converted to loft style apartments, the property was home to the Vesta Battery Company. Today, tenants enjoy high ceilings, large windows, exposed timber beams and brick walls, with high-end modern finishes. All units have individual HVAC and in-unit laundry. Common amenities include a gym, bike room, and common rooftop deck with sweeping city views.
Pizano's, a Chicago based pizzeria that has been in business since 1991, anchors the ground floor commercial space. This is one of five Chicagoland locations in addition to another location in Milwaukee, WI.
The opportunity offers qualified investors the chance acquire a stabilized apartment building in a high barrier to entry location. There is substantial upside in developing the parking lot as future up-zoning could translate into a number of different development opportunities. The property also has attractive assumable debt at 3.75% through February of 2030.