2211 N Elston Ave., Suite 302, Chicago, IL 60614 | Phone: 773.305.4900 | Website: essexrealtygroup.com
2016 WEST EVERGREENCHICAGO, IL 60622
A MULTI-FAMILY INVESTMENT OPPORTUNITY
DISCLAIMER
This information has been secured from sources we believe to be reliable, but we make no representations nor warranties, express nor implied as to theaccuracy of the information. References to square footage are approximate.Buyer must verify the information and bears all risks for any inaccuracies. 2
DISCLAIMERThis Offering memorandum is not intended to provide a necessarily accurate summary of the Property or any of the documents related thereto, nor does it purport to be all-inclusive or tocontain all of the information which prospective purchasers may need or desire. All financial projections are based upon assumptions relating to the general economy, competition, andother factors beyond the control of the Owner and the Agent and therefore may be subject to material and adverse variations. The Offering Memorandum does not constitute an indicationthat there has been no change in the business or affairs of the Property since the date of preparation of the Offering Memorandum. An opportunity to inspect the Property will be madeavailable to interested and qualified prospective purchasers. Neither the Owner nor the Agent nor any of their respective officers, agents or principals has made or will make anyrepresentations or warranties, expressed or implied, as to the accuracy or completeness of the Offering Memorandum or any other oral or written information provided by any of them, andno legal commitment or obligation shall arise by reason of the Offering Memorandum or such other information. Analysis and verification of the information contained in the OfferingMemorandum is solely the responsibility of the prospective purchaser.
LEAD WARNING STATEMENTEvery purchaser of any interest in residential real property on which a residential dwelling was built prior to 1978 is notified that such property may present exposure to lead fromlead-based paint that may place young children at risk of developing lead poisoning. Lead poisoning in young children may produce permanent neurological damage, including learningdisabilities, reduced intelligence quotient, behavioral problems, and impaired memory. Lead poisoning also poses a particular risk to pregnant women. The seller of any interest inresidential real property may be required to provide the buyer with any information on lead-based paint hazards from risk assessments or inspections in the seller’s possession and notify thebuyer of any known lead-based paint hazards. A risk assessment or inspection for possible lead-based paint hazards is recommended prior to purchase.
HAZARDOUS MATERIALS DISCLOSUREVarious construction material may contain items that have been or may in the future be determined to be hazardous (toxic) or undesirable and as such may need to be specifically treated,handled or removed. For example, some transformers and other electrical components contain PCB's, and asbestos has been used in components such as fire-proofing, heating and coolingsystems, air duct insulation, spray-on and tile acoustical materials, linoleum, floor tiles, roofing, dry wall and plaster. Due to prior or current uses of the Property or the area, there may behazardous or undesirable metals, minerals, chemicals, hydrocarbons or biological or radioactive items (including electric and magnetic fields) in soils, water, building components, above orbelow ground containers or elsewhere in areas that may or may not be accessible or noticeable. Such items may leak or otherwise be released. Real estate agents have no expertise in thedetection or correction of hazardous or undesirable items. Expert inspections are necessary. Current or future laws may require clean up by past, present and/or future owners and/oroperators. It is the responsibility of the Buyer to retain qualified experts to detect and correct such matters and to consult with legal counsel of their choice to determine what provisions, ifany, they may wish to include in transaction documents regarding the Property.
AMERICANS WITH DISABILITIES ACTThe United States Congress has recently enacted the Americans with Disabilities Act. Among other things, this act is intended to make many business establishments equally accessible topersons with a variety of disabilities. As such, modifications to real property may be required. Federal, state and local laws, codes and regulations also may mandate changes. The realestate brokers in this transaction are not qualified to advise you as to what, if any, changes may be required now, or in the future. Owners and tenants should consult their attorneys andqualified design professionals of their choice for information regarding these matters. Real estate brokers cannot determine which attorneys or design professionals have the appropriateexpertise in this area.
STATE OF ILLINOIS DUAL AGENCY DISCLOSUREThe State of Illinois has enacted regulations relative to disclosure of representation. In all transactions relative to the Property, Essex Realty Group, Inc. is representing the Owner. However,in any situation where there is not a cooperating broker representing the purchaser, Essex Realty Group, Inc. is deemed to also be representing the purchaser. Representing more than oneparty to a transaction presents a conflict of interest since both clients may rely upon the Licensee’s/Agent’s advice and the client’s respective interest may be adverse to each other. Licensee/Agent will undertake this representation only with the written consent of ALL clients in the transaction. Any agreement between the clients as to a final contract price and other terms is aresult of negotiations between the clients acting in their own best interest and on their own behalf. Seller hereby acknowledges that Licensee/Agent has explained the implications of dualrepresentation, including the risks involved, and understand that you have been advised to seek independent advice from your advisors or attorneys before signing any documents in thistransaction.
WHAT A LICENSEE / AGENT CAN DO FOR CLIENTS WHEN ACTING AS A DUAL AGENT:1) Treat all clients honestly; 2) Provide information about the Property to the Buyer; 3) Disclose all latent material defects in the Property that are known to Licensee/Agent; 4) Disclosefinancial qualification of the Buyer to the Seller; 5) Explain real estate terms; 6) Help the Buyer to arrange for Property inspections; 7) Explain closing costs and procedures; 8) Help theBuyer compare financing alternatives; 9) Provide information about comparable properties that have sold, so both clients may make educated decisions on what price to accept or offer.
WHAT A LICENSEE / AGENT CANNOT DISCLOSE TO CLIENTS WHEN ACTING AS A DUAL AGENT: 1) Confidential information that Licensee/Agent may know about the clients, withoutthat client’s permission. 2) The price the Seller will take other than the listing price without the permission of the Seller; 3) The price the Buyer is willing to pay without the permission of theBuyer; 4) A recommended or suggested price the Buyer should offer; 5) A recommended or suggested price the Seller should counter with or accept. If either client is uncomfortable with thisdisclosure and dual representation, please let the Licensee/Agent know. You are not required to sign this document unless you want to allow the Licensee to proceed as a Dual Agent in thistransaction. By initialing below, you acknowledge that you have read and understand this form and voluntarily consent to the Licensee/Agent acting as Dual Agent, should that becomenecessary.
EXECUTIVE SUMMARY
This information has been secured from sources we believe to be reliable, but we make no representations nor warranties, express nor implied as to theaccuracy of the information. References to square footage are approximate.Buyer must verify the information and bears all risks for any inaccuracies. 3
PROPERTY HIGHLIGHTS
• Essex Realty Group, Inc. has been exclusively engaged to market for sale
2016 West Evergreen Avenue, a 12 unit property located in the Wicker
Park neighborhood of Chicago. The property is a converted historic church,
on the corner of Evergreen Avenue and Damen Avenue, and is part of both
the Wicker Park Historic District and the Wicker Park Chicago Landmark
District. The property consists of 11 units in the main building, the church, as
well as an adjacent 5 bedroom converted parsonage house. This property
was completely renovated in 2014, and features large high end units. The
property is roughly 5 minutes walking distance to the Damen "L" stop which
services the blue line, and a short walk to Milwaukee Avenue.
• 2016 West Evergreen Avenue presents the investor with a unique
opportunity to acquire a well located, one of a kind investment property in
one of Chicago’s most popular and dynamic living, shopping and dining
destinations.
OFFERING SUMMARY
Sale Price: Subject to Offer
Number Of Units: 12
NOI: 346,036
Zoning: RT-4
Neighborhood: Wicker Park
Parking Type: Outdoor
This information has been secured from sources we believe to be reliable, but we make no representations nor warranties, express nor implied as to theaccuracy of the information. References to square footage are approximate.Buyer must verify the information and bears all risks for any inaccuracies. 4
OPPORTUNITY
• Unique opportunity to obtain a fully renovated 12unit property in a truly irreplaceable location in Wicker Park• Stabilized property• The property has seen large amounts of publicity dueto the unique nature of the church conversion, and has beenfeatured in articles in DNAinfo, Curbed Chicago, and ChicagoMagazine
BUILDING
• Converted historic church fully renovated in 2014• Units are large with high end finishes and featurerestored cathedral-sized stained glass windows• The second floor units feature soaring cathedral-sizedceilings• Unit mix consists of the following:o Two 1 bed/1 bath unitso Two 2 bed/1 bath unitso Five 2 bed/2 bath unitso Two 3 bed/2 bath unitso One 5 bed/4 bath unit• The 5 bedroom unit is situated in a convertedparsonage house adjacent to the church• All units are 100% occupied
LOCATION
• Irreplaceable location one block from Wicker Parkand two blocks from the bustling Milwaukee Avenue thoroughfare• Approximately 5 minute walk to the 6-wayintersection of Milwaukee, Damen, and North Avenue, as well asthe Damen “L” stop, which services the blue line to Chicago's Loopor O'Hare Airport• Situated a short walk from an innumerable amount of populareclectic shops, restaurants, and nightlife, on both MilwaukeeAvenue and North Avenue that make Wicker Park so trendy
PROPERTY DESCRIPTION
This information has been secured from sources we believe to be reliable, but we make no representations nor warranties, express nor implied as to theaccuracy of the information. References to square footage are approximate.Buyer must verify the information and bears all risks for any inaccuracies. 5
PROPERTY DETAILS
HVAC: New Goodman Furnaces
PLUMBING: New Copper Plumbing Throughout
ELECTRIC: New 600 amp Electric Service with CircuitBreakers In-Unit
WINDOWS: Restored Stained Glass
WATER HEATER: A.O. Smith BTR-120, 71 Gallons (2)
LAUNDRY: In-Unit
ADDRESS: 2016 West Evergreen Avenue
PIN: 17.06.119.023
YEAR RENOVATED: 2014
NO. OF UNITS: 12
Property Summary
Building Systems
This information has been secured from sources we believe to be reliable, but we make no representations nor warranties, express nor implied as to theaccuracy of the information. References to square footage are approximate.Buyer must verify the information and bears all risks for any inaccuracies. 6
ADDITIONAL PHOTOS
Wicker Park Neighborhood Description
The Wicker Park neighborhood is bordered by the Chicago River to the east, Bloomingdale to the north, Division to the south, and Western Avenue to the west. The area is named after Charles and Joel Wicker who in 1870 developed the neighborhood surrounding the park bearing their name.
Residents use public transportation options like the CTA Blue Line and the #9 Ashland bus, the #56 Milwaukee bus and the #70 Division bus. The Damen Blue Line station extends out from Chicago to O’Hare airport and is located right around the corner from the subject property.
Many new homes have been built while many older homes have been restored. This residential growth has led to increased business activity, with many new bars, restaurants and stores opening to serve these individuals. Property values in the community have gone up, increasing the wealth of property owners and making the neighborhood attractive to real estate investors (Wikipedia).
An area of exceptional artistry and character, the Wicker Park neighborhood has emerged from an artist’s haven into one of the most desirable places to live in Chicago. Today, the neighborhood is best known for its numerous commercial and entertainment establishments, as well as being a convenient place to live for downtown workers due to its proximity to public transportation and the Loop.
This information has been secured from sources we believe to be reliable, but we make no representations nor warranties, express nor implied as to theaccuracy of the information. References to square footage are approximate.Buyer must verify the information and bears all risks for any inaccuracies. 7
NEIGHBORHOOD DESCRIPTION
This information has been secured from sources we believe to be reliable, but we make no representations nor warranties, express nor implied as to theaccuracy of the information. References to square footage are approximate.Buyer must verify the information and bears all risks for any inaccuracies. 8
RETAIL MAP
UNITNUMBER
UNITBED
UNITBATH
UNITSIZE (SF)
CURRENTRENT
CURRENTRENT/SF
LEASEEND
101 2 2 800 $2,500 $3.13 7/31/2016
102 2 2 800 $2,400 $3.00 8/31/2015
103 1 1 500 $1,750 $3.50 8/31/2016
104 1 1 500 $1,700 $3.40 7/31/2015
105 2 1 700 $2,500 $3.57 7/31/2016
106 2 1 700 $2,300 $3.29 7/31/2015
201 3 2 1,200 $4,000 $3.33 8/31/2016
202 3 2 1,200 $3,600 $3.00 7/31/2016
203 2 2 800 $2,700 $3.38 7/31/2016
204 2 2 800 $2,800 $3.50 7/31/2016
205 2 2 800 $2,600 $3.25 8/31/2015
House 5 4 1,900 $4,800 $2.53 8/31/2016
Totals/Averages 10,700 $33,650 $3.14
RENT ROLL
This information has been secured from sources we believe to be reliable, but we make no representations nor warranties, express nor implied as to theaccuracy of the information. References to square footage are approximate.Buyer must verify the information and bears all risks for any inaccuracies. 9
This information has been secured from sources we believe to be reliable, but we make no representations nor warranties, express nor implied as to theaccuracy of the information. References to square footage are approximate.Buyer must verify the information and bears all risks for any inaccuracies. 10
RENT COMPS MAP
2016 West Evergreen | Chicago, IL 60622SUBJECT PROPERTY
1 1400 North Milwaukee AvenueChicago, IL 60622 2 1319 North Wood Street
Chicago , IL 60622 3 1814 West North AvenueChicago, IL 60622
4 2257 West North AvenueChicago , IL 60647 5 1067 North Paulina Street
Chicago, IL 60622 6 1624 West Division AvenueChicago, IL 60622
7 1748 West North AvenueChicago, IL 60622
RENT COMPS
This information has been secured from sources we believe to be reliable, but we make no representations nor warranties, express nor implied as to theaccuracy of the information. References to square footage are approximate.Buyer must verify the information and bears all risks for any inaccuracies. 11
SUBJECT PROPERTY
Chicago, IL 606222016 West Evergreen
12No. Units: $3.14Avg. Rent/SF:
$2,804Avg. Rent: 891 SFAvg. Size:
UNIT TYPE # UNITS % OF SIZE SF RENT RENT/SF
1 Bed/1 Bath 2 16.7 500 $1,725 $3.45
2 Bed/1 Bath 2 16.7 700 $2,400 $3.43
2 Bed/2 Bath 5 41.7 800 $2,600 $3.25
3 Bed/2 Bath 2 16.7 1,200 $3,800 $3.17
5 Bed/4 Bath 1 8.3 1,900 $4,800 $2.53Liquid error: no implicit conversion from nil to integer
TOTAL/AVG 12 100% 891 $2,804 $3.14
Chicago, IL 606221400 North Milwaukee Avenue
1
UNIT TYPE SIZE SF RENT RENT/SF
1 Bed/ 1 Bath 750 $1,895 $2.53Liquid error: no implicit conversion from nil to integer
Units have condo-quality kitchens with maple cabinets, granitecountertops, and stainless steel appliances. Units includein-unit laundry, as well as a balcony. Additionally, the unitscome with a storage unit. Garage parking included in the rentprice.
1
RENT COMPS
This information has been secured from sources we believe to be reliable, but we make no representations nor warranties, express nor implied as to theaccuracy of the information. References to square footage are approximate.Buyer must verify the information and bears all risks for any inaccuracies. 12
Chicago , IL 606221319 North Wood Street
2
UNIT TYPE SIZE SF RENT RENT/SF
2 Bed/ 2 Bath 1,200 $2,650 $2.21Liquid error: no implicit conversion from nil to integer
Very large open 2 bedroom/ 2 bath unit, includes a balcony.Unit has attached garage parking, and also includes storage.Kitchens are up to date with modern stainless steel appliancesand granite countertops.
2
Chicago, IL 606221814 West North Avenue
3
UNIT TYPE SIZE SF RENT RENT/SF
2 Bed/ 2 Bath 1,200 $2,700 $2.25Liquid error: no implicit conversion from nil to integer
Newer construction. Units have all new stainless steelappliances in the kitchens, as well as granite countertops.Bathrooms include marble tile. Unit features in-unit laundry, abalcony, and includes one garage parking spot.
3
RENT COMPS
This information has been secured from sources we believe to be reliable, but we make no representations nor warranties, express nor implied as to theaccuracy of the information. References to square footage are approximate.Buyer must verify the information and bears all risks for any inaccuracies. 13
Chicago , IL 606472257 West North Avenue
4
UNIT TYPE SIZE SF RENT RENT/SF
2 Bed/ 2 Bath 1,700 $2,700 $1.59Liquid error: no implicit conversion from nil to integer
Large rehabbed loft unit with skylights. Updated kitchen withstainless steel appliances and granite countertops.
4
Chicago, IL 606221067 North Paulina Street
5
UNIT TYPE SIZE SF RENT RENT/SF
2 Bed/ 2 Bath 1,250 $2,700 $2.16Liquid error: no implicit conversion from nil to integer
New construction, with high end Bosch appliances. Luxurymaster bathroom with heated floors and rain and steamshower. Unit includes in-unit washer/dryer as well as a backdeck. Kitchen features quartz countertops and stainless steelappliances. One garage parking spot included in rent.
5
RENT COMPS
This information has been secured from sources we believe to be reliable, but we make no representations nor warranties, express nor implied as to theaccuracy of the information. References to square footage are approximate.Buyer must verify the information and bears all risks for any inaccuracies. 14
Chicago, IL 606221624 West Division Avenue
6
UNIT TYPE SIZE SF RENT RENT/SF
3 Bed/ 2 Bath 1,700 $3,600 $2.12Liquid error: no implicit conversion from nil to integer
New construction in Wicker Park. Units feature 10' ceilings,in-unit laundry, hardwood floors throughout, and a patio.Kitchens and bathrooms are new with modern appliances andgranite countertops. Rent includes one outdoor parking space.
6
Chicago, IL 606221748 West North Avenue
7
UNIT TYPE SIZE SF RENT RENT/SF
3 Bed/ 2 Bath 1,500 $3,750 $2.50Liquid error: no implicit conversion from nil to integer
New kitchens with granite and stainless steel appliances.Bathrooms have marble tiles. Unit features in-unit laundry. Rentincludes 2 parking spaces.
7
This information has been secured from sources we believe to be reliable, but we make no representations nor warranties, express nor implied as to theaccuracy of the information. References to square footage are approximate.Buyer must verify the information and bears all risks for any inaccuracies. 15
2016 West Evergreen | Chicago, IL 60622SUBJECT PROPERTY
SALE COMPS MAP
1 1512 North Wood StreetChicago , IL 60622 2 1449 North Wicker Park Avenue
Chicago, IL 60622 3 1035 West DiverseyChicago , IL 60614
SALE COMPS
SUBJECT PROPERTY
Chicago, IL 606222016 West Evergreen
Subject To OfferSale Price: 10,700 SFBuilding SF:
-Price PSF: 12No. Units:
-Price / Unit: $346,036NOI:
UNIT TYPE # UNITS % OF SIZE SF RENT RENT/SF
1 Bed/1 Bath 2 16.7 500 $1,725 $3.45
2 Bed/1 Bath 2 16.7 700 $2,400 $3.43
2 Bed/2 Bath 5 41.7 800 $2,600 $3.25
3 Bed/2 Bath 2 16.7 1,200 $3,800 $3.17
5 Bed/4 Bath 1 8.3 1,900 $4,800 $2.53Liquid error: no implicit conversion from nil to integer
TOTAL/AVG 12 100% 891 $2,804 $3.14
1
$3,000,000Sale Price: 12,000 SFBuilding SF:
$250.00Price PSF: 6No. Units:
$500,000Price / Unit: 5.5%Cap:
10/16/2014Closed:
UNIT TYPE # UNITS % OF
2 Bedroom 2 33.3
4 Bedroom 4 66.7
TOTAL/AVG 6 100%
Units feature in-unit laundry, hardwood floors throughout, and largebedrooms. Kitchens have stainless steel appliances. This was an Essextransaction.
Chicago , IL 606221512 North Wood Street
1
This information has been secured from sources we believe to be reliable, but we make no representations nor warranties, express nor implied as to theaccuracy of the information. References to square footage are approximate.Buyer must verify the information and bears all risks for any inaccuracies. 16
SALE COMPS
2
$3,400,000Sale Price: 12,000 SFBuilding SF:
$283.33Price PSF: 8No. Units:
$425,000Price / Unit: 5.66%Cap:
07/16/2014Closed:
UNIT TYPE # UNITS % OF
3 Bedroom 8 100
TOTAL/AVG 8 100%
Units feature hardwood floors, and in-unit washer/dryer. Kitchensinclude stainless steel appliances. Unit mix includes eight 3 bedroom/2 bath units.
Chicago, IL 606221449 North Wicker Park Avenue
2
3
$6,000,000Sale Price: 9,300 SFBuilding SF:
$645.16Price PSF: 12No. Units:
$500,000Price / Unit: 10/24/2014Closed:
UNIT TYPE # UNITS % OF
2 Bedroom 4 33.3
3 Bedroom 4 33.3
4 Bedroom 4 33.3
TOTAL/AVG 12 100%
12 unit building, with renovated units on the border of Lincoln Parkand Lakeview.
Chicago , IL 606141035 West Diversey
3
This information has been secured from sources we believe to be reliable, but we make no representations nor warranties, express nor implied as to theaccuracy of the information. References to square footage are approximate.Buyer must verify the information and bears all risks for any inaccuracies. 17
This information has been secured from sources we believe to be reliable, but we make no representations nor warranties, express nor implied as to theaccuracy of the information. References to square footage are approximate.Buyer must verify the information and bears all risks for any inaccuracies. 18
UNIT TYPE COUNT % TOTAL SIZE (SF) CURRENT RENT MARKET RENT
1 Bed/1 Bath 2 16.7 500 $1,725 $1,7502 Bed/1 Bath 2 16.7 700 $2,400 $2,5002 Bed/2 Bath 5 41.7 800 $2,600 $2,8003 Bed/2 Bath 2 16.7 1,200 $3,800 $4,0005 Bed/4 Bath 1 8.3 1,900 $4,800 $4,800
Totals / Averages 12 100% 10,700 $33,650 $35,300
INCOME SUMMARY CURRENT OPERATING STATEMENT % OF SGI PER UNIT MARKET OPERATING STATEMENT % OF SGI PER UNIT
Rental Income $403,800 98.7% $33,650 $423,600 98.8% $35,300
Parking Income $3,900 1.0% $325 $3,900 0.9% $325
Other Income (Move-in, etc.) $1,400 0.3% $116 $1,400 0.3% $116
GROSS INCOME $409,100 100.0% $34,091 $428,900 100.0% $35,741
Vacancy Loss -$12,273 3.0% -$1,022 -$12,867 3.0% -$1,072
COLLECTED INCOME $396,827 97.0% $33,068 $416,033 97.0% $34,669
EXPENSE SUMMARY CURRENT OPERATING STATEMENT % OF SGI PER UNIT MARKET OPERATING STATEMENT % OF SGI PER UNIT
Real Estate Taxes $0 0.0 $0 $34,312 8.0 $2,859
Insurance $3,588 0.9 $299 $3,588 0.8 $299
Gas $1,270 0.3 $105 $1,270 0.3 $105
Electric $1,966 0.5 $163 $1,966 0.5 $163
Water & Sewer $5,718 1.4 $476 $2,400 0.6 $200
Scavenger $2,368 0.6 $197 $2,368 0.6 $197
Leasing Commissions $5,608 1.4 $467 $5,608 1.3 $467
Management $15,873 4.0 $1,322 $16,641 4.0 $1,386
Janitorial $4,800 1.2 $400 $4,800 1.1 $400
Maintenance/Decorating $6,000 1.5 $500 $6,000 1.4 $500
Misc. & Reserves $3,600 0.9 $300 $3,600 0.8 $300
GROSS EXPENSES $50,791 12.4% $4,232 $82,553 19.2% $6,879
NET OPERATING INCOME $346,036 84.6% $28,836 $333,479 77.8% $27,789
UNIT MIX / INCOME & EXPENSES
Vacancy: Broker pro-forma, 3%
Current Taxes: Property was formerly exempt from taxes and has not yet been assessed. Taxes on the marketing operating statement are pro-forma.
Management, Janitorial, Maintenance/Decorating, and Misc. & Reserves are all broker pro-forma.