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850 W Margate Ter
Chicago, IL 60640 Uptown Chicago

$4,100,000

Apartments For Sale  •  30,000 Sq Ft

Property Details

  • Property Type Apartments
  • Total Building Size 30,000 Sq Ft
  • Building Class C
  • Cap Rate 5.62 %
78 Transit Score
88 Walk Score

Description

Purchase a majority share of units in a great well-maintained building.  Recent improvements include brand new roof 2017, new elevator hardware, ram and cylinder 2018, decorated hallways and stairways, brand new machines in the laundry, additional parking lot lights, new camera monitoring system, new hot water heater 2015. The location is a frisbees throw to the lake front amenities. Tenants will like the proximity to the Marianos, CTA  trains and express buses.
The 27 units range from 425 sf studios to 1,100 sf two bedrooms. Assessments are low and reasonable. The parking lot includes half covered spots and some uncovered and is owned by the condo association.
More than 80% of the units have hardwood floors a couple hav parquet floors, the ground floor units all have ceramic floors and the balance have carpeting. All the units have appliances and air conditioners.
The numbers here indicate that for a Capitalization rate of 5.5% using proforma rents and book keeping costs, also the latest available Real Estate taxes, turn over costs and the current monthly Condo assessments the value of these 27 units in a Condo Association of 37 is at $4,100,000.  The gross rental income of $29,000 monthly is an indicator of its lake front address and excellent walkability to future eclectic neighborhood attractions. Imagine what high end units would garner at this location in this building. Note that the city has invested heavily in the local El Stops and the Vietnamese neighborhood on Argyle and Winthrop. Now is the time to buy

Highlights

On Lake Michigan near Marine Drive; the city is investing in this area; easy to rent.

Property Flyers

Financial Summary (Proforma)

Net Operating Income: $224,160 (2019)
Cap Rate: 5.62 %
Total Expenses: $121,140

Public Transportation

Commuter RailDriveWalkDistance
Ravenswood Station Commuter Rail (Union Pacific North Line) 6 min - 1.9 mi
Rogers Park Station Commuter Rail (Union Pacific North Line) 9 min - 3.7 mi
Transit/SubwayDriveWalkDistance
Argyle Station (Red Line) 2 min 8 min 0.4 mi
Lawrence Station (Red Line) 3 min 12 min 0.6 mi
Berwyn Station (Red Line) 4 min 14 min 0.7 mi
Wilson Station (Red Line) 4 min 16 min 0.8 mi
AirportDriveWalkDistance
Chicago O'Hare International Airport 25 min - 14.2 mi
Chicago Midway International Airport 28 min - 18.8 mi
Victor Canelas 773-612-2388 Kale Realty
Victor Canelas 773-612-2388 Kale Realty