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WEST TOWN MIXED-USE

1358 N Western Avenue
Chicago, IL 60622

For more inofrmation,
please contact:

Kevin Rocio
Real Estate Advisor
312-506-0261
kjrocio@atproperties.com
183301

q

Outstanding Investment Opportunity in West Town: MixedUse Condo Building // For Sale

q

Nestled on the borders of Wicker Park, Ukrainian Village
and Humboldt Park.

q

4 residential condos plus 1 retail and 1 office condominium.

q

Commercial Tenants pay all maintenance; residential units
pay all utilities except water and common electric.

q

Value-Add Opportunity to deconvert to mixed-use
Apartment Building (C1-2 Zoning)

Multi-Family Investment Services

212 E. Ohio St.
Chicago, IL 60611
www.atcommercial.com

All information furnished is from sources deemed reliable. No representation is made as to the accuracy thereof
and it is submitted subject to errors, omissions, changes, or withdrawal without notice.
Real Estate Investment Details

ANALYSIS
Analysis Date

February 2014

PROPERTY
Property
Property Address
Year Built

West Town Mixed-Use
1358 N Western Avenue
Chicago, IL 60622
1879

PURCHASE INFORMATION
Property Type
Purchase Price
Fair Market Value
Units
Total Rentable Sq. Ft.
Resale Valuation
Resale Expenses

FINANCIAL INFORMATION
MultiFamily
$1,850,000
$1,850,000
6
7,860
3.0% (annual appreciation)
6.0%

Down Payment
Federal Tax Rate

$555,000
25.0%

LOANS
Fixed

Debt
$1,295,000

Term
30 years

Amortization
30 years

INCOME & EXPENSES
Gross Operating Income
Monthly GOI
Total Annual Expenses
Monthly Expenses

Rate
4.5%

Payment
$6,562

LO Costs

CONTACT INFORMATION
$147,861
$12,322
($26,126)
($2,177)

Kevin Rocio
312-506-0261
kjrocio@atproperties.com
183301

The calculations and data presented are deemed to be accurate, but not guaranteed. They are intended for the purpose of illustrative projections
and analysis. The information provided is not intended to replace or serve as substitute for any legal, accounting, investment, real estate, tax or
other professional advice, consultation or service. The user of this software should consult with a professional in the respective legal, accounting,
tax or other professional area before making any decisions.
page 2 of 27
West Town Mixed-Use

Biography

1358 N Western Avenue
Chicago, IL 60622

Kevin Rocio
312-506-0261

PROFESSIONAL BIO
#1 Commercial Broker @properties
Highest Commercial Sales Volume, 2012 - @properties
Represented 8.7% of Total Multi-Family Sales Volume in
Chicago, 2012 (source: MLS $850k - $2MM, 4-units and
above)
Member, @properties Agent Advisory Board
WANT RESULTS? Kevin has been a consultant with
@properties since 2011. Emerging as the Company's
Multi-Family Investment Specialist and quickly earning the
elevated Top Producer of Commercial Real Estate status, Kevin currently holds ranking as the #1
Commercial Broker in @properties and the Best Agent to Work With as voted by fellow agents and
staff within the firm.
In addition to receiving recognition for his business success, Kevin continues to earn the
compliments of his clients, fellow agents and piers from other Commercial Firms. The most recent
compliment came from the Managing Director of a National Commercial Real Estate Firm who
engaged Kevin to sell two properties for a very-high profile Family Trust:
"I don't think anyone else could have produced the same results that Kevin did. Kevin continued to
bring offers to the table and after a long and arduous process we were finally able to close two
residential 6-flats. Kevin was instrumental to the success throughout the entire process. I would
recommend him to anyone." (This client has given @properties permission to publish the
testimonial & survey results on the Internet.)
Kevin understands the importance of providing every client with impeccable service and getting
results! Kevin’s clients consistently conclude that they will return to Kevin for future real estate
needs and will highly recommend Kevin to family and friends who may benefit from his expertise.
Seventeen years as a Top-Producing Mortgage Banker combined with @properties Marketing
Platform, has given him a competitive advantage on how he values properties along with the
investment opportunities they present and the way they are marketed.
page 3 of 27
West Town Mixed-Use

Recent Transactions

1358 N Western Avenue
Chicago, IL 60622

Kevin Rocio
312-506-0261

MultiFamily

Sale Price:

$315,000

2501 W Marquette Road

Cap Rate:

12.27%

Chicago, IL

Price per Unit:

$26,250

12 Units

Year Built:

1926

MultiFamily

Sale Price:

$270,000

4231 W Division St

Cap Rate:

15.96%

Chicago, IL

Price per Unit:

$22,500

12 Units

Year Built:

1928

MultiFamily

Sale Price:

$530,000

3803 W Ohio St

Cap Rate:

Chicago, IL

Price per Unit:

8 Units

Year Built:

1909

MultiFamily

Sale Price:

$1,050,000

6337 N Oakley Ave

Cap Rate:

Chicago, IL

Price per Unit:

7 Units

Year Built:

1928

MultiFamily

Sale Price:

$277,500

2453 W Marquette Road

Cap Rate:

14.41%

Chicago, IL

Price per Unit:

$23,125

12 Units

Year Built:

1926

MultiFamily

Sale Price:

$850,000

5129 W Roosevelt Rd

Cap Rate:

12.10%

Cicero, IL

Price per Unit:

$38,636

22 Units

Year Built:

9.18%
$66,250

8.42%
$150,000

1960

page 4 of 27
West Town Mixed-Use

Recent Transactions

1358 N Western Avenue
Chicago, IL 60622

Kevin Rocio
312-506-0261

Commercial

Sale Price:

$1,299,000

817 W. Lake

Cap Rate:

Chicago, IL

Price per RSF:

8,200 RSF

Year Built:

1935

MultiFamily

Sale Price:

$812,000

2646 N Lincoln Avenue

Cap Rate:

Chicago, IL

Price per Unit:

3 Units

Year Built:

1935

MultiFamily

Sale Price:

$1,625,000

1261 N Honore

Cap Rate:

Chicago, IL

Price per Unit:

4 Units

Year Built:

2007

MultiFamily

Sale Price:

$1,275,000

4810 W Courtland St

Cap Rate:

Chicago, IL

Price per Unit:

23 Units

Year Built:

1927

MultiFamily

Sale Price:

$1,695,000

5574 W Van Buren

Cap Rate:

11.01%

Chicago, IL

Price per Unit:

$77,045

22 Units

Year Built:

1927

MultiFamily

Sale Price:

$450,000

2453 W Marquette Road

Cap Rate:

15.74%

Chicago, IL

Price per Unit:

$34,615

13 Units

Year Built:

N/A
$158.41

8.01%
$270,667

5.75%
$406,250

8.63%
$55,435

1926

page 5 of 27
West Town Mixed-Use

Recent Transactions

1358 N Western Avenue
Chicago, IL 60622

Kevin Rocio
312-506-0261

MultiFamily

Sale Price:

$1,130,000

6304 N Oakley Avenue

Cap Rate:

Chicago, IL

Price per Unit:

16 Units

Year Built:

1927

MultiFamily

Sale Price:

$850,000

4420 N Winchester Ave

Cap Rate:

Chicago, IL

Price per Unit:

6 Units

Year Built:

1964

MultiFamily

Sale Price:

$5,000,000

1301 & 21 Orleans

Cap Rate:

Detroit, MI

Price per Unit:

584 Units

Year Built:

1964

MultiFamily

Sale Price:

$495,000

10337A Dearlove Road

Cap Rate:

Glenview, IL

Price per Unit:

6 Units

Year Built:

6.88%
$70,625

8.50%
$141,667

11.07%
$8,562

6.26%
$82,500
1985

page 6 of 27
Property Description

West Town Mixed-Use
1358 N Western Avenue
Chicago, IL 60622

Kevin Rocio
312-506-0261

Outstanding Investment Opportunity in West Town
Mixed-Use Condominium Building // For Sale
ROC Realty Group – a division of @properties
Commercial is pleased to present a unique
investment opportunity to own a 6-unit mixeduse condominium building on busy Western
Avenue in heart of West Town. With nearly
40,000 vehicles passing the traffic light corner of
Western and Hirsch, it’s no wonder that new
retail is continuously popping up; the most
recent being the restaurant “Hash Chicago,”
located directly across the street.
This mixed-use property, nestled on the borders
of Wicker Park, Ukrainian Village and Humboldt
Park in the heart of West Town includes 2 commercial spaces (retail condo with basement storage
and a separate office condo) plus four (3) 2BR/1BA & (1) 1BR/1BA plus den residential
condominiums. This building was converted to condominiums back in 2005. A new contract was
recently signed to add an income producing Billboard to the north side of the building.
Annual Expenses
•Real Estate Taxes: $17,026 (Total of all six condo units)
•Property Insurance: $4,000
•Electric: $800
•Hot Water: $1,200
Net Income: $121,735 CAP Rate: 6.58%
3-story 7,861 sq. ft. building plus rooftop deck
The investment offers an investor the opportunity to acquire a well maintained asset in a great
Chicago neighborhood with tremendous upside through repositioning (de-convert) back to a mixeduse residential apartment building.

page 7 of 27
Property Photos

West Town Mixed-Use
1358 N Western Avenue
Chicago, IL 60622

Kevin Rocio
312-506-0261

Stylish Urban Living: no two units alike

Prince Mini Mart

Typical Living Room

Typical Dining Room

Typical Kitchen

Typical Bedroom

Typical Bathroom

page 8 of 27
West Town Mixed-Use

Executive Summary

1358 N Western Avenue
Chicago, IL 60622

Kevin Rocio
312-506-0261

ACQUISITION COSTS
Purchase Price, Points and Closing Costs
Investment - Cash
First Loan

$1,850,000
$555,000
$1,295,000

INVESTMENT INFORMATION
Purchase Price
Price per Unit
Price per Sq. Ft.
Income per Unit
Expenses per Unit

$1,850,000
$308,333
$235.37
$25,216
($4,354)

INCOME, EXPENSES & CASH FLOW
Gross Scheduled Income
Total Vacancy and Credits
Operating Expenses
Net Operating Income
Debt Service
Cash Flow Before Taxes

$151,299
($3,438)
($26,126)
$121,735
($78,739)
$42,996

Total Interest (Debt Service)
Depreciation and Amortization
Taxable Income (Loss)
Tax Savings (Costs)
Cash Flow After Taxes

($57,848)
($51,457)
$12,430
($3,108)
$39,888

FINANCIAL INDICATORS
Cash on Cash Return Before Taxes

7.75%

Debt Coverage Ratio
Capitalization Rate
Gross Rent Multiplier
Gross Income / Square Feet
Gross Expenses / Square Feet
Operating Expense Ratio

1.55
6.58%
16.14
$19.25
($3.32)
17.67%

page 9 of 27
Annualized Operating Data

West Town Mixed-Use
1358 N Western Avenue
Chicago, IL 60622

Kevin Rocio
312-506-0261

UNIT MIX & ANNUAL SCHEDULED INCOME
Type

Units

Actual

0+1

2

$17,700

2+1

4

$19,800

TOTALS

6

Total Apartment
$35,400

$24,000

$79,200

$22,500

$114,600

Total
$48,000
$90,000
$138,000

ANNUALIZED INCOME
Actual

INVESTMENT SUMMARY
Price:
Year Built:
Units:
Price/Unit:
RSF:

$1,850,000
1879
6
$308,333
7,860

Price/RSF:

$235.37

Lot Size:

2,743 sf

Floors:

0

Apartments

$114,600

$138,000

($3,438)
$36,699
$147,861
($26,126)
$121,735
($78,739)
$42,996
$20,891
$63,887

($4,140)
$12,168
$146,028
($21,100)
$124,928
($78,739)
$46,189
$20,891
$67,080

3

Parking Spaces:

Gross Potential Rent
Less: Vacancy
Misc. Income
Effective Gross Income
Less: Expenses
Net Operating Income
Debt Service
Net Cash Flow after Debt Service
Principal Reduction
Total Return

APN:
Cap Rate:
Apartments Cap Rate:

Multiple

6.75%
16.14

Apartments GRM:

13.41

FINANCING SUMMARY
Down Payment:

Actual

6.58%

GRM:

Loan Amount:

ANNUALIZED EXPENSES
$100
$4,000
$1,200
$1,800
$17,026
$800
$1,200

$100
$4,000
$1,200
$1,800
$12,000
$800
$1,200

Total Expenses
Expenses Per RSF
Expenses Per Unit

$26,126
$3.32
$4,354

$21,100
$2.68
$3,517

$1,295,000
$555,000

Loan Type:

Fixed

Interest Rate:

4.5%

Term:
Monthly Payment:
DCR:

Apartments

Accounting
Building Insurance
Grounds Maintenance
Janitorial
Taxes - Real Estate
Utility - Electricity
Utility - Water

30 years
$6,562

*Misc. Income drops by $26,330 due to dissolution of Condominium Association.

1.55

page 10 of 27
West Town Mixed-Use

Resale Report

1358 N Western Avenue
Chicago, IL 60622

Kevin Rocio
312-506-0261

NET PROCEEDS FROM SALE
Adjusted Basis
Basis At Acquisition
-Depreciation
Adjusted Basis at Sale

$1,850,000
$532,527
$1,317,473

Capital Gain
Sale Price

$2,486,245

-Sale Expenses

($149,175)

-Adjusted Basis at Sale

$1,317,473

Gain or (Loss)

$1,019,598

-Depreciation (limited to gain)

$532,527

Capital Gain from Appreciation

$487,071

Sales Proceeds After Tax
Sale Price
-Sale Expenses
-Mortgage Balance
Sale Proceeds Before Tax
-Tax On Depreciation

$2,486,245
$149,175
$1,037,158
$1,299,912
$133,132

-Tax On Capital Gain
Sale Proceeds After Tax

$1,166,781

page 11 of 27
West Town Mixed-Use

Internal Rate of Return Analysis

1358 N Western Avenue
Chicago, IL 60622

Kevin Rocio
312-506-0261

BEFORE TAX IRR
Time

Future Cash Flows

Initial Investment

($555,000)

End of Year 1

$42,996

End of Year 2

$48,871

End of Year 3

$55,034

End of Year 4

$61,498

End of Year 5

$68,279

End of Year 6

$75,392

End of Year 7

$82,853

End of Year 8

$90,680

End of Year 9

$98,891

End of Year 10*

IRR = 17.44%

$1,407,417
* ($107,505 + $1,299,912)

AFTER TAX IRR
Time

Future Cash Flows

Initial Investment

($555,000)

End of Year 1

$39,888

End of Year 2

$44,616

End of Year 3

$48,987

End of Year 4

$53,573

End of Year 5

$58,384

End of Year 6

$63,431

End of Year 7

$68,727

End of Year 8

$74,283

End of Year 9

$80,113

End of Year 10*

IRR = 15.41%

$1,252,449
* ($85,668 + $1,166,781)

page 12 of 27
Cash Flow Analysis

West Town Mixed-Use
1358 N Western Avenue
Chicago, IL 60622

Description

GROSS SCHEDULED INCOME
Turnover Vacancy
Total Operating Expenses
NET OPERATING INCOME
Loan Payment
NET CASH FLOW (b/t)
Cash On Cash Return b/t
NET OPERATING INCOME
Depreciation
Loan Interest
TAXABLE INCOME (LOSS)
Income Taxes
CASH FLOW (a/t)
Cash On Cash Return a/t

Kevin Rocio
312-506-0261

Year 1

Year 2

Year 3

Year 4

Year 5

Year 6

Year 7

Year 8

Year 9

Year 10

$151,299

$158,129

$165,280

$172,765

$180,602

$188,806

$197,395

$206,388

$215,805

$225,665

($3,438)

($3,610)

($3,790)

($3,980)

($4,179)

($4,388)

($4,607)

($4,838)

($5,079)

($5,333)

($26,126)

($26,910)

($27,717)

($28,549)

($29,405)

($30,287)

($31,196)

($32,132)

($33,096)

($34,089)

$121,735

$127,610

$133,772

$140,237

$147,018

$154,130

$161,592

$169,419

$177,630

$186,243

($78,739)

($78,739)

($78,739)

($78,739)

($78,739)

($78,739)

($78,739)

($78,739)

($78,739)

($78,739)

$42,996

$48,871

$55,034

$61,498

$68,279

$75,392

$82,853

$90,680

$98,891

$107,505

7.75%

8.81%

9.92%

11.08%

12.30%

13.58%

14.93%

16.34%

17.82%

19.37%

$121,735

$127,610

$133,772

$140,237

$147,018

$154,130

$161,592

$169,419

$177,630

$186,243

($51,457)

($53,702)

($53,702)

($53,702)

($53,702)

($53,702)

($53,702)

($53,702)

($53,702)

($51,457)

($57,848)

($56,888)

($55,884)

($54,834)

($53,736)

($52,587)

($51,386)

($50,129)

($48,815)

($47,440)

$12,430

$17,020

$24,187

$31,701

$39,580

$47,842

$56,504

$65,588

$75,113

$87,347

($3,108)

($4,255)

($6,047)

($7,925)

($9,895)

($11,960)

($14,126)

($16,397)

($18,778)

($21,837)

$39,888

$44,616

$48,987

$53,573

$58,384

$63,431

$68,727

$74,283

$80,113

$85,668

7.19%

8.04%

8.83%

9.65%

10.52%

11.43%

12.38%

13.38%

14.43%

15.44%

Footnotes: b/t = before taxes;a/t = after taxes

page 13 of 27
Unit Rent Roll

West Town Mixed-Use
1358 N Western Avenue
Chicago, IL 60622

Unit

Description

Kevin Rocio
312-506-0261

Approx. Sq. Ft.

1

0+1

1,447

2

0+1

3

2+1

4

Current Rent Pro Forma Rent

Comments

$2,150

$2,500

Currently Prince Mini-Mart

757

$800

$1,500

Currently Maid Service

905

$1,900

$1,800

Currently Owner-Occupied

2+1

945

$950

$1,900

Below Market Rental

5

2+1

945

$1,900

$1,900

Currently Owner-Occupied

6

2+1

903

$1,850

$1,900

Currently Rented

page 14 of 27
Unit Mix Report

West Town Mixed-Use
1358 N Western Avenue
Chicago, IL 60622

Kevin Rocio
312-506-0261

UNIT MIXES
Units

Type

2
4
6

Approx. SqFt Avg. Rents
0+1
2+1

1102
924
5,900

$1,475
$1,650

UNIT MIX

Monthly
$2,950
$6,600
$9,550

Mkt Rents
$2,000
$1,875

UNIT MIX SQUARE FEET
q 0+1
q 2+1

q 0+1
q 2+1

UNIT MIX INCOME

UNIT MIX MARKET INCOME
q 0+1
q 2+1

q 0+1
q 2+1

page 15 of 27

Monthly
$4,000
$7,500
$11,500
Investment Return Analysis

West Town Mixed-Use
1358 N Western Avenue
Chicago, IL 60622

Description

Kevin Rocio
312-506-0261

Year 1

Year 2

Year 3

Year 4

Year 5

Year 6

Year 7

Year 8

Year 9

Year 10

Cash Flow - To Date

$39,888

$84,504

$133,491

$187,063

$245,447

$308,878

$377,605

$451,888

$532,001

$617,669

Net Resale Proceeds

$517,061

$567,632

$631,134

$698,621

$768,917

$842,122

$918,344

$997,690

$1,080,276

$1,166,781

($555,000)

($555,000)

($555,000)

($555,000)

($555,000)

($555,000)

($555,000)

($555,000)

($555,000)

($555,000)

Net Return on Investment

$1,949

$97,135

$209,625

$330,685

$459,364

$596,001

$740,949

$894,579

$1,057,277

$1,229,450

Internal Rate of Return

0.35%

8.69%

12.02%

13.59%

14.41%

14.87%

15.14%

15.29%

15.37%

15.41%

Modified IRR

0.35%

8.40%

11.27%

12.39%

12.82%

12.93%

12.88%

12.75%

12.58%

12.39%

NPV (cash flow + reversion)

$5,057

$104,498

$223,035

$352,019

$490,593

$639,190

$798,265

$968,292

$1,149,768

$1,343,777

$1,912,905

$2,094,249

$2,283,369

$2,480,613

$2,686,349

$2,900,959

$3,124,844

$3,358,426

$3,602,143

$3,856,456

Invested Capital

PV (NOI + reversion)

Footnotes: a/t = after taxes; Modified IRR = Modified Internal Rate of Return; PV = Present Value; NPV = Net Present Value; NOI = Net Operating Income
Reversion = Amount received from the resale; Net Return on Investment = Cash Flow (a/t To Date) + Net Proceeds from Resale - Invested Capital.

page 16 of 27
On Market Comparables

West Town Mixed-Use
1358 N Western Avenue
Chicago, IL 60622

Kevin Rocio
312-506-0261

Cap Rate

Gross Rent Multiplier

8%

16.0

7%

14.0
Avg.

Avg.
6%

12.0

6.25

5%

10.0

4%

8.0

3%

6.0

2%

4.0

1%

12.7

2.0

Subject

1

2

Subject

Price per Unit

1

2

Price per Sq. Ft.

$416,000

$392

$364,000

Avg.
$341,042

$312,000

$343
$294

Avg.
$279.42

$260,000

$245

$208,000

$196

$156,000

$147

$104,000

$98

$52,000

$49

Subject

1

2

Subject

page 17 of 27

1

2
West Town Mixed-Use

On Market Comparables

1358 N Western Avenue
Chicago, IL 60622
S

Kevin Rocio
312-506-0261

West Town Mixed-Use
1358 N Western Avenue
Chicago, IL 60622
Sale Price

# Units

Unit Type

Units

6

2

0+1

Price/Unit

$308,333

4

2+1

Price/SqFt

$235.37

Cap Rate

6.58%

Year Built

1879

GRM

1

$1,850,000

12.23

# Units

Unit Type

# Units

Unit Type

1656 W Chicago Ave
Chicago, IL 60622
Sale Price
Units

6

Price/Unit

$408,333

Price/SqFt

$392.00

Cap Rate

6.5%

Year Built

1970

GRM

On Market

$2,450,000

12.8

NOTES
5 Residential & 1 Commercial Unit.

2

2459 W Augusta Blvd
Chicago, IL 60622
Sale Price
Units

4

Price/Unit

$273,750

Price/SqFt

$166.84

Cap Rate

6.0%

Year Built

1891

GRM

On Market

$1,095,000

12.6

NOTES
3 Residential & 1 Commercial Unit.

page 18 of 27
West Town Mixed-Use

On Market Comparables

1358 N Western Avenue
Chicago, IL 60622

Kevin Rocio
312-506-0261

1

1358 N Western Avenue, Chicago, IL 60622 ($1,850,000)

A

1656 W Chicago Ave, Chicago, IL 60622 ($2,450,000)

B

2459 W Augusta Blvd, Chicago, IL 60622 ($1,095,000)

page 19 of 27
In Escrow Comparables

West Town Mixed-Use
1358 N Western Avenue
Chicago, IL 60622

Kevin Rocio
312-506-0261

Cap Rate

Gross Rent Multiplier

8%

16.0

7%

14.0

6%

12.0

5%

10.0

4%

8.0

3%

6.0

2%

4.0

1%

2.0

Subject

Subject

Price per Unit

Price per Sq. Ft.

$312,000

$240

$273,000

$210

$234,000

$180

$195,000

$150

$156,000

Avg.

Avg.
$137.03

$120

$149,875
$117,000

$90

$78,000

$60

$39,000

$30

Subject

1

Subject

page 20 of 27

1
West Town Mixed-Use

In Escrow Comparables

1358 N Western Avenue
Chicago, IL 60622
S

Kevin Rocio
312-506-0261

West Town Mixed-Use
1358 N Western Avenue
Chicago, IL 60622
Sale Price

# Units

Unit Type

Units

6

2

0+1

Price/Unit

$308,333

4

2+1

Price/SqFt

$235.37

Cap Rate

6.58%

Year Built

1879

GRM

1

$1,850,000

12.23

# Units

Unit Type

2713 W Division St
Chicago, IL 60622
Sale Price
Units

8

Price/Unit

$149,875

Price/SqFt

$137.03

Cap Rate

N/A

Year Built

1940

GRM

In Escrow

$1,199,000

N/A

NOTES
4 Residential & 4 Commercial Unit. (BUILDING IS CURRENTLY VACANT)

page 21 of 27
West Town Mixed-Use

In Escrow Comparables

1358 N Western Avenue
Chicago, IL 60622

Kevin Rocio
312-506-0261

1

1358 N Western Avenue, Chicago, IL 60622 ($1,850,000)

A

2713 W Division St, Chicago, IL 60622 ($1,199,000)

page 22 of 27
Rent Comparables Charts

West Town Mixed-Use
1358 N Western Avenue
Chicago, IL 60622

Kevin Rocio
312-506-0261

Occupancy

Avg.

100%

100.0
90%
80%
70%
60%
50%
40%
30%
20%
10%

Subject

1

2

3

4

5

Average Rent per Unit Type
$2,100
$2,000

$1,950

$1,890
$1,680
$1,470
$1,260
$1,050
$840
$630
$420
$210

Two Bedroom Two Bath

Two Bedroom One Bath

page 23 of 27

6
West Town Mixed-Use

Rent Comparables

1358 N Western Avenue
Chicago, IL 60622
S

Kevin Rocio
312-506-0261

West Town Mixed-Use
1358 N Western Avenue
Chicago, IL 60622
Avg Rent/rsf

# Units

Unit Type

Rent

RSF

7,860

2

0+1

$1,475

Occupancy

100%

4

2+1

$1,650

Units

6

Year Built

1

$14.58

1879

1529 N Artesian Ave
Chicago, IL 60622
Avg Rent/rsf

# Units

Unit Type

Rent

RSF

1,000

1

Two Bedroom Two Bath

$1,800

Occupancy

100%

Units

1

Year Built

2

$21.60

N/A

1349 N Western
Chicago, IL 60622
Avg Rent/rsf

$25.20

# Units

Unit Type

Rent

RSF

1,000

1

Two Bedroom Two Bath

$2,100

Occupancy

100%

Units

1

Year Built

N/A

page 24 of 27
West Town Mixed-Use

Rent Comparables

1358 N Western Avenue
Chicago, IL 60622
3

Kevin Rocio
312-506-0261

1310 N Claremont
Chicago, IL 60622
Avg Rent/rsf

# Units

Unit Type

Rent

RSF

1,000

1

Two Bedroom Two Bath

$2,000

Occupancy

100%

Units

1

Year Built

N/A

$25.20

# Units

Unit Type

Rent

RSF

1,000

1

Two Bedroom Two Bath

$2,100

Occupancy

100%

Units

1

Year Built

4

$24.00

N/A

$24.00

# Units

Unit Type

Rent

RSF

1,147

1

Two Bedroom One Bath

$2,000

Occupancy

100%

Units

1

Year Built

N/A

1533 N Western
Chicago, IL 60622
Avg Rent/rsf

5

1414 N Western Ave
Chicago, IL 60622
Avg Rent/rsf

page 25 of 27
West Town Mixed-Use

Rent Comparables

1358 N Western Avenue
Chicago, IL 60622
6

Kevin Rocio
312-506-0261

1513 N Artesian
Chicago, IL 60622
Avg Rent/rsf

$17.54

# Units

Unit Type

Rent

RSF

1,300

1

Two Bedroom One Bath

$1,900

Occupancy

100%

Units

1

Year Built

N/A

page 26 of 27
West Town Mixed-Use

Rent Comparables

1358 N Western Avenue
Chicago, IL 60622

Kevin Rocio
312-506-0261

1

1358 N Western Avenue Chicago, IL 60622

A

1529 N Artesian Ave Chicago, IL 60622

B

1349 N Western Chicago, IL 60622

C

1310 N Claremont Chicago, IL 60622

D

1533 N Western Chicago, IL 60622

E

1414 N Western Ave Chicago, IL 60622

F

1513 N Artesian Chicago, IL 60622

page 27 of 27
West Town Mixed-Use
1358 N Western Avenue
Chicago, IL 60622

Floor Plans
West Town Mixed-Use
1358 N Western Avenue
Chicago, IL 60622

Kevin Rocio
312-506-0261
West Town Mixed-Use
1358 N Western Avenue
Chicago, IL 60622

Kevin Rocio
312-506-0261
West Town Mixed-Use
1358 N Western Avenue
Chicago, IL 60622

Kevin Rocio
312-506-0261
West Town Mixed-Use
1358 N Western Avenue
Chicago, IL 60622

Kevin Rocio
312-506-0261

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Outstanding Investment Opportunity in West Town: Mixed-Use Condo Building // For Sale

  • 1. WEST TOWN MIXED-USE 1358 N Western Avenue Chicago, IL 60622 For more inofrmation, please contact: Kevin Rocio Real Estate Advisor 312-506-0261 kjrocio@atproperties.com 183301 q Outstanding Investment Opportunity in West Town: MixedUse Condo Building // For Sale q Nestled on the borders of Wicker Park, Ukrainian Village and Humboldt Park. q 4 residential condos plus 1 retail and 1 office condominium. q Commercial Tenants pay all maintenance; residential units pay all utilities except water and common electric. q Value-Add Opportunity to deconvert to mixed-use Apartment Building (C1-2 Zoning) Multi-Family Investment Services 212 E. Ohio St. Chicago, IL 60611 www.atcommercial.com All information furnished is from sources deemed reliable. No representation is made as to the accuracy thereof and it is submitted subject to errors, omissions, changes, or withdrawal without notice.
  • 2. Real Estate Investment Details ANALYSIS Analysis Date February 2014 PROPERTY Property Property Address Year Built West Town Mixed-Use 1358 N Western Avenue Chicago, IL 60622 1879 PURCHASE INFORMATION Property Type Purchase Price Fair Market Value Units Total Rentable Sq. Ft. Resale Valuation Resale Expenses FINANCIAL INFORMATION MultiFamily $1,850,000 $1,850,000 6 7,860 3.0% (annual appreciation) 6.0% Down Payment Federal Tax Rate $555,000 25.0% LOANS Fixed Debt $1,295,000 Term 30 years Amortization 30 years INCOME & EXPENSES Gross Operating Income Monthly GOI Total Annual Expenses Monthly Expenses Rate 4.5% Payment $6,562 LO Costs CONTACT INFORMATION $147,861 $12,322 ($26,126) ($2,177) Kevin Rocio 312-506-0261 kjrocio@atproperties.com 183301 The calculations and data presented are deemed to be accurate, but not guaranteed. They are intended for the purpose of illustrative projections and analysis. The information provided is not intended to replace or serve as substitute for any legal, accounting, investment, real estate, tax or other professional advice, consultation or service. The user of this software should consult with a professional in the respective legal, accounting, tax or other professional area before making any decisions. page 2 of 27
  • 3. West Town Mixed-Use Biography 1358 N Western Avenue Chicago, IL 60622 Kevin Rocio 312-506-0261 PROFESSIONAL BIO #1 Commercial Broker @properties Highest Commercial Sales Volume, 2012 - @properties Represented 8.7% of Total Multi-Family Sales Volume in Chicago, 2012 (source: MLS $850k - $2MM, 4-units and above) Member, @properties Agent Advisory Board WANT RESULTS? Kevin has been a consultant with @properties since 2011. Emerging as the Company's Multi-Family Investment Specialist and quickly earning the elevated Top Producer of Commercial Real Estate status, Kevin currently holds ranking as the #1 Commercial Broker in @properties and the Best Agent to Work With as voted by fellow agents and staff within the firm. In addition to receiving recognition for his business success, Kevin continues to earn the compliments of his clients, fellow agents and piers from other Commercial Firms. The most recent compliment came from the Managing Director of a National Commercial Real Estate Firm who engaged Kevin to sell two properties for a very-high profile Family Trust: "I don't think anyone else could have produced the same results that Kevin did. Kevin continued to bring offers to the table and after a long and arduous process we were finally able to close two residential 6-flats. Kevin was instrumental to the success throughout the entire process. I would recommend him to anyone." (This client has given @properties permission to publish the testimonial & survey results on the Internet.) Kevin understands the importance of providing every client with impeccable service and getting results! Kevin’s clients consistently conclude that they will return to Kevin for future real estate needs and will highly recommend Kevin to family and friends who may benefit from his expertise. Seventeen years as a Top-Producing Mortgage Banker combined with @properties Marketing Platform, has given him a competitive advantage on how he values properties along with the investment opportunities they present and the way they are marketed. page 3 of 27
  • 4. West Town Mixed-Use Recent Transactions 1358 N Western Avenue Chicago, IL 60622 Kevin Rocio 312-506-0261 MultiFamily Sale Price: $315,000 2501 W Marquette Road Cap Rate: 12.27% Chicago, IL Price per Unit: $26,250 12 Units Year Built: 1926 MultiFamily Sale Price: $270,000 4231 W Division St Cap Rate: 15.96% Chicago, IL Price per Unit: $22,500 12 Units Year Built: 1928 MultiFamily Sale Price: $530,000 3803 W Ohio St Cap Rate: Chicago, IL Price per Unit: 8 Units Year Built: 1909 MultiFamily Sale Price: $1,050,000 6337 N Oakley Ave Cap Rate: Chicago, IL Price per Unit: 7 Units Year Built: 1928 MultiFamily Sale Price: $277,500 2453 W Marquette Road Cap Rate: 14.41% Chicago, IL Price per Unit: $23,125 12 Units Year Built: 1926 MultiFamily Sale Price: $850,000 5129 W Roosevelt Rd Cap Rate: 12.10% Cicero, IL Price per Unit: $38,636 22 Units Year Built: 9.18% $66,250 8.42% $150,000 1960 page 4 of 27
  • 5. West Town Mixed-Use Recent Transactions 1358 N Western Avenue Chicago, IL 60622 Kevin Rocio 312-506-0261 Commercial Sale Price: $1,299,000 817 W. Lake Cap Rate: Chicago, IL Price per RSF: 8,200 RSF Year Built: 1935 MultiFamily Sale Price: $812,000 2646 N Lincoln Avenue Cap Rate: Chicago, IL Price per Unit: 3 Units Year Built: 1935 MultiFamily Sale Price: $1,625,000 1261 N Honore Cap Rate: Chicago, IL Price per Unit: 4 Units Year Built: 2007 MultiFamily Sale Price: $1,275,000 4810 W Courtland St Cap Rate: Chicago, IL Price per Unit: 23 Units Year Built: 1927 MultiFamily Sale Price: $1,695,000 5574 W Van Buren Cap Rate: 11.01% Chicago, IL Price per Unit: $77,045 22 Units Year Built: 1927 MultiFamily Sale Price: $450,000 2453 W Marquette Road Cap Rate: 15.74% Chicago, IL Price per Unit: $34,615 13 Units Year Built: N/A $158.41 8.01% $270,667 5.75% $406,250 8.63% $55,435 1926 page 5 of 27
  • 6. West Town Mixed-Use Recent Transactions 1358 N Western Avenue Chicago, IL 60622 Kevin Rocio 312-506-0261 MultiFamily Sale Price: $1,130,000 6304 N Oakley Avenue Cap Rate: Chicago, IL Price per Unit: 16 Units Year Built: 1927 MultiFamily Sale Price: $850,000 4420 N Winchester Ave Cap Rate: Chicago, IL Price per Unit: 6 Units Year Built: 1964 MultiFamily Sale Price: $5,000,000 1301 & 21 Orleans Cap Rate: Detroit, MI Price per Unit: 584 Units Year Built: 1964 MultiFamily Sale Price: $495,000 10337A Dearlove Road Cap Rate: Glenview, IL Price per Unit: 6 Units Year Built: 6.88% $70,625 8.50% $141,667 11.07% $8,562 6.26% $82,500 1985 page 6 of 27
  • 7. Property Description West Town Mixed-Use 1358 N Western Avenue Chicago, IL 60622 Kevin Rocio 312-506-0261 Outstanding Investment Opportunity in West Town Mixed-Use Condominium Building // For Sale ROC Realty Group – a division of @properties Commercial is pleased to present a unique investment opportunity to own a 6-unit mixeduse condominium building on busy Western Avenue in heart of West Town. With nearly 40,000 vehicles passing the traffic light corner of Western and Hirsch, it’s no wonder that new retail is continuously popping up; the most recent being the restaurant “Hash Chicago,” located directly across the street. This mixed-use property, nestled on the borders of Wicker Park, Ukrainian Village and Humboldt Park in the heart of West Town includes 2 commercial spaces (retail condo with basement storage and a separate office condo) plus four (3) 2BR/1BA & (1) 1BR/1BA plus den residential condominiums. This building was converted to condominiums back in 2005. A new contract was recently signed to add an income producing Billboard to the north side of the building. Annual Expenses •Real Estate Taxes: $17,026 (Total of all six condo units) •Property Insurance: $4,000 •Electric: $800 •Hot Water: $1,200 Net Income: $121,735 CAP Rate: 6.58% 3-story 7,861 sq. ft. building plus rooftop deck The investment offers an investor the opportunity to acquire a well maintained asset in a great Chicago neighborhood with tremendous upside through repositioning (de-convert) back to a mixeduse residential apartment building. page 7 of 27
  • 8. Property Photos West Town Mixed-Use 1358 N Western Avenue Chicago, IL 60622 Kevin Rocio 312-506-0261 Stylish Urban Living: no two units alike Prince Mini Mart Typical Living Room Typical Dining Room Typical Kitchen Typical Bedroom Typical Bathroom page 8 of 27
  • 9. West Town Mixed-Use Executive Summary 1358 N Western Avenue Chicago, IL 60622 Kevin Rocio 312-506-0261 ACQUISITION COSTS Purchase Price, Points and Closing Costs Investment - Cash First Loan $1,850,000 $555,000 $1,295,000 INVESTMENT INFORMATION Purchase Price Price per Unit Price per Sq. Ft. Income per Unit Expenses per Unit $1,850,000 $308,333 $235.37 $25,216 ($4,354) INCOME, EXPENSES & CASH FLOW Gross Scheduled Income Total Vacancy and Credits Operating Expenses Net Operating Income Debt Service Cash Flow Before Taxes $151,299 ($3,438) ($26,126) $121,735 ($78,739) $42,996 Total Interest (Debt Service) Depreciation and Amortization Taxable Income (Loss) Tax Savings (Costs) Cash Flow After Taxes ($57,848) ($51,457) $12,430 ($3,108) $39,888 FINANCIAL INDICATORS Cash on Cash Return Before Taxes 7.75% Debt Coverage Ratio Capitalization Rate Gross Rent Multiplier Gross Income / Square Feet Gross Expenses / Square Feet Operating Expense Ratio 1.55 6.58% 16.14 $19.25 ($3.32) 17.67% page 9 of 27
  • 10. Annualized Operating Data West Town Mixed-Use 1358 N Western Avenue Chicago, IL 60622 Kevin Rocio 312-506-0261 UNIT MIX & ANNUAL SCHEDULED INCOME Type Units Actual 0+1 2 $17,700 2+1 4 $19,800 TOTALS 6 Total Apartment $35,400 $24,000 $79,200 $22,500 $114,600 Total $48,000 $90,000 $138,000 ANNUALIZED INCOME Actual INVESTMENT SUMMARY Price: Year Built: Units: Price/Unit: RSF: $1,850,000 1879 6 $308,333 7,860 Price/RSF: $235.37 Lot Size: 2,743 sf Floors: 0 Apartments $114,600 $138,000 ($3,438) $36,699 $147,861 ($26,126) $121,735 ($78,739) $42,996 $20,891 $63,887 ($4,140) $12,168 $146,028 ($21,100) $124,928 ($78,739) $46,189 $20,891 $67,080 3 Parking Spaces: Gross Potential Rent Less: Vacancy Misc. Income Effective Gross Income Less: Expenses Net Operating Income Debt Service Net Cash Flow after Debt Service Principal Reduction Total Return APN: Cap Rate: Apartments Cap Rate: Multiple 6.75% 16.14 Apartments GRM: 13.41 FINANCING SUMMARY Down Payment: Actual 6.58% GRM: Loan Amount: ANNUALIZED EXPENSES $100 $4,000 $1,200 $1,800 $17,026 $800 $1,200 $100 $4,000 $1,200 $1,800 $12,000 $800 $1,200 Total Expenses Expenses Per RSF Expenses Per Unit $26,126 $3.32 $4,354 $21,100 $2.68 $3,517 $1,295,000 $555,000 Loan Type: Fixed Interest Rate: 4.5% Term: Monthly Payment: DCR: Apartments Accounting Building Insurance Grounds Maintenance Janitorial Taxes - Real Estate Utility - Electricity Utility - Water 30 years $6,562 *Misc. Income drops by $26,330 due to dissolution of Condominium Association. 1.55 page 10 of 27
  • 11. West Town Mixed-Use Resale Report 1358 N Western Avenue Chicago, IL 60622 Kevin Rocio 312-506-0261 NET PROCEEDS FROM SALE Adjusted Basis Basis At Acquisition -Depreciation Adjusted Basis at Sale $1,850,000 $532,527 $1,317,473 Capital Gain Sale Price $2,486,245 -Sale Expenses ($149,175) -Adjusted Basis at Sale $1,317,473 Gain or (Loss) $1,019,598 -Depreciation (limited to gain) $532,527 Capital Gain from Appreciation $487,071 Sales Proceeds After Tax Sale Price -Sale Expenses -Mortgage Balance Sale Proceeds Before Tax -Tax On Depreciation $2,486,245 $149,175 $1,037,158 $1,299,912 $133,132 -Tax On Capital Gain Sale Proceeds After Tax $1,166,781 page 11 of 27
  • 12. West Town Mixed-Use Internal Rate of Return Analysis 1358 N Western Avenue Chicago, IL 60622 Kevin Rocio 312-506-0261 BEFORE TAX IRR Time Future Cash Flows Initial Investment ($555,000) End of Year 1 $42,996 End of Year 2 $48,871 End of Year 3 $55,034 End of Year 4 $61,498 End of Year 5 $68,279 End of Year 6 $75,392 End of Year 7 $82,853 End of Year 8 $90,680 End of Year 9 $98,891 End of Year 10* IRR = 17.44% $1,407,417 * ($107,505 + $1,299,912) AFTER TAX IRR Time Future Cash Flows Initial Investment ($555,000) End of Year 1 $39,888 End of Year 2 $44,616 End of Year 3 $48,987 End of Year 4 $53,573 End of Year 5 $58,384 End of Year 6 $63,431 End of Year 7 $68,727 End of Year 8 $74,283 End of Year 9 $80,113 End of Year 10* IRR = 15.41% $1,252,449 * ($85,668 + $1,166,781) page 12 of 27
  • 13. Cash Flow Analysis West Town Mixed-Use 1358 N Western Avenue Chicago, IL 60622 Description GROSS SCHEDULED INCOME Turnover Vacancy Total Operating Expenses NET OPERATING INCOME Loan Payment NET CASH FLOW (b/t) Cash On Cash Return b/t NET OPERATING INCOME Depreciation Loan Interest TAXABLE INCOME (LOSS) Income Taxes CASH FLOW (a/t) Cash On Cash Return a/t Kevin Rocio 312-506-0261 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 $151,299 $158,129 $165,280 $172,765 $180,602 $188,806 $197,395 $206,388 $215,805 $225,665 ($3,438) ($3,610) ($3,790) ($3,980) ($4,179) ($4,388) ($4,607) ($4,838) ($5,079) ($5,333) ($26,126) ($26,910) ($27,717) ($28,549) ($29,405) ($30,287) ($31,196) ($32,132) ($33,096) ($34,089) $121,735 $127,610 $133,772 $140,237 $147,018 $154,130 $161,592 $169,419 $177,630 $186,243 ($78,739) ($78,739) ($78,739) ($78,739) ($78,739) ($78,739) ($78,739) ($78,739) ($78,739) ($78,739) $42,996 $48,871 $55,034 $61,498 $68,279 $75,392 $82,853 $90,680 $98,891 $107,505 7.75% 8.81% 9.92% 11.08% 12.30% 13.58% 14.93% 16.34% 17.82% 19.37% $121,735 $127,610 $133,772 $140,237 $147,018 $154,130 $161,592 $169,419 $177,630 $186,243 ($51,457) ($53,702) ($53,702) ($53,702) ($53,702) ($53,702) ($53,702) ($53,702) ($53,702) ($51,457) ($57,848) ($56,888) ($55,884) ($54,834) ($53,736) ($52,587) ($51,386) ($50,129) ($48,815) ($47,440) $12,430 $17,020 $24,187 $31,701 $39,580 $47,842 $56,504 $65,588 $75,113 $87,347 ($3,108) ($4,255) ($6,047) ($7,925) ($9,895) ($11,960) ($14,126) ($16,397) ($18,778) ($21,837) $39,888 $44,616 $48,987 $53,573 $58,384 $63,431 $68,727 $74,283 $80,113 $85,668 7.19% 8.04% 8.83% 9.65% 10.52% 11.43% 12.38% 13.38% 14.43% 15.44% Footnotes: b/t = before taxes;a/t = after taxes page 13 of 27
  • 14. Unit Rent Roll West Town Mixed-Use 1358 N Western Avenue Chicago, IL 60622 Unit Description Kevin Rocio 312-506-0261 Approx. Sq. Ft. 1 0+1 1,447 2 0+1 3 2+1 4 Current Rent Pro Forma Rent Comments $2,150 $2,500 Currently Prince Mini-Mart 757 $800 $1,500 Currently Maid Service 905 $1,900 $1,800 Currently Owner-Occupied 2+1 945 $950 $1,900 Below Market Rental 5 2+1 945 $1,900 $1,900 Currently Owner-Occupied 6 2+1 903 $1,850 $1,900 Currently Rented page 14 of 27
  • 15. Unit Mix Report West Town Mixed-Use 1358 N Western Avenue Chicago, IL 60622 Kevin Rocio 312-506-0261 UNIT MIXES Units Type 2 4 6 Approx. SqFt Avg. Rents 0+1 2+1 1102 924 5,900 $1,475 $1,650 UNIT MIX Monthly $2,950 $6,600 $9,550 Mkt Rents $2,000 $1,875 UNIT MIX SQUARE FEET q 0+1 q 2+1 q 0+1 q 2+1 UNIT MIX INCOME UNIT MIX MARKET INCOME q 0+1 q 2+1 q 0+1 q 2+1 page 15 of 27 Monthly $4,000 $7,500 $11,500
  • 16. Investment Return Analysis West Town Mixed-Use 1358 N Western Avenue Chicago, IL 60622 Description Kevin Rocio 312-506-0261 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Cash Flow - To Date $39,888 $84,504 $133,491 $187,063 $245,447 $308,878 $377,605 $451,888 $532,001 $617,669 Net Resale Proceeds $517,061 $567,632 $631,134 $698,621 $768,917 $842,122 $918,344 $997,690 $1,080,276 $1,166,781 ($555,000) ($555,000) ($555,000) ($555,000) ($555,000) ($555,000) ($555,000) ($555,000) ($555,000) ($555,000) Net Return on Investment $1,949 $97,135 $209,625 $330,685 $459,364 $596,001 $740,949 $894,579 $1,057,277 $1,229,450 Internal Rate of Return 0.35% 8.69% 12.02% 13.59% 14.41% 14.87% 15.14% 15.29% 15.37% 15.41% Modified IRR 0.35% 8.40% 11.27% 12.39% 12.82% 12.93% 12.88% 12.75% 12.58% 12.39% NPV (cash flow + reversion) $5,057 $104,498 $223,035 $352,019 $490,593 $639,190 $798,265 $968,292 $1,149,768 $1,343,777 $1,912,905 $2,094,249 $2,283,369 $2,480,613 $2,686,349 $2,900,959 $3,124,844 $3,358,426 $3,602,143 $3,856,456 Invested Capital PV (NOI + reversion) Footnotes: a/t = after taxes; Modified IRR = Modified Internal Rate of Return; PV = Present Value; NPV = Net Present Value; NOI = Net Operating Income Reversion = Amount received from the resale; Net Return on Investment = Cash Flow (a/t To Date) + Net Proceeds from Resale - Invested Capital. page 16 of 27
  • 17. On Market Comparables West Town Mixed-Use 1358 N Western Avenue Chicago, IL 60622 Kevin Rocio 312-506-0261 Cap Rate Gross Rent Multiplier 8% 16.0 7% 14.0 Avg. Avg. 6% 12.0 6.25 5% 10.0 4% 8.0 3% 6.0 2% 4.0 1% 12.7 2.0 Subject 1 2 Subject Price per Unit 1 2 Price per Sq. Ft. $416,000 $392 $364,000 Avg. $341,042 $312,000 $343 $294 Avg. $279.42 $260,000 $245 $208,000 $196 $156,000 $147 $104,000 $98 $52,000 $49 Subject 1 2 Subject page 17 of 27 1 2
  • 18. West Town Mixed-Use On Market Comparables 1358 N Western Avenue Chicago, IL 60622 S Kevin Rocio 312-506-0261 West Town Mixed-Use 1358 N Western Avenue Chicago, IL 60622 Sale Price # Units Unit Type Units 6 2 0+1 Price/Unit $308,333 4 2+1 Price/SqFt $235.37 Cap Rate 6.58% Year Built 1879 GRM 1 $1,850,000 12.23 # Units Unit Type # Units Unit Type 1656 W Chicago Ave Chicago, IL 60622 Sale Price Units 6 Price/Unit $408,333 Price/SqFt $392.00 Cap Rate 6.5% Year Built 1970 GRM On Market $2,450,000 12.8 NOTES 5 Residential & 1 Commercial Unit. 2 2459 W Augusta Blvd Chicago, IL 60622 Sale Price Units 4 Price/Unit $273,750 Price/SqFt $166.84 Cap Rate 6.0% Year Built 1891 GRM On Market $1,095,000 12.6 NOTES 3 Residential & 1 Commercial Unit. page 18 of 27
  • 19. West Town Mixed-Use On Market Comparables 1358 N Western Avenue Chicago, IL 60622 Kevin Rocio 312-506-0261 1 1358 N Western Avenue, Chicago, IL 60622 ($1,850,000) A 1656 W Chicago Ave, Chicago, IL 60622 ($2,450,000) B 2459 W Augusta Blvd, Chicago, IL 60622 ($1,095,000) page 19 of 27
  • 20. In Escrow Comparables West Town Mixed-Use 1358 N Western Avenue Chicago, IL 60622 Kevin Rocio 312-506-0261 Cap Rate Gross Rent Multiplier 8% 16.0 7% 14.0 6% 12.0 5% 10.0 4% 8.0 3% 6.0 2% 4.0 1% 2.0 Subject Subject Price per Unit Price per Sq. Ft. $312,000 $240 $273,000 $210 $234,000 $180 $195,000 $150 $156,000 Avg. Avg. $137.03 $120 $149,875 $117,000 $90 $78,000 $60 $39,000 $30 Subject 1 Subject page 20 of 27 1
  • 21. West Town Mixed-Use In Escrow Comparables 1358 N Western Avenue Chicago, IL 60622 S Kevin Rocio 312-506-0261 West Town Mixed-Use 1358 N Western Avenue Chicago, IL 60622 Sale Price # Units Unit Type Units 6 2 0+1 Price/Unit $308,333 4 2+1 Price/SqFt $235.37 Cap Rate 6.58% Year Built 1879 GRM 1 $1,850,000 12.23 # Units Unit Type 2713 W Division St Chicago, IL 60622 Sale Price Units 8 Price/Unit $149,875 Price/SqFt $137.03 Cap Rate N/A Year Built 1940 GRM In Escrow $1,199,000 N/A NOTES 4 Residential & 4 Commercial Unit. (BUILDING IS CURRENTLY VACANT) page 21 of 27
  • 22. West Town Mixed-Use In Escrow Comparables 1358 N Western Avenue Chicago, IL 60622 Kevin Rocio 312-506-0261 1 1358 N Western Avenue, Chicago, IL 60622 ($1,850,000) A 2713 W Division St, Chicago, IL 60622 ($1,199,000) page 22 of 27
  • 23. Rent Comparables Charts West Town Mixed-Use 1358 N Western Avenue Chicago, IL 60622 Kevin Rocio 312-506-0261 Occupancy Avg. 100% 100.0 90% 80% 70% 60% 50% 40% 30% 20% 10% Subject 1 2 3 4 5 Average Rent per Unit Type $2,100 $2,000 $1,950 $1,890 $1,680 $1,470 $1,260 $1,050 $840 $630 $420 $210 Two Bedroom Two Bath Two Bedroom One Bath page 23 of 27 6
  • 24. West Town Mixed-Use Rent Comparables 1358 N Western Avenue Chicago, IL 60622 S Kevin Rocio 312-506-0261 West Town Mixed-Use 1358 N Western Avenue Chicago, IL 60622 Avg Rent/rsf # Units Unit Type Rent RSF 7,860 2 0+1 $1,475 Occupancy 100% 4 2+1 $1,650 Units 6 Year Built 1 $14.58 1879 1529 N Artesian Ave Chicago, IL 60622 Avg Rent/rsf # Units Unit Type Rent RSF 1,000 1 Two Bedroom Two Bath $1,800 Occupancy 100% Units 1 Year Built 2 $21.60 N/A 1349 N Western Chicago, IL 60622 Avg Rent/rsf $25.20 # Units Unit Type Rent RSF 1,000 1 Two Bedroom Two Bath $2,100 Occupancy 100% Units 1 Year Built N/A page 24 of 27
  • 25. West Town Mixed-Use Rent Comparables 1358 N Western Avenue Chicago, IL 60622 3 Kevin Rocio 312-506-0261 1310 N Claremont Chicago, IL 60622 Avg Rent/rsf # Units Unit Type Rent RSF 1,000 1 Two Bedroom Two Bath $2,000 Occupancy 100% Units 1 Year Built N/A $25.20 # Units Unit Type Rent RSF 1,000 1 Two Bedroom Two Bath $2,100 Occupancy 100% Units 1 Year Built 4 $24.00 N/A $24.00 # Units Unit Type Rent RSF 1,147 1 Two Bedroom One Bath $2,000 Occupancy 100% Units 1 Year Built N/A 1533 N Western Chicago, IL 60622 Avg Rent/rsf 5 1414 N Western Ave Chicago, IL 60622 Avg Rent/rsf page 25 of 27
  • 26. West Town Mixed-Use Rent Comparables 1358 N Western Avenue Chicago, IL 60622 6 Kevin Rocio 312-506-0261 1513 N Artesian Chicago, IL 60622 Avg Rent/rsf $17.54 # Units Unit Type Rent RSF 1,300 1 Two Bedroom One Bath $1,900 Occupancy 100% Units 1 Year Built N/A page 26 of 27
  • 27. West Town Mixed-Use Rent Comparables 1358 N Western Avenue Chicago, IL 60622 Kevin Rocio 312-506-0261 1 1358 N Western Avenue Chicago, IL 60622 A 1529 N Artesian Ave Chicago, IL 60622 B 1349 N Western Chicago, IL 60622 C 1310 N Claremont Chicago, IL 60622 D 1533 N Western Chicago, IL 60622 E 1414 N Western Ave Chicago, IL 60622 F 1513 N Artesian Chicago, IL 60622 page 27 of 27
  • 28. West Town Mixed-Use 1358 N Western Avenue Chicago, IL 60622 Floor Plans
  • 29. West Town Mixed-Use 1358 N Western Avenue Chicago, IL 60622 Kevin Rocio 312-506-0261
  • 30. West Town Mixed-Use 1358 N Western Avenue Chicago, IL 60622 Kevin Rocio 312-506-0261
  • 31. West Town Mixed-Use 1358 N Western Avenue Chicago, IL 60622 Kevin Rocio 312-506-0261
  • 32. West Town Mixed-Use 1358 N Western Avenue Chicago, IL 60622 Kevin Rocio 312-506-0261