2001 S STATE STREET & 2000 S WABASH AVE CHICAGO, IL

Transcription

1 2001 S STATE STREET & 2000 S WABASH AVE CHICAGO, IL PRICING & FINANCIAL ANALYSIS DUAL OFFERING IN THE SOUTH LOOP 22 APARTMENTS & 20,000 SF OF COMMERCIAL PROPERTY

2 PROPERTY OVERVIEW: This dual offering is located in the red hot South Loop. The area is such a dynamic mix of attractions and histories that the neighborhood tends to be seen as many different things to many different people. Both properties are newly renovated, including 22 apartments and 12,327 SF of commercial space at State, and 8,143 SF of commercial space at Wabash. Commercial tenants include a Dog Daycare who occupies the entire building on Wabash on a triple net lease. A gym and child day care occupy the commercial space at 2001 State. All apartments have been totally gut renovated including granite counters, cabinets, flooring, stainless steel appliances, plumbing, electric, heating & cooling and laundry machines. All units are 3 bedroom and have elevator access through the lobby. Formerly the Cullerton Hotel, and Al Capones old hangout spot in the South Loop. The building has seen many capital improvements. Updated plumbing, roofing, tuck pointing, siding, security system, stairs and windows, HVAC, and elevators all add to the new and improved feel of this building. Thanks to the properties proximity to the central business district, top parks, cultural attractions and schools, Chicago's South Loop has started to become one of the hottest markets for newer construction.

3 INVESTMENT HIGHLIGHTS: Strategic Location - Located near McCormick Place Convention Center, which attracts nearly 3 million visitors annually. - Near the Motor Row District along South Michigan Avenue and nearby Prairie Avenue District, the Millionaires Row that was lined with mansions belonging to Chicago's most wealthy elite during the end of the 19 th century. - Business professionals and students have brought new life and redevelopment, filling the restaurants, music clubs, smaller theaters and museums that have all established themselves in the community. - Near the 10,000-seat multipurpose Wintrust Arena. Uses range from women's and men's basketball games, concerts, family shows and business conventions to name a few. - The new 1,200-room Marriot hotel with 93,000 square feet of elegant event space, including two 25,000- square-foot ballrooms. - Walking distance from CTA L station (Red, Orange and Green Lines). - Proximity to the interstate system I-90/94, I-55 and Lake Shore Drive.

4 OFFERING SUMMARY: OFFERING SUMMARY Price $14,750,000 CAP 5.8% Square Footage Price/SF 52,750 $ GRM

5 OFFERING SUMMARY: ANNUALIZED OPERATING FINANCIALS PRO FORMA FINANCIALS Scheduled Gross Income $1,171,375 $1,302,479 Less Vacancy Reserve ($18,257) 3% * ($19,836) 3% * Gross Operating Income $1,153,118 $1,282,643 Less Expenses ($304,059.74) 26% * ($304,060) 23% * Net Operation Income $849,058 $978,583 Less Loan Payments Cash Flow ($680,535) ($680,535) $168, % ** $298, % ** Plus Principal Reduction $171,660 $171,660 Total Return Before Taxes $340, % ** $469, % ** *As a Percentage of Scheduled Gross Income **As a Percentage of Down Payment

6 PROPERTY VISUALS:

7 PROPERTY VISUALS:

8 PROPERTY VISUALS: - 1-

9 DEMOGRAPHIC REPORT: POPULATION 1 MILE 3 MILES Total Population , ,376 Total Population , ,650 Total Households 23, ,873 Daytime Employees 23, ,218 INCOME 1 MILE 3 MILES Median Household Income $63,115 $72,729 Household Growth Up 3.1% Up 2.8%

10 SURROUNDING AREA: Soldier Field Soldier Field and the surrounding parkland hosts exciting sporting and special events throughout the year. It opened in 1924 and is home to the Chicago Bears of the NFL, who moved there in The field has served as the home venue for a number of other sports teams in its history, including the Chicago Cardinals of the NFL, University of Notre Dame football, and the Chicago Fire of Major League Soccer, as well as games from the 1994 FIFA World Cup, 1999 FIFA Women's World Cup, and multiple CONCACAF Gold Cup championships. Also operating as a concert venue, the stadium will host names such as The Rolling Stones and BTS in McCormick Place The premier convention facility in North America. Located just minutes from downtown Chicago, McCormick Place attracts close to 3 million visitors each year. The facility is comprised of four state-of-the art buildings. The North and South Buildings, the West Building and Lakeside Center. Together, they form what many consider to be the economic engine that powers the entire convention and tradeshow industry. Inside you will find 2.6 million sq/ft of exhibit halls, 170 meeting rooms, 6 ballrooms, assembly seating for 18,000 people, Arie Crown theater, and easy access to 5,800 parking spaces.

11 SURROUNDING AREA: Wintrust Arena The Wintrust Arena is a premier event space and a game changer for McCormick Square and tourism in the community. The Arena is a multipurpose venue for concerts, sporting events, general session hall for business meetings and conventions as well as other major special events. Featuring a first-class NCAA basketball court that is the new home court for DePaul University Men's and Women's basketball teams. The Arena also serves as the home for the WNBA Basketball team the Chicago Sky. The arena serves as a further catalyst for economic development of the historic Motor Row along South Michigan Avenue and other surrounding neighborhoods. Museum Campus Chicago's amazing Museum Campus is a 57-acre museum park that sits near Lake Michigan and surrounds three of the city's most notable museums, all dedicated to the natural sciences: the Adler Planetarium; the Shedd Aquarium; and the Field Museum of Natural History. It Is also known for holding the Soldier Field football stadium and the Lakeside Center of the McCormick Place. A visit to Chicago's Museum Campus is a truly unique experience, that will leave you wide-eyed with wonder.

12 AERIAL VIEW:

13 AERIAL VIEW: 2001 S State/ 2000 S Wabash

14 PRESENTED BY: WINDY CITY RE, LLC Milan Rubenstein Managing Partner Chicago, IL x Pat Stich Commercial Asset Manager Chicago, IL x