#636 S. Michigan Avenue

[rabbitcruiser]

During the U.S. Republican National Convention in Chicago on June 11, 1920, U.S. Republican Party leaders gathered in a room at the Blackstone Hotel to come to a consensus on their candidate for the U.S. presidential election, leading the Associated Press to first coin the political phrase “smoke-filled room”.  

[poemswhileyouwait]

Tomorrow! Thursday, 2/10 from 5:00 to 6:30 pm! 

Come get a hot, fresh Valentine’s Day poem in the lobby of the Blackstone Hotel at 636 S. Michigan Avenue! 

[chrisfinancialadvisor]

7051 S. Bennett Ave, Chicago IL 60649

7051 S. Bennett Ave, Chicago IL 60649 22-Unit Mixed Use Building This property is a wholesale investment opportunity and is currently under contract. We are looking for a cash buyer to assign the purchase contract over to. Price $1,235,000+ 3% Fee Proposed Terms These numbers are for the first year of stabilized operation (year 2 of ownership) unless otherwise noted. Property Type 22 units Total Cash Investment $387,249 Full Stabilized Cap Rate (Based on Purchase Price) 9.22% Projected Refi/Resale Cap Rate Used in Model 8.0% Area Market Cap Rate 7.00-8.00% Cash On Cash Return Year 3 of stabilization 1 4.06% Avg. Internal Rate of Return, Year  723.79% Proposed Unit Configuration 5-Studio, 10-1BR/1BA, 1-2BR/1BA, 4-Retail Projected Gross Income (annual/monthly) $203,850 /$16,988 Projected Vacancy $10,193 Real Estate Taxes $18,873 ($858/unit) Insurance $7,000 ($318/unit) Gas -Boiler $10,908 ($496/unit) Electric $992 ($45/unit) Water $7,933 ($361/unit) Pest Control $992 ($45/unit) Repairs and Maintenance $14,000 ($636/unit) Management Fee -5% $9,519 ($433/unit) Net Operating Income (annual/monthly)* $110,108/ $9,176 Free Cash Flow (annual/monthly) $38,917/ $3,243 *There is a standard deviation of 10% on NOI (net operating income). NOI is a projection based on knowledge at the time of preparation that may deviate 10% from the represented value to account for market fluctuation in rents and expenses correlated with commodity pricing. Property Summary This classic, 22-unit mixed use building has tremendous upside potential. This beautiful, professionally managed three-story building contains six retail storefronts, currently configured as four shops –two doubles and two singles –on the ground floor, and sixteen spacious apartments above –fives tudios, ten 1BR/1BA and one 2BR/1BA. The property has a laundry on site. The total cash investment is only $387,249 on a purchase price of $1,235,000. In recent years this structurally sound and immaculately maintained building has received many upgrades, the units having received fresh paint, updated kitchens with cabinets, counter tops, and appliances, updated bathrooms, new fixtures, refinished floors, and window dressings. The current owner’s warrantied contractor team has nearly completed remaining unit renovations. Only minimal work remains to be done on the ground floor retail spaces, which are presently vacant and being offered for lease. The current configuration of four retail units can easily and affordably be changed to six by adding interior walls. Seven of the building's sixteen residential units are targeted for Chicago Housing Authority voucher tenants, in order to maximize rental income. The property is located at 7051 S. Bennett Avenue, in the Jackson Park section of Chicago's gentrifying South Shore neighborhood. The area is adjacent to Chicago's 600-acre Lakeside Development, a massive, $4 billion public/private project planned to be built just south of Rainbow Beach on the former site of US Steel's South Works mill. The development,which upon completion is expected to be larger than Chicago's Loop business district, will include 50,000 residents, 17.5 million square feet of retail and other commercial space, a 1,500-slip boat marina, 125 acres of parks and open spaces, commuter rail and bus service, and a new high school. Just four blocks from 542-acre Jackson Park with its golf course, gym, yacht club and three harbors, and nine blocks to the South Shore golf course and the Nature Sanctuary on Lake Michigan, the building is near shops and restaurants, is convenient to public transportation with a bus stop on the corner, and a quick ride to downtown via the Bryn Mawr Metro rail station which is just across the street. This will make a great start or addition to any portfolio with substantial equity position, strong positive cash flow, minimum cash outlay and a tenant(s) buying this high performing asset for you. The numbers listed above do not factor in maintenance or vacancy rates because they are not relevant during the bridge loan period since our guarantees cover maintenance and rents. The Rent Guarantee state that you will be compensated for any difference between the income and cost of the bridge loan once the rehab period completed. This will continue for the duration of the bridge loan or until the loan has been refinanced, whichever comes first. The Maintenance Guarantee states that all maintenance will be guaranteed for 1 year following the completion of the rehab. The Loss Guarantee states that the value of the property is guaranteed to not drop below the cost of purchase and rehab. If it does, then any deficiency will be reimbursed. CALL NOW!!First come, first served. Don’t let this on slip away into someone else’s hands. Click to Post

[rabbitcruiser]

During the U.S. Republican National Convention in Chicago on June 11, 1920, U.S. Republican Party leaders gathered in a room at the Blackstone Hotel to come to a consensus on their candidate for the U.S. presidential election, leading the Associated Press to first coin the political phrase “smoke-filled room”.