101615 Dynamic Tri-plex BFR Chicago, IL 60653
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Property Features for 101615 Dynamic Tri-plex BFR
General Information
- Property type
- Multifamily properties
- Square Feet
- 109,350 SF
- Price / Square Foot
- $271
- Elevators
- N/A
Building Details
- Year Built
- 2024
- Buildings
- 27
- Stories
- 3
Overview
Bronzeville Tri-Plex Portfolio Opportunity
This dynamic Bronzeville portfolio presents an opportunity to invest in a market experiencing substantial public and private sector revitalization. Comprising 27 buildings, each containing three condominium units, the portfolio offers flexibility for investors to purchase in bulk or smaller packages. Each unit features 3 bedrooms and 2 bathrooms within a 1350 square foot layout, complemented by a detached one-car garage. The properties boast high-end condo finishes and convenient access to the University of Chicago, Illinois Institute of Technology (IIT), the Green Line, and the lakefront. The 81 homes offer multiple exit strategies, including individual sales or bulk sales post-stabilization. Projected stabilized rents are conservatively estimated at $2,650 per month. The location in Bronzeville, on Chicago’s South Side, is known for its rich African American history and culture. Recent revitalization efforts and economic development initiatives have focused on local businesses, community organizations, and infrastructure projects. The neighborhood offers a mix of traditional public schools, charter schools, and magnet programs, with institutions like the Walter H. Dyett High School for the Arts and the Bronzeville Classical Elementary School. The area's historic landmarks and vibrant arts scene attract tourists and residents alike, contributing to its dynamic community spirit. All homes are anticipated to be completed by Q3 of 2024.
HighLights
- New construction tri‑plex homes in high growth Bronzville Chicago submarket Excellent opportunity to purchase 81 homes in 27 buildings at Certificate of Occupancy Opportunity to purchase completed, fully leased buildings (2) and soon to be delivered buildings All homes will be finished by Q3 of 2024 Opportunity to purchase all 27 buildings in bulk or purchase in smaller bulk packages of two or more buildings Quality, high end condo finishes throughout All 3 bedroom 2 bathroom, 1350/sf homes with 1 detached garage per home Access Green Line, employment, entertainment and lakefront Chicago market poised for strong rental growth of 14.5% though 2027 according to John Burns Home value appreciation projected at 11.5% through 2027 Per home stabilized rental rates conservatively projected at $2729 per month Two buildings currently leased, most recent rental rate is $2595, only 5% below projected stabilized rents Conservative 6.67% cap rate at Stabilized NOI after all buildings leased and operating Annual Gross Rents at Year 1 modeled at $2,501,788, its anticipated lease up rents will surpass projected stabilized rents as buildings come online in Q2 & Q3 this year, further driving net stabilized NOI growth Year 5 disposition shows strong 24.58% IRR assuming 5% exit Flexible disposition strategies available pending market conditions All SVN® Offices Independently Owned & Operated Local Broker License Information: www.SFRhub.com/realestatelicensing
Location Intelligence
Current Use by Public Records
Commercial real estate
Map
- City
- Chicago
- State
- Illinois
- Longitude
- -89.4337288
- Latitude
- 40.0796606
Nearby Similar for Sale
FAQs
What type of property is this?
Multifamily property - Dynamic Bronzeville scattered tri-plex portfolio For Sale
Where is this multifamily property located?
The property is located at 101615 Dynamic Tri-plex BFR Chicago, IL.
What is the asking price?
The asking price for this property is $29,700,000.
What are key features of this property?
This property features: New construction tri-plex homes in high growth Bronzville Chicago submarket
Excellent opportunity to purchase 81 homes in 27 buildings at Certificate of Occupancy
Opportunity to purchase completed, fully leased buildings (2) and soon to be delivered buildings
All homes will be finished by Q3 of 2024
Opportunity to purchase all 27 buildings in bulk or purchase in smaller bulk packages of two or more buildings
Quality, high end condo finishes throughout
All 3 bedroom 2 bathroom, 1350/sf homes with 1 detached garage per home
Access Green Line, employment, entertainment and lakefront
Chicago market poised for strong rental growth of 14.5% though 2027 according to John Burns
Home value appreciation projected at 11.5% through 2027
Per home stabilized rental rates conservatively projected at $2729 per month
Two buildings currently leased, most recent rental rate is $2595, only 5% below projected stabilized rents
Conservative 6.67% cap rate at Stabilized NOI after all buildings leased and operating
Annual Gross Rents at Year 1 modeled at $2,501,788, its anticipated lease up rents will surpass projected stabilized rents as buildings come online in Q2 & Q3 this year, further driving net stabilized NOI growth
Year 5 disposition shows strong 24.58% IRR assuming 5% exit
Flexible disposition strategies available pending market conditions
All SVN® Offices Independently Owned & Operated
Local Broker License Information: www.SFRhub.com/realestatelicensing