Master-Leased Multifamily
247 301 303 305 W Scott Street & 301 W Goethe Street, Chicago, IL 60610
For Sale
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Condominium residences are leased to CHA across multiple Chicago developments with lease expirations extending through 2038–2043.
Property SizeContact for details
Days on Market81
Property Features for 247 301 303 305 W Scott Street & 301 W Goethe Street
General Information
Standard status
Property subtype
Investment Type
Site & Location
Neighborhood
Public Transit
Additional Details
Multifamily Units
Building Details
Year Built
Buildings
Units
Tenancy
Listing Agency:
SRS Real Estate Partners - Global Company
Listed By:
John Redfield · License #CA 01928036
Source:
Crexi
Added: Aug 19
Changed: Nov 6
Last Checked: Nov 6 at 6:52AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of SRS Real Estate Partners - Global Company
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This offering includes fee-simple interests in 98 residential condominium units distributed among multiple developments in Chicago’s Near North Side. The residences were constructed in 1997 and are subject to master leases with the Chicago Housing Authority across two tranches: 82 units with terms running through 2042 and 2043, and 16 units through 2038. The portfolio has approximately 16.52 years of blended lease term remaining.
During the lease period, CHA covers capital expenditures, addresses operating shortfalls through its own resources or reserves, and handles unit maintenance and renovations. At expiration, ownership has the contractual right to end the CHA encumbrance and recapture the residences subject to a 25% residual payment. The properties are less than two miles from the Loop and under one mile from Lincoln Park, with access to the CTA Brown and Purple Lines. The address portfolio includes W. Scott Street and W. Goethe Street in Chicago, IL 60610.
During the lease period, CHA covers capital expenditures, addresses operating shortfalls through its own resources or reserves, and handles unit maintenance and renovations. At expiration, ownership has the contractual right to end the CHA encumbrance and recapture the residences subject to a 25% residual payment. The properties are less than two miles from the Loop and under one mile from Lincoln Park, with access to the CTA Brown and Purple Lines. The address portfolio includes W. Scott Street and W. Goethe Street in Chicago, IL 60610.
Key Highlights
- 98 residential condominium units under master leases with the Chicago Housing Authority
- 82 units have lease terms extending through 2042 and 2043; 16 units extend through 2038
- Approximately 16.52 years of blended lease term remain across the portfolio
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Lease Details
98
Residential units
Location Intelligence
Trade Area within ½ mile
6,564
Businesses Nearby
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Business Placement
Demographics for 60610, IL
43,794
Population
30,091
Households
1.5
Avg Household Size
34
Median Age
79%
College-Educated
97%
High-School Grad
1.1 sq mi
ZIP Area
39,813
Density / Sq Mi
$105,649
Median Household Income
$82,934
Median Earnings
$2,029
Median Rent
$543,000
Median Home Value
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Frequently Asked Questions
What type of property is this?
Multifamily property - Condominium residences are leased to CHA across multiple Chicago developments with lease expirations extending through 2038–2043.
Where is this multifamily property located?
The property is located at 247 301 303 305 W Scott Street & 301 W Goethe Street Chicago, IL.
What is the asking price?
The asking price for this property is $21,083,000.
What are key features of this property?
This property features: 98 residential condominium units under master leases with the Chicago Housing Authority; 82 units have lease terms extending through 2042 and 2043; 16 units extend through 2038; Approximately 16.52 years of blended lease term remain across the portfolio
