Bronzeville Chicago Il Usa Chicago, IL 60653

Property Details for 0 Bronzeville Chicago Il Usa

Year built

2014

Property size

109,350 SF

Property type

Residential income homes

Description

This exceptional investment opportunity presents a portfolio of 81 new construction, three-bedroom, two-bathroom triplex homes totaling 109,350 square feet across 27 buildings situated on a 202,500 square foot lot in Chicago's thriving Bronzeville neighborhood. Each 1,350 square foot unit includes a detached garage and high-end condo finishes. Currently, two buildings are fully leased, with recent rental rates at $2,595 per month, just 5% below projected stabilized rents of $2,729. The portfolio boasts a current NOI of $1,922,778 and a 6.47% cap rate, projected to increase to a 6.67% cap rate and $1,979,949 NOI upon full lease-up, anticipated by Q3 2024. The property offers flexible acquisition options, allowing for bulk purchase of all 27 buildings or smaller packages of two or more. Year 1 gross rents are modeled at $2,501,788. Conveniently located near the Green Line, employment centers, entertainment, and the lakefront, this portfolio benefits from strong projected rental growth of 14.5% and home value appreciation of 11.5% through 2027. The property offers multiple exit strategies, including individual unit sales or building sales post-stabilization, contributing to a projected 24.58% IRR at year 5, assuming a 5% exit cap rate. Built in 2014, this Class A, fee-simple investment is priced at $29,700,000.