5710 N. Winthrop & 6211 N. Kenmore Chicago, IL 60660

Property Details for 5710 N. Winthrop & 6211 N. Kenmore

Property type

Residential income homes

Property subtype

Residential income properties

Description

Kiser Group has been exclusively engaged to market for sale this two-property portfolio in Chicago's Edgewater neighborhood. 6211 N. Kenmore, a 28-unit 4+1 style building is well-situated for Loyola University students as it's just 0.1 miles from campus and one block from Lake Michigan. The building is comprised of twelve (12) studio apartments, sixteen (16) 1 bedroom / 1 bathroom units, and includes 19 parking spaces. In 2018, ownership renovated common area spaces and modernized units. These updates included new kitchens, bathrooms, flooring, doors, and windows, creating a more open floor plan for residents. Additionally, plumbing and electrical throughout were replaced, the parking lot was resurfaced, and laundry rooms were added on every floor by converting existing storage rooms. This acquisition provides consistent demand from students and hedges against a continuously changing market. Additionally, current rents are on average 11%+ below market for nearby apartment buildings with similar finishes. 5710 N. Winthrop, a 42-unit corridor-style building has twenty-five (25) studio apartments and seventeen (17) one-bedroom / one-bathroom units. In December 2020, ownership started an 18-month, large-scale renovation project. The work included new building electrical, and common space updates such as flooring, baseboards, lighting, and doors. Units were renovated to modernize kitchens and baths with quartz countertops, shaker-style cabinetry, new flooring, lighting, etc. Also, floor plans were reconfigured to offer open-concept living, and windows were replaced to maximize natural light. Current rents are, on average, 12% below market for nearby apartment buildings with similar finishes, allowing for new ownership to operate more aggressively and move rents to market rates. Edgewater has recently experienced both a boom in development and rapidly appreciating property values, quickly becoming one of the most desirable neighborhoods to live in Chicago.  The shops, cafes, restaurants, and bars along Broadway Ave, coupled with the numerous public beaches and parks, continue to draw people from around the city and the suburbs to the Edgewater community.  This neighborhood is located just six miles from downtown, on the north side of the city. Residents have convenient access to a variety of transportation, recreation, and entertainment offerings. Commuting to the city is seamless through the new Union Pacific North Metra at Peterson, CTA Red Line stops of Berwyn, Bryn Mawr, and Thorndale as well as bus access on Sheridan/Lake Shore Drive.