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The Chicago multifamily market has become strong enough to begin drawing investors away from the downtown and into outlying neighborhoods such as South Shore, Pilsen, Edgewater and Logan Square.
Kiser Group officials hope that perks up interest in a 73-unit, 21-building multifamily portfolio on the Northwest Side, marketed as 21 Northwest, they just listed for sale at $8.9M, or about $121K per unit.
A private investment firm assembled the portfolio, spread over the Galewood, North Austin, Belmont Cragin, Hermosa and Logan Square neighborhoods, as well as suburban Elmwood Park.
The properties were built in the past 10 years. The current owners renovated the units between 2009 and 2013 and completed electrical, plumbing and cosmetic updates, Kiser broker Rick Ofman said. All of the properties have copper plumbing, newer windows, well-maintained or new roofs, refinished hardwood floors, updated kitchens and bathrooms, and individual hot water tanks and furnaces.
“The city properties are all within a mile-and-a-half radius of each other and offer investors the ability to raise rents to market rate without updating units,” Ofman said. “The rents of the few units that already have stainless steel appliances, granite countertops and completely new bathrooms demonstrate the potential for 20% rent increases.”
Throughout the portfolio, floor plans range from studio to four-bedroom duplexes, and rents range from $650 to $2K per month.
Listing agents for the assignment are Ofman and Kiser Group’s Danny Logarakis and Marco Cesario.
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