125 -Unit Building Avaialble - South Shore Drive, Chicago, IL

[Tony Hardy]

Marcus & Millichap has been exclusively selected to market for sale Lakeshore Apartments, a 125-unit, Class C+ property that is located in the South Shore neighborhood of Chicago, Illinois The property sits on 1 72 acres (49,192 square feet plus additional parking area of 26,576 square feet) and consists of one five-story building on a concrete slab foundation with a flat membrane roof This property, built in 1950, was completely renovated in 2004 Capital improvements included roof, windows, elevator systems, common area updating, and award-winning landscaping Recent capital improvements include tuck-pointing, controlled access with fob key to common area and nine security cameras with remote viewing Interior upgrades include updated kitchen cabinetry and countertops, bathroom vanities and tubs, shower surrounds, medicine cabinets, lighting, and flooring in select units The property also received a new boiler system, hot water heater, water pressure pumps, and controls in 2012 The spacious units consist of 12 studio/one-bath units, 116 one-bedroom/one-bath units, and four two-bedroom/two-bath units The average rents are $580, $718 and $1,085, respectively All of the apartments feature large living areas, open floor plans, considerable closet space, and many have lake views The building has been well maintained over the years Thirty-five of the units were renovated in the last couple years and achieve premium rents Renovated studio apartments achieve, on average, a $64 per month premium, and one-bedroom units achieve, on average, a $115 per month premium Renovating the remaining 92 units would increase annualized rents by $139,832 The average renovation cost $6,000 Lakeshore Apartments would be perfect for a buyer seeking a light, value-add investment opportunity It sits just a few steps from the beach and the lake Amenities include secure entryway buzzer system with video surveillance, secure parking area, two elevators, two laundry rooms, and close proximity to public transportation There is proven upside in this asset A new owner will be able to raise rents with cosmetic improvements and enjoy the overall lift in the marketplace for rents in the area Continuing these cosmetic improvements is a great strategy because the upside is a known quantity, evidenced by the higher rents already being achieved by more

than 25 percent of the units Lakeshore Apartments is a well-located and well-maintained asset with the opportunity to significantly improve the net income by completing additional unit upgrades.  Call Tony Hardy for more info 773.575.6082