10.26% Cap Rate River North Chicago Penthouse AirBnB with License

[Fernando Angelucci]

We have available for immediate assignment a penthouse in the heart of the River North neighborhood of downtown Chicago. This is the top unit of a 3-unit building. It is officially licensed with the City of Chicago to be able to operate as a bed and breakfast and is a highly sought after AirBnB. The license and full book of business are included in the sale along with over $200,000 worth of furniture. Immediately take over bookings from Airbnb and VRBO already scheduled for several months out upon purchase.

0-100 Block of W Ontario Street, Chicago, IL 60654

Price: $1,680,000

Size: 4,000 Sq. Ft.

5 Bedrooms, 2 Baths

Earnest Money: Negotiable

Close Date: Flexible

Gross Rental Income: $271,000 (Airbnb & VRBO)

Net Operating Income: $172,000 (based on a 20% AirBnB management fee structure via Hostly)

Estimated Cap Rate: 10.26%+

Details: This property is being sold off-market. With the furniture and book of business being included in the sale, this turnkey investment will bring a minimum 8% cap rate without any additional investment. This penthouse unit is located on the top floor of 2 consecutive buildings with a private rooftop deck.

Value-Add Opportunities

• Raise NOI by owner managing (13.42% Cap Rate) or using a less than 20% fee-based management company
• Gross rents are only for the 118 nights currently being booked per year
• Buildout the private rooftop deck to increase value and raise booking prices
• Allow bookings for private events/cocktail parties

PHOTOS AND VIDEO WALKTHROUGH: https://www.dropbox.com/sh/k8ac1i3d0b471kt/AAADk5WgrzLqFM9iQQyBRQ4Ea?dl=0

This deal goes to the first person to sign the assignment of contract and remit the assignment fee. The address and financials can be provided upon receipt of a signed NDA; reply to request an NDA from us. Private showings will be scheduled upon request unless the deal sells sight unseen. If you are a wholesaler interested in marketing this deal, you must obtain our permission first. Please let us know if you have any questions or interest as this one will not last long!