Chicago’s leading mid-market commercial real estate brokerage firm, Kiser Group, has been retained for six new Chicago-area listings, one of which includes a two-property portfolio.
In the Northwest Suburbs, one listing is an apartment portfolio consisting of a 62-unit complex in Palatine and a 40-unit complex in Harvard; the other listing is a 13-unit mixed-use building in downtown Arlington Heights. In Chicago, listings include a 69-unit apartment building in South Shore; a 13-unit mixed-use building Ravenswood Manor; a 20-unit apartment building in Chatham; and a 14-unit corner apartment building in Auburn Gresham.
410-440 W. Palatine Road – Palatine / 106-124 W. Brink – Harvard
A 102-unit portfolio of two properties – Palatine Park Apartments, 410-440 W. Palatine Road, Palatine, Ill., and Harvard Park Apartments, 106-124 W. Brink, Harvard, Ill. – is being offered for $7.6 million. Palatine Park Apartments consists of 62 apartments with a unit mix of 30 two-bedroom and 32 one-bedroom units, each with one bath. The 40-unit Harvard Park Apartments includes five buildings, each with eight two-bedroom, one-bath apartments. The units feature recently rehabbed kitchens and baths. The 6.6-acre Harvard property also has an adjacent pad ready for construction of another eight-unit property
“With this purchase, an investor can significantly increase his or her presence in a stable rental market,” said John Meyer, managing director of Kiser Group, who is marketing the property. “The apartments in this portfolio are 95 percent occupied.”
6900 South Shore Drive – South Shore
This 69-unit, seven-story apartment building overlooks the historic South Shore Cultural Center and Golf Course and offers views of Lake Michigan. The unit mix includes one studio, 56 one-bedroom, one-bath apartments, and 12 two-bedroom, two-bath apartments. The units, lobby and common areas have been completely renovated. The building includes a high-tech laundry room, bicycle storage, storage lockers and a private outdoor patio. It is listed for $5.3 million.
“This building offers modern living amenities, vintage charm, and great views, which are all attractive to renters,” said Bill Baumann, senior managing director of Kiser Group. He and Noah Birk, managing director of Kiser Group, are marketing the property. “Also, its location provides easy access to downtown Chicago via the South Shore Metra Line and bus lines.”
4401 N. Mozart – Ravenswood Manor
This 19-unit vintage mixed-use building at 4401 N. Mozart in Ravenswood Manor includes 12 one-bedroom and four two-bedroom apartments, each with one bath, and three commercial units. Recent upgrades were made to the kitchens and baths. Tenants pay cooking gas and electric. The building is located three blocks from the CTA Brown Line ‘L’ stop at Francisco in a quiet residential community close to Horner Park, Sulzer Library and the Old Town School of Folk Music. It is listed for $1.95 million.
“Current rents are low for this type of high-quality building in a highly desirable neighborhood,” said Brian Semel, senior managing director of Kiser Group. He and Mike Anguiano, senior managing director of Kiser Group, are marketing the listing. “This is a rare opportunity to invest in a value-add opportunity in a prime location.”
217 S. Arlington Heights Road – Arlington Heights
Located in the heart of downtown Arlington Heights, 217 S. Arlington Heights Road is a 13-unit mixed-use building that includes five retail stores, seven one-bedroom units and one two-bedroom unit. The building is located on a major thoroughfare and is a 10-minute walk to the Metra Arlington Heights stop. It is listed for $1.3 million.
“This is a value-add opportunity,” said Brian Mond, managing director of Kiser Group, who is marketing the listing. “Its location near businesses, downtown Arlington Heights and transportation makes it an attractive investment.”
7852 S. Champlain – Chatham
This 20-unit mixed-use building in Chicago’s Chatham neighborhood consists of four retail stores, six studios, four one-bedroom and six two-bedroom units, each with one bath. The building has new porches, and the units are heated with individual electric heat. It is listed for $700,000.
“This property has an above 9% cap rate,” said Birk, the listing agent.
1444 W. 81st – Auburn Gresham
This fully occupied 14-unit apartment building in Chicago’s Auburn Gresham neighborhood consists of four one-bedroom, seven two-bedroom and three three-bedroom units, each with one bath. The building has updated kitchens and baths, a new boiler and new porches. It is listed for $350,000.
“This property has an above 18% cap rate at the list price of $350,000,” said Birk, the listing agent.