2016 W. Evergreen in Wicker Park

2211 N Elston Ave., Suite 302, Chicago, IL 60614 | Phone: 773.305.4900 | Website: essexrealtygroup.com

2016 WEST EVERGREENCHICAGO, IL 60622

A MULTI-FAMILY INVESTMENT OPPORTUNITY

DISCLAIMER

This information has been secured from sources we believe to be reliable, but we make no representations nor warranties, express nor implied as to theaccuracy of the information. References to square footage are approximate.Buyer must verify the information and bears all risks for any inaccuracies. 2

DISCLAIMERThis Offering memorandum is not intended to provide a necessarily accurate summary of the Property or any of the documents related thereto, nor does it purport to be all-inclusive or tocontain all of the information which prospective purchasers may need or desire. All financial projections are based upon assumptions relating to the general economy, competition, andother factors beyond the control of the Owner and the Agent and therefore may be subject to material and adverse variations. The Offering Memorandum does not constitute an indicationthat there has been no change in the business or affairs of the Property since the date of preparation of the Offering Memorandum. An opportunity to inspect the Property will be madeavailable to interested and qualified prospective purchasers. Neither the Owner nor the Agent nor any of their respective officers, agents or principals has made or will make anyrepresentations or warranties, expressed or implied, as to the accuracy or completeness of the Offering Memorandum or any other oral or written information provided by any of them, andno legal commitment or obligation shall arise by reason of the Offering Memorandum or such other information. Analysis and verification of the information contained in the OfferingMemorandum is solely the responsibility of the prospective purchaser.

LEAD WARNING STATEMENTEvery purchaser of any interest in residential real property on which a residential dwelling was built prior to 1978 is notified that such property may present exposure to lead fromlead-based paint that may place young children at risk of developing lead poisoning. Lead poisoning in young children may produce permanent neurological damage, including learningdisabilities, reduced intelligence quotient, behavioral problems, and impaired memory. Lead poisoning also poses a particular risk to pregnant women. The seller of any interest inresidential real property may be required to provide the buyer with any information on lead-based paint hazards from risk assessments or inspections in the seller’s possession and notify thebuyer of any known lead-based paint hazards. A risk assessment or inspection for possible lead-based paint hazards is recommended prior to purchase.

HAZARDOUS MATERIALS DISCLOSUREVarious construction material may contain items that have been or may in the future be determined to be hazardous (toxic) or undesirable and as such may need to be specifically treated,handled or removed. For example, some transformers and other electrical components contain PCB's, and asbestos has been used in components such as fire-proofing, heating and coolingsystems, air duct insulation, spray-on and tile acoustical materials, linoleum, floor tiles, roofing, dry wall and plaster. Due to prior or current uses of the Property or the area, there may behazardous or undesirable metals, minerals, chemicals, hydrocarbons or biological or radioactive items (including electric and magnetic fields) in soils, water, building components, above orbelow ground containers or elsewhere in areas that may or may not be accessible or noticeable. Such items may leak or otherwise be released. Real estate agents have no expertise in thedetection or correction of hazardous or undesirable items. Expert inspections are necessary. Current or future laws may require clean up by past, present and/or future owners and/oroperators. It is the responsibility of the Buyer to retain qualified experts to detect and correct such matters and to consult with legal counsel of their choice to determine what provisions, ifany, they may wish to include in transaction documents regarding the Property.

AMERICANS WITH DISABILITIES ACTThe United States Congress has recently enacted the Americans with Disabilities Act. Among other things, this act is intended to make many business establishments equally accessible topersons with a variety of disabilities. As such, modifications to real property may be required. Federal, state and local laws, codes and regulations also may mandate changes. The realestate brokers in this transaction are not qualified to advise you as to what, if any, changes may be required now, or in the future. Owners and tenants should consult their attorneys andqualified design professionals of their choice for information regarding these matters. Real estate brokers cannot determine which attorneys or design professionals have the appropriateexpertise in this area.

STATE OF ILLINOIS DUAL AGENCY DISCLOSUREThe State of Illinois has enacted regulations relative to disclosure of representation. In all transactions relative to the Property, Essex Realty Group, Inc. is representing the Owner. However,in any situation where there is not a cooperating broker representing the purchaser, Essex Realty Group, Inc. is deemed to also be representing the purchaser. Representing more than oneparty to a transaction presents a conflict of interest since both clients may rely upon the Licensee’s/Agent’s advice and the client’s respective interest may be adverse to each other. Licensee/Agent will undertake this representation only with the written consent of ALL clients in the transaction. Any agreement between the clients as to a final contract price and other terms is aresult of negotiations between the clients acting in their own best interest and on their own behalf. Seller hereby acknowledges that Licensee/Agent has explained the implications of dualrepresentation, including the risks involved, and understand that you have been advised to seek independent advice from your advisors or attorneys before signing any documents in thistransaction.

WHAT A LICENSEE / AGENT CAN DO FOR CLIENTS WHEN ACTING AS A DUAL AGENT:1) Treat all clients honestly; 2) Provide information about the Property to the Buyer; 3) Disclose all latent material defects in the Property that are known to Licensee/Agent; 4) Disclosefinancial qualification of the Buyer to the Seller; 5) Explain real estate terms; 6) Help the Buyer to arrange for Property inspections; 7) Explain closing costs and procedures; 8) Help theBuyer compare financing alternatives; 9) Provide information about comparable properties that have sold, so both clients may make educated decisions on what price to accept or offer.

WHAT A LICENSEE / AGENT CANNOT DISCLOSE TO CLIENTS WHEN ACTING AS A DUAL AGENT: 1) Confidential information that Licensee/Agent may know about the clients, withoutthat client’s permission. 2) The price the Seller will take other than the listing price without the permission of the Seller; 3) The price the Buyer is willing to pay without the permission of theBuyer; 4) A recommended or suggested price the Buyer should offer; 5) A recommended or suggested price the Seller should counter with or accept. If either client is uncomfortable with thisdisclosure and dual representation, please let the Licensee/Agent know. You are not required to sign this document unless you want to allow the Licensee to proceed as a Dual Agent in thistransaction. By initialing below, you acknowledge that you have read and understand this form and voluntarily consent to the Licensee/Agent acting as Dual Agent, should that becomenecessary.

EXECUTIVE SUMMARY


PROPERTY HIGHLIGHTS

• Essex Realty Group, Inc. has been exclusively engaged to market for sale

2016 West Evergreen Avenue, a 12 unit property located in the Wicker

Park neighborhood of Chicago. The property is a converted historic church,

on the corner of Evergreen Avenue and Damen Avenue, and is part of both

the Wicker Park Historic District and the Wicker Park Chicago Landmark

District. The property consists of 11 units in the main building, the church, as

well as an adjacent 5 bedroom converted parsonage house. This property

was completely renovated in 2014, and features large high end units. The

property is roughly 5 minutes walking distance to the Damen "L" stop which

services the blue line, and a short walk to Milwaukee Avenue.

• 2016 West Evergreen Avenue presents the investor with a unique

opportunity to acquire a well located, one of a kind investment property in

one of Chicago’s most popular and dynamic living, shopping and dining

destinations.

OFFERING SUMMARY

Sale Price: Subject to Offer

Number Of Units: 12

NOI: 346,036

Zoning: RT-4

Neighborhood: Wicker Park

Parking Type: Outdoor


OPPORTUNITY

• Unique opportunity to obtain a fully renovated 12unit property in a truly irreplaceable location in Wicker Park• Stabilized property• The property has seen large amounts of publicity dueto the unique nature of the church conversion, and has beenfeatured in articles in DNAinfo, Curbed Chicago, and ChicagoMagazine

BUILDING

• Converted historic church fully renovated in 2014• Units are large with high end finishes and featurerestored cathedral-sized stained glass windows• The second floor units feature soaring cathedral-sizedceilings• Unit mix consists of the following:o Two 1 bed/1 bath unitso Two 2 bed/1 bath unitso Five 2 bed/2 bath unitso Two 3 bed/2 bath unitso One 5 bed/4 bath unit• The 5 bedroom unit is situated in a convertedparsonage house adjacent to the church• All units are 100% occupied

LOCATION

• Irreplaceable location one block from Wicker Parkand two blocks from the bustling Milwaukee Avenue thoroughfare• Approximately 5 minute walk to the 6-wayintersection of Milwaukee, Damen, and North Avenue, as well asthe Damen “L” stop, which services the blue line to Chicago's Loopor O'Hare Airport• Situated a short walk from an innumerable amount of populareclectic shops, restaurants, and nightlife, on both MilwaukeeAvenue and North Avenue that make Wicker Park so trendy

PROPERTY DESCRIPTION


PROPERTY DETAILS

HVAC: New Goodman Furnaces

PLUMBING: New Copper Plumbing Throughout

ELECTRIC: New 600 amp Electric Service with CircuitBreakers In-Unit

WINDOWS: Restored Stained Glass

WATER HEATER: A.O. Smith BTR-120, 71 Gallons (2)

LAUNDRY: In-Unit

ADDRESS: 2016 West Evergreen Avenue

PIN: 17.06.119.023

YEAR RENOVATED: 2014

NO. OF UNITS: 12

Property Summary

Building Systems


ADDITIONAL PHOTOS

Wicker Park Neighborhood Description

The Wicker Park neighborhood is bordered by the Chicago River to the east, Bloomingdale to the north, Division to the south, and Western Avenue to the west. The area is named after Charles and Joel Wicker who in 1870 developed the neighborhood surrounding the park bearing their name.

Residents use public transportation options like the CTA Blue Line and the #9 Ashland bus, the #56 Milwaukee bus and the #70 Division bus. The Damen Blue Line station extends out from Chicago to O’Hare airport and is located right around the corner from the subject property.

Many new homes have been built while many older homes have been restored. This residential growth has led to increased business activity, with many new bars, restaurants and stores opening to serve these individuals. Property values in the community have gone up, increasing the wealth of property owners and making the neighborhood attractive to real estate investors (Wikipedia).

An area of exceptional artistry and character, the Wicker Park neighborhood has emerged from an artist’s haven into one of the most desirable places to live in Chicago. Today, the neighborhood is best known for its numerous commercial and entertainment establishments, as well as being a convenient place to live for downtown workers due to its proximity to public transportation and the Loop.


NEIGHBORHOOD DESCRIPTION


RETAIL MAP

UNITNUMBER

UNITBED

UNITBATH

UNITSIZE (SF)

CURRENTRENT

CURRENTRENT/SF

LEASEEND

101 2 2 800 $2,500 $3.13 7/31/2016

102 2 2 800 $2,400 $3.00 8/31/2015

103 1 1 500 $1,750 $3.50 8/31/2016

104 1 1 500 $1,700 $3.40 7/31/2015

105 2 1 700 $2,500 $3.57 7/31/2016

106 2 1 700 $2,300 $3.29 7/31/2015

201 3 2 1,200 $4,000 $3.33 8/31/2016

202 3 2 1,200 $3,600 $3.00 7/31/2016

203 2 2 800 $2,700 $3.38 7/31/2016

204 2 2 800 $2,800 $3.50 7/31/2016

205 2 2 800 $2,600 $3.25 8/31/2015

House 5 4 1,900 $4,800 $2.53 8/31/2016

Totals/Averages 10,700 $33,650 $3.14

RENT ROLL



RENT COMPS MAP

2016 West Evergreen | Chicago, IL 60622SUBJECT PROPERTY

1 1400 North Milwaukee AvenueChicago, IL 60622 2 1319 North Wood Street

Chicago , IL 60622 3 1814 West North AvenueChicago, IL 60622

4 2257 West North AvenueChicago , IL 60647 5 1067 North Paulina Street

Chicago, IL 60622 6 1624 West Division AvenueChicago, IL 60622

7 1748 West North AvenueChicago, IL 60622

RENT COMPS


SUBJECT PROPERTY

Chicago, IL 606222016 West Evergreen

12No. Units: $3.14Avg. Rent/SF:

$2,804Avg. Rent: 891 SFAvg. Size:

UNIT TYPE # UNITS % OF SIZE SF RENT RENT/SF

1 Bed/1 Bath 2 16.7 500 $1,725 $3.45

2 Bed/1 Bath 2 16.7 700 $2,400 $3.43

2 Bed/2 Bath 5 41.7 800 $2,600 $3.25

3 Bed/2 Bath 2 16.7 1,200 $3,800 $3.17

5 Bed/4 Bath 1 8.3 1,900 $4,800 $2.53Liquid error: no implicit conversion from nil to integer

TOTAL/AVG 12 100% 891 $2,804 $3.14

Chicago, IL 606221400 North Milwaukee Avenue

1

UNIT TYPE SIZE SF RENT RENT/SF

1 Bed/ 1 Bath 750 $1,895 $2.53Liquid error: no implicit conversion from nil to integer

Units have condo-quality kitchens with maple cabinets, granitecountertops, and stainless steel appliances. Units includein-unit laundry, as well as a balcony. Additionally, the unitscome with a storage unit. Garage parking included in the rentprice.

1

RENT COMPS


Chicago , IL 606221319 North Wood Street

2


2 Bed/ 2 Bath 1,200 $2,650 $2.21Liquid error: no implicit conversion from nil to integer

Very large open 2 bedroom/ 2 bath unit, includes a balcony.Unit has attached garage parking, and also includes storage.Kitchens are up to date with modern stainless steel appliancesand granite countertops.

2

Chicago, IL 606221814 West North Avenue

3



Newer construction. Units have all new stainless steelappliances in the kitchens, as well as granite countertops.Bathrooms include marble tile. Unit features in-unit laundry, abalcony, and includes one garage parking spot.

3

RENT COMPS


Chicago , IL 606472257 West North Avenue

4



Large rehabbed loft unit with skylights. Updated kitchen withstainless steel appliances and granite countertops.

4

Chicago, IL 606221067 North Paulina Street

5



New construction, with high end Bosch appliances. Luxurymaster bathroom with heated floors and rain and steamshower. Unit includes in-unit washer/dryer as well as a backdeck. Kitchen features quartz countertops and stainless steelappliances. One garage parking spot included in rent.

5

RENT COMPS


Chicago, IL 606221624 West Division Avenue

6



New construction in Wicker Park. Units feature 10' ceilings,in-unit laundry, hardwood floors throughout, and a patio.Kitchens and bathrooms are new with modern appliances andgranite countertops. Rent includes one outdoor parking space.

6

Chicago, IL 606221748 West North Avenue

7



New kitchens with granite and stainless steel appliances.Bathrooms have marble tiles. Unit features in-unit laundry. Rentincludes 2 parking spaces.

7


2016 West Evergreen | Chicago, IL 60622SUBJECT PROPERTY

SALE COMPS MAP

1 1512 North Wood StreetChicago , IL 60622 2 1449 North Wicker Park Avenue

Chicago, IL 60622 3 1035 West DiverseyChicago , IL 60614

SALE COMPS

SUBJECT PROPERTY

Chicago, IL 606222016 West Evergreen

Subject To OfferSale Price: 10,700 SFBuilding SF:

-Price PSF: 12No. Units:

-Price / Unit: $346,036NOI:

UNIT TYPE # UNITS % OF SIZE SF RENT RENT/SF

1 Bed/1 Bath 2 16.7 500 $1,725 $3.45

2 Bed/1 Bath 2 16.7 700 $2,400 $3.43

2 Bed/2 Bath 5 41.7 800 $2,600 $3.25

3 Bed/2 Bath 2 16.7 1,200 $3,800 $3.17

5 Bed/4 Bath 1 8.3 1,900 $4,800 $2.53Liquid error: no implicit conversion from nil to integer

TOTAL/AVG 12 100% 891 $2,804 $3.14

1

$3,000,000Sale Price: 12,000 SFBuilding SF:

$250.00Price PSF: 6No. Units:

$500,000Price / Unit: 5.5%Cap:

10/16/2014Closed:

UNIT TYPE # UNITS % OF

2 Bedroom 2 33.3

4 Bedroom 4 66.7

TOTAL/AVG 6 100%

Units feature in-unit laundry, hardwood floors throughout, and largebedrooms. Kitchens have stainless steel appliances. This was an Essextransaction.

Chicago , IL 606221512 North Wood Street

1


SALE COMPS

2



$425,000Price / Unit: 5.66%Cap:

07/16/2014Closed:


3 Bedroom 8 100

TOTAL/AVG 8 100%

Units feature hardwood floors, and in-unit washer/dryer. Kitchensinclude stainless steel appliances. Unit mix includes eight 3 bedroom/2 bath units.

Chicago, IL 606221449 North Wicker Park Avenue

2

3



$500,000Price / Unit: 10/24/2014Closed:


2 Bedroom 4 33.3

3 Bedroom 4 33.3

4 Bedroom 4 33.3

TOTAL/AVG 12 100%

12 unit building, with renovated units on the border of Lincoln Parkand Lakeview.

Chicago , IL 606141035 West Diversey

3



UNIT TYPE COUNT % TOTAL SIZE (SF) CURRENT RENT MARKET RENT

1 Bed/1 Bath 2 16.7 500 $1,725 $1,7502 Bed/1 Bath 2 16.7 700 $2,400 $2,5002 Bed/2 Bath 5 41.7 800 $2,600 $2,8003 Bed/2 Bath 2 16.7 1,200 $3,800 $4,0005 Bed/4 Bath 1 8.3 1,900 $4,800 $4,800

Totals / Averages 12 100% 10,700 $33,650 $35,300

INCOME SUMMARY CURRENT OPERATING STATEMENT % OF SGI PER UNIT MARKET OPERATING STATEMENT % OF SGI PER UNIT

Rental Income $403,800 98.7% $33,650 $423,600 98.8% $35,300

Parking Income $3,900 1.0% $325 $3,900 0.9% $325

Other Income (Move-in, etc.) $1,400 0.3% $116 $1,400 0.3% $116

GROSS INCOME $409,100 100.0% $34,091 $428,900 100.0% $35,741

Vacancy Loss -$12,273 3.0% -$1,022 -$12,867 3.0% -$1,072

COLLECTED INCOME $396,827 97.0% $33,068 $416,033 97.0% $34,669

EXPENSE SUMMARY CURRENT OPERATING STATEMENT % OF SGI PER UNIT MARKET OPERATING STATEMENT % OF SGI PER UNIT

Real Estate Taxes $0 0.0 $0 $34,312 8.0 $2,859

Insurance $3,588 0.9 $299 $3,588 0.8 $299

Gas $1,270 0.3 $105 $1,270 0.3 $105

Electric $1,966 0.5 $163 $1,966 0.5 $163

Water & Sewer $5,718 1.4 $476 $2,400 0.6 $200

Scavenger $2,368 0.6 $197 $2,368 0.6 $197

Leasing Commissions $5,608 1.4 $467 $5,608 1.3 $467

Management $15,873 4.0 $1,322 $16,641 4.0 $1,386

Janitorial $4,800 1.2 $400 $4,800 1.1 $400

Maintenance/Decorating $6,000 1.5 $500 $6,000 1.4 $500

Misc. & Reserves $3,600 0.9 $300 $3,600 0.8 $300

GROSS EXPENSES $50,791 12.4% $4,232 $82,553 19.2% $6,879

NET OPERATING INCOME $346,036 84.6% $28,836 $333,479 77.8% $27,789

UNIT MIX / INCOME & EXPENSES

Vacancy: Broker pro-forma, 3%

Current Taxes: Property was formerly exempt from taxes and has not yet been assessed. Taxes on the marketing operating statement are pro-forma.

Management, Janitorial, Maintenance/Decorating, and Misc. & Reserves are all broker pro-forma.

2016 W. Evergreen in Wicker Park

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