1879-1885 N. Milwaukee Ave - Essex Realty Marketing Package(1)

5/21/2018 1879-1885 N. Milwaukee Ave - Essex Realty Marketing Package(1)

2211 N. ELSTON AVE., SUITE 302, CHICAGO, ILLINOIS 60614 773.305.4900 FAX 773.305.4901 WWW.ESSEXREALTYGROUP.COM

OFFERING MEMORANDUM

1879, 1883, 1885 N. MILWAUKEEAVE.CHICAGO, ILLINOIS60647

LAND DEVELOPMENT OPPORTUNITY

$1,650,000

AVAILABLEASPACKAGEORTWOSEPARATEPARCELS


DISCLAIMER

2

DISCLAIMER

This 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

inclusive or to contain all of the information which prospective purchasers may need or desire. All financial projections are based upon assumptions relating to the gen

economy, competition, and other factors beyond the control of the Owner and the Agent and therefore may be subject to material and adverse variations. The OffeMemorandum does not constitute an indication that there has been no change in the business or affairs of the Property since the date of preparation of the Offe

Memorandum. An opportunity to inspect the Property will be made available 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 any representations or warranties, expressed or implied, a

the accuracy or completeness of the Offering Memorandum or any other oral or written information provided by any of them, and no legal commitment or obligation shall a

by reason of the Offering Memorandum or such other information. Analysis and verification of the information contained in the Offering Memorandum is solely the responsib

of the prospective purchaser.

LEAD WARNING STATEMENT

Every 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 le

from lead-based paint that may place young children at risk of developing lead poisoning. Lead poisoning in young children may produce permanent neurological dama

including learning disabilities, reduced intelligence quotient, behavioral problems, and impaired memory. Lead poisoning also poses a particular risk to pregnant women

seller of any interest in residential real property may be required to provide the buyer with any information on lead-based paint hazards from risk assessments or inspectio

the sellers possession and notify the buyer of any known lead-based paint hazards. A risk assessment or inspection for possible lead-based paint hazards is recommended p

to purchase.

HAZARDOUS MATERIALS DISCLOSURE

Various 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 specifi

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-proo

heating and cooling systems, air duct insulation, spray-on and tile acoustical materials, linoleum, floor tiles, roofing, dry wall and plaster. Due to prior or current uses of

Property or the area, there may be hazardous or undesirable metals, minerals, chemicals, hydrocarbons or biological or radioactive items (including electric and magnetic field

soils, water, building components, above or below ground containers or elsewhere in areas that may or may not be accessible or noticeable. Such items may leak or otherwis

released. Real estate agents have no expertise in the detection or correction of hazardous or undesirable items. Expert inspections are necessary. Current or future laws

require clean up by past, present and/or future owners and/or operators. It is the responsibility of the Buyer to retain qualified experts to detect and correct such matters an

consult with legal counsel of their choice to determine what provisions, if any, they may wish to include in transaction documents regarding the Property.

AMERICANS WITH DISABILITIES ACT

The United States Congress has recently enacted the Americans with Disabilities Act. Among other things, this act is intended to make many business establishments equ

accessible to persons with a variety of disabilities. As such, modifications to real property may be required. Federal, state and local laws, codes and regulations also mandate changes. The real estate 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 ten

should consult their attorneys and qualified design professionals of their choice for information regarding these matters. Real estate brokers cannot determine which attorney

design professionals have the appropriate expertise in this area.

STATE OF ILLINOIS DUAL AGENCY DISCLOSURE

The 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 Ow

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 one party to a transaction presents a conflict of interest since both clients may rely upon the Licensees/Agents advice and the clients respective inte

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 a result of negotiations between the clients acting in their own best interest and on their o

behalf. Seller hereby acknowledges that Licensee/Agent has explained the implications of dual representation, including the risks involved, and understand that you have b

advised to seek independent advice from your advisors or attorneys before signing any documents in this transaction.

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/Ag

4) Disclose financial 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

procedures; 8) Help the Buyer compare financing alternatives; 9) Provide information about comparable properties that have sold, so both clients may make educ

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, without that clients permission. 2) The price the Seller will take other than the listing price withou

permission of the Seller; 3) The price the Buyer is willing to pay without the permission of the Buyer; 4) A recommended or suggested price the Buyer should offer; 5

recommended or suggested price the Seller should counter with or accept.

If either client is uncomfortable with this disclosure and dual representation, please let the Licensee/Agent know. You are not required to sign this document unless you wan

allow the Licensee to proceed as a Dual Agent in this transaction. By initialing below, you acknowledge that you have read and understand this form and voluntarily consent t

Licensee/Agent acting as Dual Agent, should that become necessary.


TABLEOFCONTENTS

3

OFFERING MEMORANDUM

1879-1885 N. Milwaukee Ave.CHICAGO, ILLINOIS

SUBJECT PROPERTY DATA PAGE

AREA MAP 3

AERIAL MAP 4

EXECUTIVE SUMMARY 6

SITE & DEVELOPMENT FIGURES 7

CONDOMINIUM COMPARABLES 9

LAND COMPARABLES 11

RETAIL COMPARABLES 13

TAXES 15

SURVEYS 16

LEAD & DUAL 18


AREA

MAP


AERIALMAP

SUBJECTPROPER

TY


EXECUTIVESUMMARY

6This 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.

Property Description

Essex Realty Group, Inc. has been exclusively engaged to market for sale 1879-85 N.Milwaukee Avenue, which is an 88 by 100 lot that is currently comprised of three single storyretail garage buildings. The property is situated on the eastern side of Milwaukee Avenue justsouth of the heavily trafficked six-way intersection of Milwaukee, Armitage and WesternAvenue. The property is conveniently just steps from the Western Blue Line L stop. 1879-81 N.Milwaukee (44 x 100) are available separately or combined with 1883-1885 N.Milwaukee.

Located in the Bucktown neighborhood near the border of Logan square, this 8,800 SF lot is a

prime development opportunity. The strength of the condominium market in the neighborhood is

proven by the recently sold units in the immediate area along Milwaukee Avenue for prices as

high as $291 per square foot (See Condominium Comps on Page 9).

Investment Opportunity

1879-85 N. Milwaukee Avenue presents an investor with the potential opportunity to develop a

new mixed-use building in one of Chicagos most desirable and increasingly popular north side

neighborhoods. A developer will benefit from the heavy daily traffic, proximity to the Western

Blue Line L stop, and strength of the condominium market in this area.

Neighborhood Description

The Bucktown neighborhood is located

two miles northwest of Chicagos Central

Business District. The area contains a

dense mix of commercial and residential

uses, and has become one of the most

desirable, vibrant and economically

stable areas in the City. The triangular

community is bounded by Western

Avenue to the west, North Avenue to the

south and the Kennedy Expressway to the

north and east.

Bucktown is readily accessible via the Kennedy Expressway and the various transportation options

provided by the Chicago Transit Authority, making the area an ideal place for working, living,

shopping, dining and entertainment.



ENTIRESITE& DEVELOPMENT FIGURES

Current Proposed

Zoning Zoning1

FAR Height Restriction MLA/UnitM1-1 B3-3 3 50' 400

Lot Dimensions 88' x 100'

Frontage 88'

Lot Area (SF) 8,800

Max Buildable SF (FAR x Lot Area) 26,400

Max # of Units 22

Max # of Floors (Based on Height Restriction) 4

Potential SF Per Floor 6,600

Retail SF 6,600

Total Retail Saleable SF 2 5,940

Residential SF 19,800

Total Saleable Residential SF2 17,820

Residential Sales Proceeds $5,346,000

Residential $PSF (See Condo Comparables)3 $300

Retail Sales Proceeds $785,400

Retail $PSF (See Retail Sold Comps)4 $119

Total Potential Sales Proceeds $6,131,400

3. Figure reflects the average $PSF of comparable condo units.

4. Figure reflects the average $PSF of Retail Sold Comparables.

1. These estimates reflect the Brokers assumptions based on a purchaser obtaining a change in zoning from M1-1 to

B3-3. However, Broker is making no representation or warranty that such a zoning change could be obtained, or

that the estimates set forth herein are accurate or complete and are presented merely for discussion purposes.

Lot Dimensions & Figures

Mixed-Use Development Figures & Sales Proceeds

2. Figure assumes 10% reducti on in Saleable SF due to common area loss.



ENTIRESITE& DEVELOPMENT FIGURES

Current Proposed

Zoning Zoning1

FAR Height Restriction MLA/UnitM1-1 B3-2 2.2 50' 1,000


Frontage 88'

Lot Area (SF) 8,800


Max # of Units 8

Max # of Floors (Based on height restriction) 4


Retail SF 4,840

Total Retail Saleable SF2 4,356









4. Figure reflec ts the average $PSF of Retail Sold Comparables.



1. These estimates reflect the Brokers assumptions based on a purchaser obtaining a change in zoning from M1-1

to B3-2. However, Broker is making no representation or warranty that such a zoning change could be obtained,

or that the estimates set forth herein are accurate or complete and are presented merely for disc ussion purposes.

2. Figure assumes 10% reduction in Saleable SF due to common area loss.



1879-1883 N. MILWAUKEEDEVELOPMENT FIGURES

Current Proposed

Zoning Zoning1

FAR Height Restriction MLA/UnitM1-1 B3-2 2.2 50' 1,000


Frontage 88'

Lot Area (SF) 8,800


Max # of Units 8

Max # of Floors (Based on height restriction) 4


Retail SF 4,840

Total Retail Saleable SF2 4,356









4. Figure reflec ts the average $PSF of Retail Sold Comparables.



1. These estimates reflect the Brokers assumptions based on a purchaser obtaining a change in zoning from M1-1

to B3-2. However, Broker is making no representation or warranty that such a zoning change could be obtained,

or that the estimates set forth herein are accurate or complete and are presented merely for disc ussion purposes.

2. Figure assumes 10% reduction in Saleable SF due to common area loss.


APARTMENTRENTCOMPARABLESMAP

C

ONDOMINIUM

COMPARABLESMAP



CONDOMINIUMCOMPARABLES

Building Type:

Date Sold:

Date Sold:

Dishwasher:

Disposal:

W/D in Unit:

Microwave:

Granite:

Stainless:

Walk-In Closets:

Patio/Balcony:

Comments:

Price

Price:

Square Feet:

$SF:

3 Bed/2 Bath

1890 N. Milwaukee 1835 N. Milwaukee 1815 N. Milwaukee

Built / Renovated: 2008 2005 2005

3 Bed/2 Bath

$284

1,400

$397,500

3 Bed/2 Bath

9/25/2013 4/11/2013

# of Units: 11 12 6

2 Bed/2 Bath2 Bed/2 Bath 2 Bed/2 Bath

$263

1,445

$380,000

Price

Price:

Square Feet:

$SF

3/20/2013

Price

$459,500

1,580

$291

1/28/2013

$257

1,550

$399,000

Price

UNIT

AMENITIES

Yes Yes Yes

Yes Yes

Yes Yes Yes

Yes

Yes Yes Yes

Yes Yes Yes

Yes Yes Yes

Mixed-UseMixed-UseMixed-Use

1 2 3

Property Address

ADDITIONALINFO

07'-08' b uilt condominium in elevator

buildi ng abutting the train tracks. Units

include premium finishes, walk-in

closets, p rivate porches, and garage

parking.

05' buil t condominium in elevator

buildi ng. Unit includes granite

counters, stainless appliances and a

private balcony. Parking was

available for rent but not included in

the sale.

05' buil t condominium in elevator

buildi ng. Unit includes granite

counters, stainless appliances, p rivate

balcony, and garage parking.

Parking Parking Parking

Spaces:

Type:

1.5 0 1

Garage 0 Garage

Yes - n/a

Yes Yes Yes


LAND

COMPARABLESMAP


LAND

COMPARABLES

Closed

Sale

Building

Land

Land

Add

ress

Date

Price

SF

SF

$/SF

Zoning

Notes

1

12

43-47N.Milwaukee

WickerPark

12/16/2013

$1,9

50,0

00

14,9

10

9,6

00

$203

B1-3

Fourmixed

-usebuildings.Corner

buildingisa

nchoredbyBOAwhich

hadabelow

marketleaseinplace.

2

24

89-2505N.Milwaukee

LoganSquare

12/23/2013

$1,4

00,0

00

-

14,8

64

$94

C2-2

Buyerplanstobuildthree6-f

lats.

Lot

is149'(alo

ngMilwaukee)x120'

3

20

15N.Western

Bucktown

10/10/2013

$1,2

68,4

33

-

5,0

00

$254

B3-2

5kSFsinglestoryretailonland.

Soldwith

2347W.

McClean

4

22

01N.Milwaukee

LoganSquare

9/25/2012

$1,3

50,0

00

-

33,9

99

$40

C1-1

RE

Olandsale

5

18

96N.Milwaukee

Bucktown

7/3/2013

$465,0

00

3,3

00

3,3

02

$141

M1-2

Closeinpro

ximityandsimilarstyle

building

assubjectproperty

6

18

45N.Milwaukee

Bucktown

9/27/2012

$450,0

00

4,4

00

4,4

00

$102

M1-2

Brickgaragenearsubjectproperty


APARTMENTRENTCOMPARABLESMAP

RETAILCOMPARABLESMAP



RETAILCOMPARABLES

Closed Sale

Address Date Price SF $/SF Notes

1821 N. Milwaukee 7/11/2013 $155,000 1,550 $100Newer construction commercial condo on the same b

as subject property.

1815 N. Milwaukee 5/2/2013 $153,000 1,550 $99Newer construction commercial condo on the same b

as subject property.

2037 N. Milwaukee 2/27/2014 $475,000 3,000 $158 Vacant free standing retail with eight parking spac

AVERAGES $261,000 2,033 $119



TAXSUMMARY

2012

1

1879 N. Milwaukee 14-31-300-052-0000 $3,570

1883 N. Milwaukee 14-31-300-051-0000 $6,467

1885 N. Milwaukee 14-31-300-050-0000 $5,777

Total $15,814

1. 2012 Taxes payable in 2013 according to the Cook County Treasury.

Tax Summary



SURVEYOF1879-81 N. MILWAUKEE



SURVEYOF1883-85 N. MILWAUKEE


DISCLOSURE OF INFORMATION AND ACKNOWLEDGEMENTLEAD BASED PAINT AND/OR LEAD-BASED PAINT HAZARDS

Lead Warning Statement Property Address:

Every 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 from lead-based paint that may place young children at risk of

developing lead poisoning. Lead poisoning in young children may produce permanent neurological damage, including

learning disabilities, reduced intelligence quotient, behavioral problems, and impaired memory. Lead poisoning also

poses a part icular risk to pregnant women. The seller of any interest in residential real property is required to provide

the buyer with any information on lead-based paint hazards from risk assessments or inspections in the sellers

possession and notify the buyer of any known lead-based paint hazards. A risk assessment or inspection for possiblelead-based paint hazards is recommended prior to purchase.

Sellers Disclosure (initial) (All Sellers should initial)

(a) Presence of lead-based paint and/or lead-based paint hazards (check one below):

Known lead-based paint and/or lead-based paint hazards are present in the housing (explain):

Seller has no knowledge of lead-based paint and/or lead-based paint hazards in the housing.

(b) Records and Reports available to the Seller (check one below):

Seller has provided the Purchaser with all available records and reports pertaining to lead-based

paint and/or lead-based hazards in the housing (list documents below):

Seller has no reports or records pertaining to lead-based paint and/or lead-based paint hazards in

the housing.

Purchasers Acknowledgment (initial) (All Purchasers should initial)

(c) Purchase has received copies of all information listed above.

(d) Purchaser has received the pamphlet Protect Your Family From Lead In Your Home.

(e) Purchaser has (check one below):

Received a 10-day opportunity (or mutually agreed upon period) to conduct a risk assessment or

inspection of the presence of lead-based paint or lead-based paint hazards; or

Waived the opportunity to conduct a risk assessment or inspection for the presence of

lead-based paint and/or lead-based paint hazards.

gents Acknowledgment (initial) (Sellers Designated Agent)

(f) Agent has informed the Seller of the Sellers obligation under 42 U.S.C. 4852 d and is aware of his/herresponsibility to ensure compliance.

Certification of Accuracy

The following parties have reviewed the information above and certify, to the best of their knowledge, that theinformation they have provided is true and accurate.

Seller Date Seller Date

Purchaser Date Purchaser Date

Agent Date Agent Date

Keep a fully executed copy of this document for three (3) years from the date hereof.

This Disclosure Form should be attached to the Real Estate Contract.

1879, 1883, 1885 N. Milwaukee Ave., Chicago, IL

X

X

On-File Signed by Seller (s)

X

X


DUAL AGENCY CONSENT AGREEMENT

The undersigned parties may undertake a dual representation (represent both the Seller and Buyer) for the sale ofthe property located at:

Buyer and Seller acknowledge they were informed of the possibility of this type of representation. Before signingthis document please read the following:

Representing more than one party to a transaction presents a conflict of interest since both clients may rely upon theLicensees/Agents advice and the clients respective interest may be adverse to each other. Licensee/Agent willundertake 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 a result of negotiations between

the clients acting in their own best interest and on their own behalf. Buyer and Seller hereby acknowledge that Li-

censee/Agent has explained the implications of dual representation, including the risks involved, and understand

that you have been advised to seek independent advice from your advisors or attorneys before signing any docu-

ments in this transaction.

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) Disclose financial qualification of the Buyer to the Sell-

er; 5) Explain real estate terms; 6) Help the Buyer to arrange for Property inspections;

7) Explain closing costs and procedures; 8) Help the Buyer 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 CANNOT DISCLOSE TO CLIENTS WHEN ACTING AS DUAL AGENT:

1) Confidential information that Licensee/Agent may know about the clients; 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 permis-sion of the Buyer; 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 this disclosure 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 this

transaction. By signing/initialing below, you acknowledge that you have read and understand this form and voluntar-

ily consent to the Licensee/Agent acting as Dual Agent, should that become necessary.

Licensee: Date:

Seller(s): Date:

Buyer(s): Date:

1879, 1883,1885 N. Milwaukee Ave., Chicago, IL 60647

On File - Signed by Seller (s)

Documents

1879-1885 N. Milwaukee Ave - Essex Realty Marketing Package(1)