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1/8/2020 1921 S Jefferson St – PilsenHomes.com
pilsenhomes.com/1921-s-jefferson-st/ 5/6
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1/8/2020 1921 S Jefferson St – PilsenHomes.com
pilsenhomes.com/1921-s-jefferson-st/ 4/6
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1/8/2020 1921 S Jefferson St – PilsenHomes.com
pilsenhomes.com/1921-s-jefferson-st/ 4/6
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1/8/2020 Phillip Buoscio | connectMLS
https://connectmls3.mredllc.com/mls.jsp?encurl=/search/search_index.jsp?address=1921+jefferson&statusFilter=true 1/1
Prepared By: Phillip Buoscio | Better Living Realty | 01/08/2020 08:45 PM
Mixed Use MLS #:10605714 List Price:$1,800,000Status:NEW List Date:01/08/2020 Orig List Price:$1,800,000
Area:8031 List Dt Rec:01/08/2020 Sold Price:Address:1921 S Jefferson St , Chicago, IL 60616
Directions:From Halsted to Canalport East to Property . From South Loop just over bridge of 18th turn left on Canalport to property.Sold by: List. Mkt Time:1 Rented Price:
Closed Date: Contract: Lease Price SF/Y:$1Off Mkt Date: Concessions: Mthly. Rnt. Price:
Township: Unincorporated:No CTGF:Year Built:2020 Built Before 78:No # of Stories:4
Zoning Type:Multi-Family PIN #:17213240190000 Multiple PINs:NoActual Zoning:C1-2 County:Cook Owners Assoc:No
Relist: Lease Type:Subtype:Apts/Ofc/Store Lease Terms:
Lot Dimensions:25 X 154 Estimated Cam/Sf:Land Sq Ft:3850 Apx. Total SF:8000 Est Tax per SF/Y:
Mobility Score:63 - Good Mobility!List Price Per SF:$225 Sold Price Per SF:$0
Remarks: NEW HI END 4 UNIT. LUXURY CONSTRUCTION 3 HUGE APARTMENTS & 1 STOREFRONT OFFICE. IT IS READY FOR YOUR PORTFOLIO. THIS 7+ CAPPER LIES INTHE EASTERN MOST POCKET OF PILSEN BORDERING THE SOUTH LOOP & SITS ON A RARE EXTRA LONG LOT THAT ALLOWS FOR HUGE 106' LONG BUILDING ANDDOULBE THE PARKING SPACE. A GRM MULTIPLIER OF 11.5 + and IT'S A NEW BUILT. LOCATION IN "RIVER'S EDGE OF EAST PILSEN" IS ABOUT TO APPRECIATE. THIS 4UNIT BUILDING IS UNDER CONSTRUCTION AND FINISH DATE IS MAY 2020. BASED ON MARKET RENT COMPARABLES FROM WITHIN 3 BLOCKS ONCE FULLYRENTED.....ONE STOREFRONT AND THREE LARGE 3 BED 2.1 BATH LUXURY APARTMENTS WILL BE FINISHED ABOVE CONDO QUALITY(QUARTZ COUNTERS, SS QUALITYAPPLIANCES, FULL LAUNDRY IN UNIT IN EACH UNIT, ROOF VIEW/ACCESS FOR EACH UNIT, FRONT AND REAR BALCONY FOR EACH. 2 PARKING SPACES(TANDEM) FOREACH UNIT. THIS LOCATION IS ACROSS THE STREET FROM A MULTI-BUILDING PLANNED UNIT DEVELOPMENT OF 320+ RESIDENTIAL UNITS AND A MID-RISE RETAILCOMPLEX AND 2 BLOCKS FROM "RADIUS" ...A 4000 SEAT PLANNED MUSIC VENUE ON CERMAK. OVER 12 NEW SCATTERED SITE RESIDENTIAL NEW CONSTRUCTIONPROJECTS ALSO UNDERWAY WITHIN 3/4 MILE ...... WALK ACROSS THE 18th st BRIDGE ON FOOT TO THE SOUTH LOOP OR WALK UP TO ROOSEVELT TO WHOLE FOODS,ICON THEATRES AND THE WHOLE SHOPPING DISTRICT OF THE ROOSEVELT COORIDOR.... JUMP ON I90-94, I 55 in MOMENTS. TAKE METRA, BUS STOPS, EL ANDMETRA-- ALL NEARBY IN PILSEN. EMAIL FOR OM
Total # Units:4# Dishwashers:3
# Disposals:3Office SqFt:1900
Total # Tenants:0# Washers:3
# Fireplaces:0Manufacturing SqFt:
Total # Apartments:3# Dryers:3
# Refrigerators:4Retail SqFt:
Total # Offices:1W/D Leased?:No# Window AC:0
Warehouse SqFt:
Total # Stores:0# Ranges:3
Other SqFt:5700
Approx Age: New ConstructionType Ownership: CorporationFrontage/Access: City Street, Interstate, SignalIntersection, US Highway, OtherCurrent Use: Commercial, CondominiumPotential Use: Commercial, Condominium, Office andResearch, Residential-Multi-Family, Retail, Special UseClient Needs: OtherClient Will: Will DivideKnown Encumbrances:Location: Central Business District, CommercialBusiness Park, Mixed Use Area, Riverfront, PublicTransport AvailGeographic Locale: Downtown ChicagoConstruction: Brick, Concrete, Concrete Block, Steel,StoneExterior: Brick, BlockFoundation: Concrete
Roof Structure: FlatRoof Coverings: Membrane, Reflective CoatingDocks/Delivery:Misc. Outside: Balcony(ies), Enclosed Stairs, SecuritySystem, Storms and Screens (as exist), Sun Deck,Other# Parking Spaces: 6Indoor Parking: 1-5 SpacesOutdoor Parking: 6-12 SpacesParking Ratio:Misc. Inside: Inside Corridor(s), Multi-Tenant, Pre-wiredPC NetworkFloor Finish:Air Conditioning: Central AirElectricity: Over 600 AmpsHeat/Ventilation: Central Heat/Indiv ControlsFire Protection: Partially Sprinklered
Water Drainage: Drain Tiles, Storm SewersUtilities To Site:Tenant Pays: Electric, HeatEquiptment: HumidifierHERS Index Score:Green Disc:Green Rating Source:Green Feats: Low flow commode, Low flow fixturesBackup Info: Aerial MapSale Terms:Possession:Gas Supplier: OtherElectric Supplier: Commonwealth Edison
Gross Rental Income:$153,000Gross Rent Multiplier:11
Total Annual Expenses:$23,000Annual Net Operating Income:$129,640
Total Monthly Income:$12,750Real Estate Taxes:$4,000
Expense Source:CombinationNet Operating Income Year:2020
Total Annual Income:$153,000Tax Year:2018
Expense Year:2020Cap Rate:7.05
Fuel Expense ($/src):$0/ActualElectricity Expense ($/src):$400/Owner Projection
Water Expense ($/src):$1,800/Owner ProjectionScavenger Expense ($/src):$1,400/Owner ProjectionInsurance Expense ($/src):$2,000/Owner Projection
Other Expense ($/src):$17,500/Owner ProjectionBroker Private Remarks: Is sale for condos as well as whole building. If we move them as condos first then will pull off building offering. The storefront level of finish to benegotiated as part of sale. The condos will be finished completely - all finishes are purchased/etc. Hi end. Tile, kitchens baths etc. These are luxury units so use hi rentcomps when doing rental cma. Around corner I rented 3 bed units at 3250,3150,3000 quickly in the fall. Those are relevant comps. These units will be finished top notch,have 2 balcony outdoor access, and multiple parking . Store level of finish to be negotiated.Internet Listing:Yes Remarks on Internet?:Yes Broker Owned/Interest:No
VOW AVM:Yes VOW Comments/Reviews:Yes Lock Box:NoneListing Type:Exclusive Right to Sell Address on Internet:Yes Special Comp Info:NoneCoop Comp:AS A PERCENTAGE OF THE NET SALE
PRICE. THE NET SALE PRICE IS THE GROSSSALE PRICE MINUS AMOUNTS TO BECREDITED OR PAID TO THE BUYER, ASREFLECTED IN THE INITIAL SALESCONTRACT. FOR COMMERCIAL LEASEPROPERTIES, NET COMPENSATION MAY BEPAID ON NEGOTIATED VARIABLES ASINDICATED IN THECOMPENSATION/COMMISSIONAGREEMENT.
Other Compensation: Call for Rent Roll Info:
Information:None Cont. to Show?: Expiration Date:01/08/2021Showing Inst:Text Phil 312-953-6725. Drive by etc and
ask for Offer Memo. Short notice ok. It isno finished until May so units are notrented. We are offering units for sale ascondos and if they sell first as condos willpull off market as a building.
Broker:Better Living Realty (18031) / (312) 953-6725List Broker:Phillip Buoscio (118492) on behalf of MyRealtorPhil Team (Phil Buoscio Team) (T14061) / (312) 330-3730 / [email protected]
CoList Broker: More Agent Contact Info:3129536725
Copyright 2020 MRED LLC - INFORMATION NOT GUARANTEED, REQUEST ADDITIONAL INFORMATION FROM BROKER, INVESTIGATE ENVIRONMENTAL. USEDUE DILIGENCE.
MLS #: 10605714
ĦĦ
Pilsen, part of Chicago’s Lower West Side neighborhood, hasa commercial strip on W. 18th Street between Wood andSangamon streets. This lengthy corridor displays the successes,struggles and opportunities rife throughout the neighborhood.
This area is just over one mile long and encompasses a varietyof businesses and a central "L" station. Pilsen’s wide commercialassortment includes restaurants, boutiques, convenience stores,a gas station, hardware stores, cafes, hair salons, furniture stores,art galleries and much more. The west end of the corridorfeatures a public park while the east end is blighted by a largevacant lot.
Along with its "L" station, 18th Street also has a bus route thatruns the length of its commercial strip. Parking meters arecommon and span almost the entire length of the corridor. Adedicated bike lane exists on 18th Street and a fair amount ofbicycle tra!c can be noted on most days. A few bike racks andample parking meters provide many options forriders to lock their bikes.
Pilsen’scommercialcorridor enjoysheavy foot tra!cfrom localresidents andvisitors. At timesits narrow sidewalks feelclustered but that may be goodfor neighborhood businesses.Restaurants with outdoor seating areeither set back from the road or have located their seating inadjacent side or back areas. Widening the sidewalks is notfeasible because doing so would cut into both street parkingand bike lanes.
Most of the corridor’s businesses are in good condition withgood signage but some store fronts are vacant. The vacantstorefronts tend to have littered sidewalks. The majority ofbusinesses have security gating that can be opened andclosed and does not detract from their locales.
This area is predominately Latino and many store front signs arein Spanish. An up and coming artist population is anothervisible demographic and possibly a seepage from the nearbyUniversity of Illinois-Chicago campus.
Residential pro"le: Pilsen is rich in two-#ats and single-familyhomes. The neighborhood is population-dense and seeingan increase in new-construction condominiums.
MethodologyBecause a neighborhood encompasses so much more than what itsdemographics and statistics reveal, a canvassing report is crucial forcreating a more complete picture that also includes non-statisticalinformation, such as the physical condition of buildings, trueaccessibility, public transportation options, ratio of visitors toresidents and the gra!ti and littering that a canvasser can witness.Through visits and photos of communities taken during peak hours,an outsider can gain a comprehensive understanding of aneighborhood that falls beyond its demographics.
After identifying Chicago community areas de"ned by the MultipleListing Service and City of Chicago, C.A.R.’s Economic DevelopmentTeam visited and walked one commercial corridor in each. We madenote of each street-level storefront property address, its use and itscondition. We also observed each community area as a whole,pertaining to its cleanliness, walkability, housing stock, tra!cpatterns and connectedness to other city areas. We visited somelocal establishments too, to assess their level of business andavailability of certain services.
Following is our "nding.
City of ChicagoCommunity Areas
THE SMART BUY IS HERE. THE SMART TIME IS NOW.
MORE IMPORTANT THAN THE CASHFLOW OF 1935 CANALPORT IS THE LOCATION
IT RESIDES 100 YARDS AWAY FROM A PUD PLANNED UNIT DEVELOPMENT OF 321 RESIDENTIAL UNITS AND A MID LEVEL RETAIL AND OVER 12 NEW RESIDENTIAL NEW CONSTRUCTION PROJECTS WITHIN 5 BLOCKS. STEPS FROM PILSEN'S NEW 4000 SEAT MUSIC VENUE TO OPEN IN 2020.
THIS IS PILSEN, CHICAGO'S HOTTEST NEW GROWTH POCKET. VOTED ONE OF THE TOP 15 COOLEST NEIGHBORHOODS IN THE WORLD IT HAS A BRIGHT FUTURE. IT IS NOT "ALREADY ARRIVED IN 1998" WICKER PARK, OR A 2007 BOOMER LIKE LOGAN SQUARE. THE GROWTH CURVE IS NOT FLAT HERE. THE GROWTH IS CURVE IS AHEAD AND NOT BEHIND YOU HER.E… IT IS "GET IN EARLY" TIME IN PILSEN AND SEE THE GROWTH IN 2020-2025. THE SMART BUY IS HERE. THE SMART TIME IS NOW.
THE IMMEDIATE POCKET OF "RIVERS' EDGE" IN EAST PILSEN THAT SURROUNDS THIS NEW BUILDING IS RIPE TO EXPLODE AND IS THE BEST LOCATION IN PILSEN IN THAT YOU CAN CROSS THE BRIDGE ON FOOT TO THE SOUTH LOOP OR WALK UP TO ROOSEVELT TO WHOLE FOODS, ICON THEATRES AND THE WHOLE SHOPPING DISTRICT OF THE ROOSEVELT COORIDOR.
ALL THIS WHILE STILL ENJOYING THE PILSEN NIGHTLIFE THAT IS EXPLODING ALSO. I90-94, I 55 , METRA, BUS STOPS, EL AND METRA ALL FEED PILSEN. TRANSPORTION OPTIONS EXCEED THOSE OF MOST OTHER.
1935 S Canalport
1935 S Canalport
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