2513-17 W. Peterson Ave. Chicago, IL
Bob Petrich Boardwalk CRE, President
direct: 708-917-3333
[email protected] www.boardwalkcre.com
Offering Memorandum
BEST PLACE
FAMILIES AWARD
AWARD WINNING
COMMUNITY
FOUR TENANTS
GROWING
POPULATION
BUSY
INTERSECTION
STRONG
DEMOGRAPHICS
Property Overview
Commercial Retail building consisting of four tenants that has outstanding
frontage and visibility on Peterson. Heavy traffic near intersection 0f
Western and Peterson.
Northwest City is located just outside Chicago’s central business district to
the west, and contains a multitude of public transportation options for office
users. It represents one of the larger office submarkets in Chicago,
accounting for nearly 4% of the metro’s office inventory. While the
submarket is denser and more built-up than many of Chicago’s suburban
submarkets, it is not quite as developed as some of Chicago’s downtown
submarkets.
In effect, the development landscape includes a healthy portion of ground-
up development coinciding with conversions of older assets. One such
conversion, The Fields, delivered in 16Q2, and represented the largest new
office completion in Northwest City’s history. The Fields’ targeted appeal
to loft office users highlights another trend in a submarket with a growing
tech industry.
While the Fields remains mostly vacant as of 18Q2, rumors of a future
occupier have been circulating, suggesting the 300,000 SF vacant space will
soon fill up. Vacancies remain fairly healthy, and now sit about 200 basis
points above the submarket historical average. Rent growth continues to be
strong, coming off five consecutive years with at least 3% growth, and
asking rents are now nearly 15% above their prerecession peak. Consistent
with the recent metro trend, inventory turnover fell off a bit in 2017-18, but
pricing continues to climb.
Table of Contents
Property Details
Photos
Local Map
Aerial Map
Marketing Analytics
Offering Summary
Underwriting Analysis
Income Expense
Rent Roll
Market Overview
Demographics
Sales Comps
Contact
Confidentiality Disclaimer
Boardwalk Commercial Real Estate (Real Estate Broker) has information contained in
such documents that will not be passed under any circumstances to another intermediary
or broker or trader or any other company or private person who is not an end buyer
without specific written consent of Boardwalk CRE is generating the information herein.
NOT TO CIRCUMVENT
The parties hereby legally, wholly and irrevocably bind themselves and guarantee to one
another that they shall not directly or indirectly interfere with, circumvent or attempt to
circumvent, avoid, bypass or obviate each other’s’ interest, or the interest or relationship
between the parties, by means of any procedures, sellers, buyers, consultants, dealers,
distributors, financial instructions, or other actions whatsoever for the purpose of
changing, increasing or avoiding, directly or indirectly, payments of established or to-be
established fees, commissions, or other continuance of pre-established relationships, or to
intervene in un-contracted relationships with intermediaries, entrepreneurs, legal counsel,
or to initiate any buy/sell or any transactional relationship that bypasses one of the parties
in favor of another individual or entity, in connection with the subject transaction or
project or any related future transaction or project.
NOT TO DISCLOSE / CONFIDENTIALITY
The parties shall use all reasonable efforts to protect the information given to it pursuant
to this and to keep it confidential, using a standard of care no less than the degree of care
that the party would be reasonably expected to employ for his own similar confidential
information. Parties may disclose the information only to those persons who have a need
to know the information. Prior to disclosing the information to employees, independent
contractors, or necessary third parties, the party shall issue appropriate instructions to
them to satisfy its obligations herein and obtain their agreement to receive and use the
information on a confidential basis on the same conditions as contained.
Property Details
Property Address 2513-17 W Peterson Ave
City/State Chicago, IL
Number of Units 4
Building Size SF 7,400
Lot Size SF 12,483
Year built 1940
Zoning B-3
Parking Street & Back
Number of Stories 1
Investment Overview Property Details
Visit our website at:
www.boardwalkcre.com The information contained herein has been secured by sources believed to be reliable. Boardwalk CRE however makes no
representation or warranty, expressed or implied as to the accuracy of the information. Buyer assumes all risks any inaccuracies.
Marketing & Analytics
Real-time Market Data
We offer comprehensive and research-driven, real-time market data using our current
database of assets, buyers and sellers, and pricing information. Our real estate marketing
statistics, listings and inventory data generates up-to-date comps in the Chicago-land
market.
Reporting and Analytics
Boardwalk CRE is experienced in marketing analytics and reporting tools to provide
evaluations and clear understanding of the property through powerful offering
memorandums and marketing presentations.
Lead Generation
Boardwalk CRE has proven experience in the planning and execution online marketing
campaigns to boost visibility and successfully generate real estate leads.
A Comprehensive Marketing Strategy
Our powerful internal marketing system includes MRED for Property Detail reports,
CoStar, Loopnet along with direct mail and email campaigns. We create a real estate
marketing plan that will achieve more results thru our website, social media platforms
and specialized applications.
Web-based Strategies
Boardwalk CRE has over 25 years’ experience in commercial real estate. Through our
powerful database and custom series of web-based tools, we have automated applications
designed to produce full offering memorandums in high-quality professional formats.
We use our social media reach to increase campaign success.
Personal Touch
We believe in the personal touch as real estate is still a people business. Our clients'
concerns and their achievement of goals is our top priority. We are ready to sit down
with our client, have coffee and analyze their property in detail.
Offering Summary
Price $825,000
Cap Rate 9.02%
Net Operating Income $74,391
Number of Units 4
Price per SF $111
Building Size SF 7,400
Lot Size SF 12,483
Offering Summary
Visit our website at:
www.boardwalkcre.com The information contained herein has been secured by sources believed to be reliable. Boardwalk CRE however makes no
representation or warranty, expressed or implied as to the accuracy of the information. Buyer assumes all risks any inaccuracies.
Underwriting
Price $825,000
Down Payment $206,250
Mortgage $618,750
Interest Rate 5.00%
Amortization Years 25
Net Operating Income $74,391
Cap Rate 9.02%
Debt Service $43,406
Debt Coverage Ratio 1.71
Net Cash after Debt Service $30,985
Cash on Cash 15.02%
Principal Reduction 1st Year $12,758
Total Return $43,743
Internal Rate of Return 21.21%
Loan To Value 75%
Loan Amount $618,750
Interest Rate 5.00%
Amortization Years 25
Underwriting
Visit our website at:
www.boardwalkcre.com The information contained herein has been secured by sources believed to be reliable. Boardwalk CRE however makes no
representation or warranty, expressed or implied as to the accuracy of the information. Buyer assumes all risks any inaccuracies.
Income Expense
Current Per SF
Base Rent
Occupied Space $113,400 $15.32
Vacant Space $0 $0.00
Gross Potential Rent $113,400 $15.32
Reimbursements
CAM $0 $0.00
Real Estate Taxes $0 $0.00
Insurance $0 $0.00
Management Fee $0 $0.00
Total Reimbursements $0 $0.00
Gross Potential Income $113,400 $15.32
Vacancy 5% $5,670.00 $0.77
Gross Income $107,730 $14.56
Expenses
CAM $4,790 $0.65
Real Estate Taxes $21,840 $2.95
Insurance $2,400 $0.32
Management Fee $4,309 $0.58
Total Expenses $33,339 $4.51
Net Operating Income $74,391 $10.05
Income/Expense
Visit our website at:
www.boardwalkcre.com The information contained herein has been secured by sources believed to be reliable. Boardwalk CRE however makes no
representation or warranty, expressed or implied as to the accuracy of the information. Buyer assumes all risks any inaccuracies.
Rent Roll
Tenant Square feet Beginning Date Expiration Date Lease Term Monthly Rent
Café Hwa Won 2100 1/1/2014 12/31/2018 5 year $3,125
Asian Food Market 1100 12/1/2016 11/30/2021 5 year $1,500
Celestial Church 3100 1/1/2017 12/31/20121 4 year $3,250
Peterson Pharmacy 1100 1/15/2015 1/1/2018 1 year $1,575
Monthly $9,450
Annual Rent $113,400
Rent Roll
Visit our website at:
www.boardwalkcre.com The information contained herein has been secured by sources believed to be reliable. Boardwalk CRE however makes no
representation or warranty, expressed or implied as to the accuracy of the information. Buyer assumes all risks any inaccuracies.
Market Overview
Demographics
Sales Comps
708-917-3333
boardwalkcre.com
For additional information on this property please contact:
Bob Petrich
President
Boardwalk Commercial Real Estate