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Turnkey Rental Investment Opportunity Great Value Find – 7.5% Cap Rate at $629,000

1801-1807 S California Ave, Chicago, IL 60608 Portfolio of three 2bed/2bth condos in three adjacent buildings in hot West Pilsen

1801 S. California, Unit 3; 1803 S. California, Unit 4; 1807 S. California, Unit 1

FINANCIALS

* Price: $629,000 * Cap Rate: 7.5% * NOI: $47,110 * Low taxes, low assessment * Instant Equity: Individually, these three condos are being marketed on MLS at $684,700. Portfolio buyer gains instantaneous equity of $55,700

3 x Condos, each: * 2 bedroom / 2 bath * 1,200 square feet * Deeded covered parking * Newer construction (2005) * Hardwood floors * Unit washer & dryer * Stainless steel appliances * Fully-rented, month-to-month * Current rent is under market

LOCATION * Hot West Pilsen Neighborhood * Across from Douglas Park * I-290, I-55, Pink Line, CTA * Costco, Mariano’s, Pete’s, Target * Medical Center, Little Italy * Main Pilsen District nearby * Park has community and cultural center, flower hall, mini golf, track, soccer field, stunning nature, etc.

Vadim Muchnik, Broker

(847) 602-8050

Vadim@stollrealestate.com

Google Maps Link HERE

PRO-FORMA

Average of three apartments Monthly Annually Monthly Annually

Monthly Rental Income 1,480$ 17,760$ 1,730$ 20,760$

Less:

Assessment 148$ 1,777$ 148$ 1,777$

Property Taxes on condo 181$ 2,178$ 181$ 2,178$

Property Taxes on parking spot 17$ 202$ 17$ 202$

Maintenance & Repairs 25$ 300$ 25$ 300$

Insurance 50$ 600$ 50$ 600$

Total Expenses 421$ 5,057$ 421$ 5,057$

Net Operating Income - 1 Condo 1,059$ 12,703$ 1,309$ 15,703$

Net Operating Income - 3 Condo Portfolio 3,176$ 38,110$ 3,926$ 47,110$

FY '19 (Estimated) FY '18 (Actual)

RENTAL COMPS miles price size (sqft) $/sqft bdr baths type list date

3342 W 19th St, Chicago, IL 60623, USA 0.98 1,300$ 2 2.0ba Condo 10/16/2018

3342 W 19th St, Chicago, IL 60623, USA 0.98 1,300$ 2 2.0ba Condo 10/16/2018

W 17th St & S Paul ina St, Chicago, IL 60608, USA 1.86 1,395$ 2 1.0ba apartment 11/2/2018

1843 W Cul lerton St, Chicago, IL 60608, USA 1.59 1,425$ 2 1.0ba Apartment 8/25/2018

1641 W 21st St, Chicago, IL 60608, USA 1.94 1,500$ 2 1.0ba apartment 12/3/2018

W 18th Pl & S Western Ave, Chicago, IL 60608, USA 0.68 1,500$ 1000 1.50$ 2 1.0ba apartment 10/25/2018

W 18th Pl & S Western Ave, Chicago, IL 60608, USA 0.68 1,500$ 1000 1.50$ 2 1.0ba apartment 10/25/2018

500 S Claremont Ave, Chicago, IL 60612, USA 1.79 1,550$ 1200 1.29$ 2 2.0ba condo 8/3/2018

2406 W Flournoy St, Chicago, IL 60612, USA 1.61 1,575$ 2 2.0ba condo 8/14/2018

S Oakley Blvd & W Harrison St, Chicago, IL 60612, USA 1.75 1,600$ 1200 1.33$ 2 2.0ba condo 10/8/2018

2440 W Harrison St, Chicago, IL 60612, USA 1.66 1,600$ 1300 1.23$ 2 2.0ba Condo 7/28/2018

S Damen Ave & W Cermak Rd, Chicago, IL 60608, USA 1.44 1,650$ 1000 1.65$ 2 1.0ba apartment 9/6/2018

S Damen Ave & W 21st Pl , Chicago, IL 60608, USA 1.41 1,695$ 2 2.0ba apartment 9/30/2018

1846 W 18th St, Chicago, IL 60608, USA n/a 1,700$ 1375 1.24$ 2 1.5ba apartment 11/2/2018

1655 S Cal i fornia Ave, Chicago, IL 60608, USA 0.04 1,700$ 1500 1.13$ 2 2.0ba condo 7/3/2018

1125 W 19th St, Chicago, IL 60608, USA n/a 1,750$ 1400 1.25$ 2 2.0ba condo 11/7/2018

1070 W 15th St UNIT 312, Chicago, IL 60608, USA n/a 1,795$ 817 2.20$ 2 1.0ba condo 12/2/2018

2100 S Marshal l Blvd, Chicago, IL 60623, USA 0.46 1,800$ 1200 1.50$ 2 1.0ba apartment 7/21/2018

S Marshal l Blvd & W 21st St, Chicago, IL 60623, USA 0.41 1,800$ 2 1.0ba apartment 11/17/2018

2352 W Harrison St, Chicago, IL 60612, USA 1.72 1,800$ 1400 1.29$ 2 2.0ba condo 7/14/2018

918 S Western Ave, Chicago, IL 60612, USA 1.32 1,800$ 1250 1.44$ 2 2.0ba condo 9/6/2018

W 14th Pl & S Sangamon St, Chicago, IL 60608, USA n/a 1,850$ 1100 1.68$ 2 1.0ba condo 11/13/2018

1601 S Hals ted St, Chicago, IL 60608, USA n/a 1,850$ 1150 1.61$ 2 2.0ba condo 11/21/2018

S Western Ave & W Polk St, Chicago, IL 60612, USA 1.46 1,850$ 1252 1.48$ 2 2.0ba condo 7/22/2018

2417 W Fi l lmore St, Chicago, IL 60612, USA 1.19 1,850$ 2 2.0ba condo 6/26/2018

1111 W 14th Pl , Chicago, IL 60608, USA n/a 1,875$ 980 1.91$ 2 2.0ba condo 11/21/2018

1270 S Blue Is land Ave UNIT 101, Chicago, IL 60608, USA n/a 1,900$ 1100 1.73$ 2 2.0ba condo 12/2/2018

2518 W Congress Pkwy, Chicago, IL 60612, USA 1.7 1,975$ 2 2.0ba condo 8/3/2018

3121 S Morgan St, Chicago, IL 60608, USA n/a 1,995$ 1600 1.25$ 2 1.0ba apartment 11/18/2018

1155 West Roosevelt Road, Chicago, IL 60608, USA n/a 2,000$ 1000 2.00$ 2 1.0ba condo 12/2/2018

1024 W 32nd St, Chicago, IL 60608, USA n/a 2,000$ 1100 1.82$ 2 2.0ba condo 12/7/2018

1524 S Sangamon St, Chicago, IL 60608, USA n/a 2,000$ 1184 1.69$ 2 2.0ba apartment 12/6/2018

811 W 15th Pl , Chicago, IL 60607, USA n/a 2,000$ 1200 1.67$ 2 2.0ba condo 11/21/2018

2520 W Harrison St, Chicago, IL 60612, USA 1.62 2,050$ 1000 2.05$ 2 2.0ba condo 7/27/2018

W 18th St & S Hals ted St, Chicago, IL 60608, USA n/a 2,600$ 2400 1.08$ 2 2.0ba apartment 11/10/2018

Subject Zip Bed Bath SqFt Garage Lot Size Year BuiltREO Restrict CompsComps Going BackAs of Date

1801 S California Avenue 3, Chicago, IL 60608 2 2 1250 1 COMMON 2005 FALSE Condo 12 Months

Calculated Price: $258,381 (RETAIL Value) Value Per SQFT: $206.70

Street Address City Zip Bed Bath Sq.

Ft.

Year

Built

Target

Distance

List Date List Price Close

Date

Sold

Price

ACT

DOM

TOT

DOM

SQFT

Price

2143 West 19th Street 1 Chicago 60608 3 2 1300 2018 0.8 Sep-18 $324,900 Nov-18 $324,900 0 56 $249.92

951 West College Parkway 1 Chicago 60608 3 1.5 1257 2005 1.62 Jul-18 $324,700 Sep-18 $318,000 33 40 $252.98

2353 West Harrison Street 2 Chicago 60612 2 2 1400 2005 1.23 Jun-18 $269,900 Aug-18 $265,000 23 54 $189.29

819 South Western Avenue 2 Chicago 60612 2 2 1400 2002 1.06 Apr-18 $260,000 Jun-18 $261,000 12 48 $186.43

2524 West Flournoy Street 3 Chicago 60612 3 2 1150 2007 1.14 Jun-18 $259,000 Aug-18 $247,500 17 56 $215.22

2403 West Flournoy Avenue 2C Chicago 60612 2 1.5 1330 1995 1.16 May-18 $244,900 Jul-18 $244,900 10 56 $184.14

2528 West Flournoy Street 1 Chicago 60612 3 2 1150 2007 1.14 Feb-18 $239,000 Apr-18 $240,000 2 36 $208.70

745 South Claremont Avenue 2 Chicago 60612 2 2 1100 2000 1.15 Mar-18 $235,000 Apr-18 $235,000 10 51 $213.64

1015 South Western Avenue 4 Chicago 60612 2 2 1200 2005 0.94 Aug-18 $239,000 Aug-18 $232,500 0 12 $193.75

2325 West Harrison Street 4 Chicago 60612 2 2 1200 1999 1.26 Jul-18 $239,000 Oct-18 $231,000 86 109 $192.50

2509 West Harrison Street 2 Chicago 60612 2 2 1300 2003 1.17 Jun-18 $229,000 Aug-18 $227,000 56 89 $174.62

2515 West Harrison Street 3 Chicago 60612 2 2 1300 2005 1.17 Apr-18 $231,500 Jun-18 $225,000 17 64 $173.08

2503 West Harrison Street 3 Chicago 60612 2 2 1300 2005 1.18 Feb-18 $220,000 Apr-18 $220,000 3 51 $169.23

1848 West Cermak Road 3 Chicago 60608 3 1 1200 1.2 Apr-18 $209,900 Jun-18 $210,000 4 55 $175.00

519 South Maplewood Avenue 2S Chicago 60612 3 2 1150 2003 1.21 Sep-18 $199,900 Oct-18 $199,900 7 38 $173.83

Street Address City Zip Bed Bath Sq.

Ft.

Year

Built

Target

Distance

List Date List Price ACT

DOM

List

$/sqft

1811 West 17th Street 302 Chicago 60608 2 2.5 1258 1.22 Nov-18 $335,000 32 $266.30

1803 South California Avenue 4 Chicago 60608 2 2 1250 2005 0.01 Nov-18 $249,900 34 $199.92

2351 West Harrison Street 4 Chicago 60612 2 2 1200 2001 1.24 Jul-18 $249,900 155 $208.25

2247 South Oakley Avenue 3 Chicago 60608 3 2 1500 1932 0.79 Nov-18 $249,900 26 $166.60

747 South Claremont Avenue 2 Chicago 60612 2 2 0 2000 1.15 Sep-18 $237,500 97 $0.00

2429 West Grenshaw Street 1 Chicago 60612 4 2 1500 0.81 Aug-18 $229,900 115 $153.27

1801 South California Avenue 3 Chicago 60608 2 2 1250 2005 0 Nov-18 $224,900 34 $179.92

1807 South California Avenue 1 Chicago 60608 2 2 1250 2005 0.01 Nov-18 $209,900 34 $167.92

2355 West Congress Parkway 1 Chicago 60612 2 2 1200 2002 1.3 Jun-18 $199,000 164 $165.83

Street Address City Zip Bed Bath Sq.

Ft.

Year

Built

Target

Distance

List Date List Price ACT

DOM

TOT

DOM

List

$/sqft

1810 South Racine Avenue 3 Chicago 60608 2 2 1400 2018 1.99 Sep-18 $429,900 36 76 $307.07

1711 South Racine Avenue 1 Chicago 60608 3 3 2200 2007 2.02 Dec-18 $400,000 4 7 $181.82

2143 West 19th Street 3 Chicago 60608 3 2 1300 2018 0.8 Sep-18 $349,900 28 77 $269.15

1000 West 15th Street 327 Chicago 60608 2 2 1226 1924 2.23 Jul-18 $345,000 126 133 $281.40

1001 West 15th Street 413 Chicago 60608 2 2 1217 1920 2.28 Oct-18 $309,900 47 61 $254.64

837 South Laflin Street 3 Chicago 60607 2 1 1050 1.87 Oct-18 $300,000 19 47 $285.71

2403 West Flournoy Street B Chicago 60612 2 1.5 1350 1999 1.17 Aug-18 $247,500 91 111 $183.33

514 South Denvir Avenue 2 Chicago 60612 2 2 0 2005 1.22 Nov-18 $239,900 15 37 $0.00

2325 West Harrison Street 3 Chicago 60612 2 2 1200 1999 1.26 May-18 $239,000 174 220 $199.17

1111 West 14th Place 128 Chicago 60608 2 1 0 1920 2.12 Nov-18 $234,888 4 34 $0.00

Notice: Based on information from the Midwest Real Estate Data, LLC Multiple Listing Service, for the period 9/26/2017 through 12/10/2018.Disclaimer: This valuation estimate is not intended to be an appraisal of the market value of the Subject Property. If an appraisal is desired, the

services of a licensed or certified appraiser should be obtained.

Under Contract Comparables

Listed Comparables

Sold Comparables

APARTMENT DESCRIPTION (ALL THREE ARE VIRTUALLY IDENTICAL) Look no further! Newer construction in West Pilsen/Douglas Park, rarely available and nestled among original historic buildings facing beautiful Douglas Park, this unit is a sunny, spacious 2 bedroom/2 bathroom corner unit condominium overlooking the Douglas Park. This unit has an open floor plan, high ceilings and recessed lighting. Perfect for entertaining with kitchen overlooking the dining and living room with gas fireplace with slate front and hearth. Kitchen features 42” shaker cabinets, breakfast bar, granite countertops, Kohler sink with full kitchen appliance package including built in microwave and dishwasher. Bathrooms feature glass shower doors, and whirlpool tub in master suite. Large Master bedroom includes en-suite bathroom and 2 wide closets. Master able to accommodate up to a king sized bed with nightstands, and has a nook area for desk seating/dressing table/workout space, Second bedroom able to accommodate up to a queen sized bed with nightstands and has a large closet. In unit washer and dryer with storage above and separate linen closet. Refinished hardwood flooring throughout unit including bedrooms, new washer and dryer, painted in a neutral gray color. Juliet balcony in front and balcony in rear with space to grill, and/or use as comfortable seating area. Covered garage parking space is included in price (separately deeded). GREAT LOCATION! Close to public transportation, Pink Line, 290, I-55, Costco, Marianos, Pete’s, Target, minutes away, Lagunitas Brewery, Cinespace, Sip Coffee Shop, Main Pilsen District, Little Italy and Medical District. Douglas Park has a community and cultural center, historic flower hall, mini golf, historic field house, stunning natural areas, soccer fields and track. Also hosts a variety of cultural events and festivals where, due to the location of this property, owners are allowed free entrance. Low taxes and assessments. Mint condition. Investor friendly.

Chicago Tribune Article

The Real Deal Article

Chicago Curbed Article

The Hatchery, a $34 million food/beverage incubator, 67,00

sf, opens in East Garfield Park (less than 2 miles away from subject property)

Chicago Suntimes article

https://thehatcherychicago.org/

https://www.industrialcouncil.com/hatchery.html

Subject Properties are facing Incredibly scenic, fun, safe Douglas Park,

with stunning nature, mini golf, cultural center and more… meaning no

new construction across the street. Located in the North Lawndale community and parts of Pilsen neighborhood, Douglas Park

Cultural & Community Center totals 218 acres.

Douglas is a historic regional park that offers many recreational and cultural opportunities

for park patrons. The fieldhouse features include two gymnasiums, an auditorium, a

computer lab, a fitness center, a kitchen, a grand ballroom and meeting rooms.

Outdoors, the park offers tennis courts, a game day football stadium, an outdoor pool, water

spray features, basketball courts, an artificial turf soccer field, a pavilion, baseball fields and

a small golf putting range… Continue