1342 N Cleveland Avenue

The Offering represents a unique opportunity to acquire a 100% leased multifamily redevelopment in the heart of Chicago's Old Town neighborhood within just blocks of 2 El transit stations and the Wells Street entertainment district. All 4 levels of the property were extensively renovated in 2017, and the seller increased the bedroom count to 10 bedrooms, resulting in an annual NOI of ~$83,000. The subject property is comprised of 3 high-end market-rate apartments: one (1) 4-bedroom/2-bathroom duplex down unit on the first floor and basement, two (2) 3-bedroom/1-bathroom units on the second and third floors, and a rear parking pad for three (3) vehicles. The property features individual forced air furnaces, separately metered electric, new plumbing fixtures in 2017, new windows, and a fully secure/gated perimeter iron fence. Interior finishes include GE SS appliances, custom white shaker cabinetry, white quartz countertops, in-unit washers/dryers, refinished original white oak hardwood floors, Nest thermostats, garbage disposals, three (3) fully rebuilt oversized outdoor decks & exterior staircase, and ample private patio space with a maintenance-free artificial turf rear yard. The subject property is within a couple of blocks from multiple transit options, including the Chicago Transit Authority (CTA) bus stop numbers 9, 37, and 72, the L Brown Line stop at Sedgwick, and the Red Line station at North/Clybourn.