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1205 N Orleans St - Old Town Condos 98 units SF approximate 68,600 SF Specialty Building Offered at $21,083,000 in Chicago, IL 60610
Investment Highlights
- Portfolio includes 98 condominium units across five Old Town developments.
- Approximately 16.52 years of blended lease term remaining.
- Located less than two miles from Downtown Chicago and near Lincoln Park.
- Master leased to Chicago Housing Authority through 2038, 2042, and 2043.
- Ownership consists of fee simple condominium interests.
- CHA is responsible for unit maintenance, renovations, and capital expenditures.
Executive Summary
SRS Real Estate Partners-Midwest, LLC is pleased to offer the opportunity to acquire the fee simple interest (condominium interests) in a collection of 98 master-leased, luxury residential condominium units within four complexes located in the Near Northside (Old Town) neighborhood of Chicago, IL. The portfolio is master leased to the Chicago Housing Authority (“CHA”) across two tranches, with terms extending through 2042 & 2043 (Tranche 1, 82 units) and 2038 (Tranche 2, 16 units) — representing approximately 16.52 years of blended term remaining amongst the portfolio. Allowing the investor to purchase the portfolio at significantly below market value and unlocking the future value at the lease expirations.
Property Facts
| Price | $21,083,000 | Building Class | C |
| Price Per SF | $307.33 | Building Size | 68,600 SF |
| Sale Type | Investment | No. Stories | 7 |
| Property Type | Specialty | Year Built | 1998 |
| Price | $21,083,000 |
| Price Per SF | $307.33 |
| Sale Type | Investment |
| Property Type | Specialty |
| Building Class | C |
| Building Size | 68,600 SF |
| No. Stories | 7 |
| Year Built | 1998 |
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Exceptionally walkable
100/100
Fairly drivable
40/100
Exceptional public transit
90/100
Very bikeable
80/100
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1205 N Orleans St - Old Town Condos 98 units SF approximate