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Vesta Lofts 2100-2114 S Indiana Ave 59 Unit Apartment Building For Sale Chicago, IL 60616
Investment Highlights
- Dynamic South Loop Location Across the Street from Wintrust Arena, Marriott Marquis & McCormick Center
- Large Surface Parking Lot with Attractive As-of-Right Zoning and Potential for Upzoning
- Assumable Debt @ 3.75% Expiring in February of 2030
- Loft Style Apartments with Modern Finishes and In-Unit Laundry
- Retail NNN Leased to Established Local Pizzeria/Bar
Executive Summary
Interra Realty is pleased to present a market analysis on the Vesta Lofts. The subject investment property is a 60 unit mixed-use property in a booming area of Chicago's South Loop Neighborhood. In addition to the apartment building, there is also 19,373 square feet of land (zoned DX-5) that currently functions as a surface parking lot for the building.
Before being converted to loft style apartments, the property was home to the Vesta Battery Company. Today, tenants enjoy high ceilings, large windows, exposed timber beams and brick walls, with high-end modern finishes. All units have individual HVAC and in-unit laundry. Common amenities include a gym, bike room, and common rooftop deck with sweeping city views.
Pizano's, a Chicago based pizzeria that has been in business since 1991, anchors the ground floor commercial space. This is one of five Chicagoland locations in addition to another location in Milwaukee, WI.
The opportunity offers qualified investors the chance acquire a stabilized apartment building in a high barrier to entry location. There is substantial upside in developing the parking lot as future up-zoning could translate into a number of different development opportunities. The property also has attractive assumable debt at 3.75% through February of 2030.
Before being converted to loft style apartments, the property was home to the Vesta Battery Company. Today, tenants enjoy high ceilings, large windows, exposed timber beams and brick walls, with high-end modern finishes. All units have individual HVAC and in-unit laundry. Common amenities include a gym, bike room, and common rooftop deck with sweeping city views.
Pizano's, a Chicago based pizzeria that has been in business since 1991, anchors the ground floor commercial space. This is one of five Chicagoland locations in addition to another location in Milwaukee, WI.
The opportunity offers qualified investors the chance acquire a stabilized apartment building in a high barrier to entry location. There is substantial upside in developing the parking lot as future up-zoning could translate into a number of different development opportunities. The property also has attractive assumable debt at 3.75% through February of 2030.
Property Facts
| Sale Type | Investment | Building Class | A |
| No. Units | 59 | Lot Size | 0.93 AC |
| Property Type | Multifamily | Building Size | 53,385 SF |
| Property Subtype | Apartment | No. Stories | 4 |
| Apartment Style | Mid-Rise | Year Built/Renovated | 1913/2013 |
| Zoning | DX-5, Chicago - Downtown Mixed-Use District | ||
| Sale Type | Investment |
| No. Units | 59 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | A |
| Lot Size | 0.93 AC |
| Building Size | 53,385 SF |
| No. Stories | 4 |
| Year Built/Renovated | 1913/2013 |
| Zoning | DX-5, Chicago - Downtown Mixed-Use District |
Amenities
Unit Amenities
- Air Conditioning
- Dishwasher
- Microwave
- Washer/Dryer
- Heating
- Kitchen
- High Speed Internet Access
- Stainless Steel Appliances
- Tub/Shower
- Views
- Wheelchair Accessible (Rooms)
Site Amenities
- Fitness Center
- Property Manager on Site
- Roof Terrace
- Storage Space
- Community-Wide WiFi
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 3 | $1,540 | 679 |
| 1+1 | 44 | $1,831 | 686 |
| 2+1 | 2 | $2,300 | 1,032 |
| 2+2 | 9 | $2,587 | 1,116 |
| 3+2 | 1 | $3,000 | 1,305 |
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Exceptionally walkable
100/100
Fairly drivable
50/100
Exceptional public transit
100/100
Moderately bikeable
70/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $571,730 | |
| Land Assessment | $494,651 | Total Assessment | $1,066,381 |
Property Taxes
Parcel Numbers
Land Assessment
$494,651
Improvements Assessment
$571,730
Total Assessment
$1,066,381
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Vesta Lofts | 2100-2114 S Indiana Ave
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