Artista55 5525 N Winthrop Ave 80 Unit Apartment Building $15,900,000 ($198,750/Unit) 5.47% Cap Rate Chicago, IL 60640

Interra Realty has been exclusively engaged to bring to market Artista55, an eighty (80) unit 4+1 style multifamily property located at 5525 N Winthrop Ave in the sought-after Edgewater neighborhood of Chicago. This de-converted condominium building is situated just one block from the Bryn Mawr CTA, the property provides unparalleled access to public transit and is within a few blocks of Lake Michigan, Foster Beach, and Kathy Osterman Beach. The property also features 54 parking spaces, a highly desirable amenity to renters in this densely populated urban area.
The property underwent extensive renovations in 2019, including building envelope upgrades, new domestic water tank installation, elevator controls modernization, roof membrane layer and updates to common areas. There is an array of finishes throughout units (flooring materials/kitchen and bath finishes) while all units have been refreshed with new paint/blinds, Three units were renovated and demonstrate a clear ability to obtain a rent premium. Each unit offers in-unit laundry hooks up, providing tenants the option to opt in to laundry rental in-unit for an additional fee, or residents can utilize the common laundry room on the main level. Additional amenities include a package room on-site managers office, a dog run and landscaped outdoor patio enhancing the tenant living experience.
Highly desirable assumable HUD financing: 2.25% fixed interest rate with an outstanding loan balance of $9.79M, fully assumable and with a generous term extending through 2055. Additional details on the assumable debt available upon request.