Kiser Group is pleased to exclusively offer for purchase New Englewood Terrace Apartments, a 23-story high-rise apartment building located in the Englewood neighborhood of Chicago’s Southwest side. The property, constructed in 1967, consists of 304 units ranging from one and two-bedroom apartments, to two and three-bedroom town homes. In 2010, New Englewood Terrace Apartments underwent an extensive renovation which encompassed a complete renovation to all units, common areas, as well as updating all mechanical systems.
The complex is comprised of sixty (60) 1b/1ba units, one hundred twenty four (124) 2b/1ba units, eighty (80) 3b/1ba units, seventeen (17) 2b/1ba town homes and six (6) 3b/1ba town homes. New Englewood Terrace Apartments has two surface parking lots suited for for roughly 127 vehicles as well as a 14 car lot reserved for staff. Adjacent to the apartment complex, the site also includes an additional enclosed 17 car parking garage providing ample parking for the property and staff. In addition to clean, renovated, and remodeled apartment units, New Englewood Terrace Apartments provides tenants an assortment of amenities. Currently, there is a new laundry facility on site, a 24-hour doorman, and an on-site leasing office located on the buildings floor level.
New Englewood Terrace Apartments embodies all aspects of a true value add investment. On average, rents are roughly 20% lower than comparable market rate apartments. At the current list price of $25,000,000 this investment provides a new owner instant scale in a rapidly growing and developing neighborhood. It also nprovides an investor the opportunity to acquire a stabilized asset in a federally recognized opportunity zone with an in-place cap rate of 6.65%. Furthermore, by solely raising rents to market rate levels, a new investor should realize an annualized cash-on-cash return of roughly 17%.
