Avison Young Lists Chicago SRO Portfolio - 3 Properties, 166 Total Rooms

Central Arms ChicagoAvison Young, as sole exclusive agent, is please to offer the fee simple interest in the Central Arms Hotel (hereinafter "Property," or Hotel), a single room occupancy hotel located in Chicago, Illinois. 

The Central Arms Hotel is a 68 unit, single room occupancy hotel located at 518-24 East 47th Street just seven miles south of downtown Chicago. The Hotel is easily accessible from the Chicago Transit Authority Green Line and from Interstate 90. Several of the units have in-suite bathrooms. The Hotel also includes three commercial storefronts. Currently, the Hotel has SRO ll License from the City of Chicago. The Central Arms Hotel is just three blocks from the 47th Street stop of the Chicago Transit Authority's Green Line running north to south. The Property sits in the heart of the Bronzeville neighborhood. The Hotel sits within walking distance to Washington Park, Provident Hospital, and just 1.6 miles from the University of Chicago. Additionally, the Illinois Institute of Technology, the Illinois College of Optometry, and Gauranteed Rate Field (home of the White Sox) are less than three miles from the Central Arms Hotel. Restaurants and grocery stores within walking distance include McDonald's, Popeye's, Burger Kind, Walmart, Save a Lot, Walgreens, and Family Dollar. 

Property Highlights 

  • 68 room SRO hotel in an upcoming neighborhood
  • Within 3 blocks of a Chicago Transit Authority Green Line stop
  • Within walking distance to several colleges and hospitals
  • Seven miles south of downtown Chicago

Financial Highlights 

Price- $1,500,000

Total Revenue- $416,668

Total Expenses $334,926

NOI- $81,741

GRM- 3.6 X

Michigan Avenue HotelAvison Young, as sole exclusive agent, is please to offer the fee simple interest in the Michigan Avenue Hotel (hereinafter "Property," or Hotel), a single room occupancy hotel located in Chicago, Illinois.

The Michigan Avenue Hotel is a 40 unit, single room occupancy hotel located at 5020 South Michigan Avenue just seven miles south of downtown Chicago. The Hotel is easily accessible from the Chicago Transit Authority Green Line and from Interstate 90. The property includes: two apartment units with kitchens and private bathrooms, 15 private bathrooms, and 25 in-suite bathrooms. Currently, the Hotel has a SRO ll License from the City of Chicago. The Michigan Avenue Hotel is just two blocks from the 51st Street stop of the Chicago Transit Authority's Green Line running north to south. The Property sits in the hearth of the Bronzeville neighborhood. Bronzeville has been a hot spot for investors in recent years due to a revival of the neighborhood. The Hotels sits within walking distance to Washington Park, Provident Hospital, and the University of Chicago. Additionally, the Illinois Institute of Technology, the Illinois College of Optometry, and Guaranteed Rate Field (home of the White Sox) are less than three miles from the Michigan Avenue Hotel. Nearby restaurants and grocery stores include McDonald's, Popeye's, Burger King, Walmart, Save a Lot, Walgreens, and Family Dollar. 

Property Highlights

  • 40 SRO units
  • 2 apartments with kitchen bathroom
  • 15 private bathrooms and 25 in-suite bathrooms
  • Within 2 blocks of a Chicago Transit Authority Green Line stop
  • Within walking distance to several colleges and hospitals
  • Seven miles south of downtown Chicago

Financial Highlights

Price- $1,000,000

Total Revenue- $245,402

Total Expenses- $227,677

NOI- $17,725

Price Per Unit- $25,00

GRM- 4.07 X

New Prarie HotelAvison Young, as sole exclusive agent, is please to offer the fee simple interest in the New Parie Hotel (hereinafter "Property," or Hotel), a single room occupancy hotel located in Chicago, Illinois. 

The New Parie Hotel is a 58 unit, single room occupancy hotel located at 2847 West Washington Boulevard just five miles west of downtown Chicago. The Hotel is easily accessible from the Chicago Transit Authority Green Line and from Interstate 290 (0.5 mile). The Property includes 28 private bathrooms and 30 in-suite bathrooms. Currently, the Hotel is just one bloc from the California stop of the Chicago Transit Authority's Green Line running east to west. The Property sits in the East Garfield Park neighborhood with the park being within walking distance of the Hotel. The Hotel also sits within walking distance of Family Dollar, Popeye's, Dunkin Donuts, McDonalds, and Walgreens. The University of Illinois College of Medicine, University of Illinois at Chicago College, Rush University, and Malcolm X College are all approximately two miles from the Property. Additionally the United Center, home of the Bulls and the Blackhawks, is only 1.5 miles to the east on West Washington Boulevard. 

Financial Highlights

Price- $2,500,000

Total Revenue- $530, 225

Total Expenses- $340,969

NOI- $189,255

Price Per Unit- $43,103

GRM- 4.71 X

 

For more information on these listings contact:

Rick George
Email: rick.george@avisonyoung.com
Office: 312-434-2430

Mike George
Email: mike.george@avisonyoung.com
Office: 3123716550

published: 06-23-2017

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