2-Property Chicago Portfolio – Chicago, IL
Chicago, IL
The portfolio offers two (2) institutional quality, impeccably maintained assets located in Chicago – the 3rd largest city in the country. Located in the two of the best performing submarkets in the city, Lincoln Park and Wrigleyville, the assets are situated on major thoroughfares with highly visible, easily accessible locations. This offering represents an un-precedented opportunity for an operator and/or investor to achieve critical mass in new markets immediately or expand an existing presence with assets that are accretive to their portfolio.
CORE LOCATIONS
Both assets are located in highly desirable, densely populated, core, urban areas with extremely high barriers to entry. Each submarket has excellent demand drivers for self storage: dense population, high number of households, above average incomes and high numbers of renter-occupied housing units. The average three-mile population across the portfolio is approximately 483,921 with average household incomes in excess of $164,000. Each project is located in trade areas that boast one of the highest rents in the Chicago market.
HIGH BARRIER TO ENTRY MARKETS
The properties are in core, infill locations in submarkets with extremely limited number of sites available for new development. In addition, zoning guidelines and other municipal development hurdles will restrict the construction of new self-storage competition. The current square feet per person is approximately 4.6 SF/Capita for the portfolio.
EXISTING CASH FLOW WITH POTENTIAL UPSIDE
Stabilized occupancy, combined with upward trending rents and minimal capital expenditures, result in healthy cash-on-cash returns. Revenue enhancements through rental rate optimization and unit mix reconfiguration provide upside opportunities. The stabilized tenant base provides reliable cash flows to support new debt in the capital structure. The portfolio is being offered free and clear of existing debt, allowing a buyer to capitalize on the current financing environment.