MPI Named Selling Agent for 2 Single Room Occupancy Hotels in Chicago

Millennium Properties R/E, a premier boutique real estate brokerage and property management company in Chicago, announced that has been named the exclusive selling agent for two single room occupancy hotels with a total of 108 units. Both properties are located on the south side of the city and include SRO II licenses. A number of capital improvements were made to both buildings, improving each building’s income.

Located at 520 E. 47th St., the Central Arms Hotel is just a few miles south of downtown in the heart of Bronzeville. It has a total of 68 residential units and three retail spaces as well as a historically high occupancy rate. The Michigan Avenue Hotel, located in the Washington Park neighborhood, has a total of 40 rentable units and 15 private bathrooms. The Michigan Avenue Hotel benefits from its close proximity to the Provident Hospital of Cook County, the Dan Ryan and the Green Line El stop.

“These SRO hotels are great opportunities for investors to purchase a stable specialized property with a history of generating a substantial income,” said Brad Thompson, vice president of Millennium Properties. “SRO hotels are a unique affordable housing property type that has experienced a severe reduction in stock as many of these hotels have been converted into traditional apartment buildings over the last few years.”