Four Flat in Lincoln Park with Vacation Rental Master Lease
The Details
- Four-flat apartment building
- Three 4 bed, 2 bath units
- One 2 bed, 1 bath apartment
- Three units leased to Sonder, a corporate rental firm thru 4/2019
- Includes Vacation Rental Operator licenses from the City of Chicago
- Extensive capital improvements
- Projected 2018 NOI: $131,949
- Spacious units with high ceilings, hardwood floors, updated kitchens and baths, in-unit washer/dryer, and separate utilities
- Land Area: 3,750 SF
- Zoning: RM-5
A master leased four-flat apartment building in the heart of Lincoln Park is available for sale. The building features three 4 bed, 2 bath apartments plus a 2 bed, 1 bath unit. Three of the units are leased to Sonder, a corporate rental firm through April 2019; negotiations are underway to renew the leases. The 2 bedroom unit is a market rate apartment and not part of the master lease. The property includes Vacation Rental Operator licenses from the City of Chicago. Each spacious unit feature high ceilings, hardwood floors throughout, updated kitchens and bathrooms, plus in-unit washer/dryers and separate utilities. A substantial amount of capital improvements were made to the building in the last few years.
Lincoln Park is in one of the most desirable neighborhoods of Chicago with good schools and lots of amenities. In addition to Lincoln Park and the lakefront, the area features a large number of boutiques, restaurants and public transportation routes.