1106 West Newport

Executive Summary

GREA along with Quadrel Commercial is pleased to present the exclusive offering of 1106 West Newport Avenue located at the NWC of Newport and Seminary in the heart of Chicago's dynamic Lakeview neighborhood and only blocks from Chicago's famed Wrigley Field.

The property is being offered with an assumable, non-recourse loan, offering a fixed interest rate of 3.61%.

The fully renovated three-story building contains 24 apartment homes featuring all the apartment amenities and infrastructure upgrades exhibited in a ground-up development.

The unit mix of two, three and four-bedroom apartments, averaging a very comfortable 1,038 square feet, appeals to the younger renter age cohort which accounts for 47% of Lakeview’s population. The property is within walking distance to a proliferation of diverse and eclectic dining options, recreation and open space attractions, shopping, parks, entertainment establishments, and public transportation.

Opportunity Highlights

The property was purchased in 2018 by the current owner who initiated a full-gut renovation of the interior, outside structures and common areas in May 2019. At the completion of the renovation in July of 2020 the following improvements, to name a few, were delivered:

■ First-floor units were expanded into the basement to create eight duplexes

■ Top-line stainless steel appliances

■ Quartz countertops

■ Exposed brick walls

■ New cooper pluming and electrical service

■ In-unit washer and dryer

■ Individual furnaces and central AC

■ Security-oriented Latch entry systems

■ Adjacent surface parking lot