The property
Executive summary
100% fee-simple interest in 5658-60 North Ridge Avenue (the "Property"), a fully renovated ten (10) unit multifamily asset in Chicago's Edgewater neighborhood, comprising six (6) three-bedroom / two-bath residences and four (4) one- bedroom / one-bath apartments, together with eleven (11) surface parking spaces. The Property was acquired by the owner in 2018 and taken through a comprehensive repositioning. Ownership executed a full gut renovation of the interiors and modernized the building's mechanical and access systems. With the capital program complete and the asset 100% occupied, the opportunity presents an investor the ability to acquire a turnkey, recently renovated property with no deferred capital and immediate in-place cash flow. Importantly, in-place rents sit below market for comparably finished product in Edgewater, offering a new owner a clear path to mark rents to market on natural turnover. Because the renovation program is already complete, this upside is achievable without additional capital - allowing an incoming investor to grow net operating income through leasing execution alone. Every residence has been delivered to a condo-quality standard, with kitchens featuring modern cabinetry, stainless-steel appliances,…