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OCR 112 Kinzie OM

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One Chicago
Offering
OFFERING
Memorandum
MEMORANDUM
REALTY
1355-1369
N Sedgwick
MIXED IL
USE
Chicago,
60614
INVESTMENT
Development
Opportunity
112 W Kinzie
St.
Chicago, IL 60654
One
Chicago
Realty
ONE CHICAGO
COMMERCIAL
903 Commerce Drive Oak Brook, IL 60523
903 Commerce Drive, Oak Brook, IL 60523
Cell: (312) 286-9482 Main: (630) 474-5312
Cell: www.OneChicagoRealty.com
(312) 286-9482 Main: (312) 971-7777
AERIAL VIEW MAP
W Kinzie St
N LaSalle Blvd
Subject Property
N Wells St
956 W Webster
W Kinzie St
AERIAL VIEW MAP
N Clark St
N Dearborn St
956 W Webster
PLAT OF SURVEY
FLOOR PLAN
FLOOR PLAN
SUMMARY
Property Description
One Chicago Commercial has been engaged to market 112 W Kinzie St. This 5-story mixeduse property is situated in the highly desirable River North neighborhood. Located on Kinzie
St between N Clark St and N LaSalle Blvd. It sits in a desirable location, and is in good
condition but has a Value-Add component which can be done to further increase your
investment value.
Specifics
Zoning:
Total Units:
Unit Mix (projected):
Building Size:
Land Square Footage:
Lot Size:
DX-7
5
1 Restaurant
3 offices
1 Residential Rental
20,565 SF
4,113 SF
20 X 100 ft = 4,000 SF
Additional Property Benefits/Considerations
•
•
•
•
•
•
Rare Opportunity to invest in the heart of River North
Walking distance to Downtown Loop
Value-Add Component
5 min walk to all CTA Lines at Merchandise Mart
Close to shopping, restaurants and entertainment
Near I-90 Expressway and I-290
Asking Price:
SUMMARY (cont’d)
Neighborhood Overview
112 W Kinzie St is located in the bustling River North Neighborhood.
Just across the Chicago River from the Loop, River North is an urban
neighborhood where you'll find a well-established center for the art
community brimming with galleries, production companies,
photography studios and interior design businesses, as well as some
of Chicago's most famous architecture.
A newer addition to the neighborhood, the Trump Hotel & Tower
serves as a culinary site as well as the home to some of the most
gorgeous condos in the city. In addition to it’s outstanding
architecture, River North offers some of the best restaurant cuisine
offered in Chicago.
DEMOGRAPHIC & INCOME PROFILE
DEMOGRAPHIC SUMMARY
INCOME
112 W Kinzie St, Chicago, Illinois, 60654 (Ring of 0.25 miles)
Rings: 0.25 mile radii
$89,658
$89,076
$53,173
Median Household
Income
Per Capita Income
Median Net Worth
KEY FACTS
200000+
7,504
Population
33.5
150000-199999
Median Age
100000-149999
5,032
$67,708
Households
Median Disposable Income
EDUCATION
75000-99999
50000-74999
EMPLOYMENT
35000-49999
89%
25000-34999
1%
White Collar
15000-24999
8%
No High
School
Diploma
Some College
3%
88%
0
Bachelor's/Grad/Prof
Degree
High School
Graduate
3%
4.2%
Blue Collar
0-14999
200
400
600
800
Unemployment
Rate
Services
HOUSEHOLD INCOME
DEMOGRAPHIC SUMMARY
8%
1,000
INCOME
112 W Kinzie St, Chicago, Illinois, 60654 (Ring of 0.5 miles)
Rings: 0.5 mile radii
$96,222
$94,081
$60,327
Median Household
Income
Per Capita Income
Median Net Worth
KEY FACTS
200000+
27,825
Population
33.7
150000-199999
Median Age
100000-149999
18,420
$72,194
Households
Median Disposable Income
EDUCATION
75000-99999
50000-74999
EMPLOYMENT
35000-49999
90%
25000-34999
0%
White Collar
15000-24999
No High
School
Diploma
8%
3%
High School
Graduate
Some College
88%
Bachelor's/Grad/Prof
Degree
3%
3.4%
Blue Collar
0-14999
0
1,000
2,000
HOUSEHOLD INCOME
3,000
7%
4,000
Services
Unemployment
Rate
DEMOGRAPHIC & INCOME PROFILE
Demographic and Income Profile
112 W Kinzie St, Chicago, Illinois, 60654
Ring: 0.25 mile radius
Summary
Prepared by Esri
Latitude: 41.88922
Longitude: -87.63176
Census 2010
2018
2023
Population
4,920
7,504
8,756
Households
3,374
5,032
5,856
737
1,066
1,239
Families
Average Household Size
1.39
1.45
1.46
Owner Occupied Housing Units
1,286
1,421
1,541
Renter Occupied Housing Units
2,088
3,611
4,316
31.6
33.5
34.6
Area
State
National
Population
Households
3.13%
3.08%
0.10%
0.12%
0.83%
0.79%
Families
Owner HHs
3.05%
1.63%
0.01%
0.37%
0.71%
1.16%
Median Household Income
3.50%
Median Age
Trends: 2018 - 2023 Annual Rate
1.96%
2.50%
2018
Households by Income
2023
Number
Percent
Number
Percent
<$15,000
429
8.5%
395
6.7%
$15,000 - $24,999
213
4.2%
192
3.3%
$25,000 - $34,999
157
3.1%
145
2.5%
$35,000 - $49,999
386
7.7%
365
6.2%
$50,000 - $74,999
927
18.4%
930
15.9%
$75,000 - $99,999
623
12.4%
706
12.1%
$100,000 - $149,999
788
15.7%
1,060
18.1%
$150,000 - $199,999
510
10.1%
699
11.9%
$200,000+
999
19.9%
1,364
23.3%
Median Household Income
Average Household Income
Per Capita Income
$89,658
$134,029
$89,076
Census 2010
Population by Age
$106,508
$154,879
$102,582
2018
2023
Number
Percent
Number
Percent
Number
0-4
127
2.6%
198
2.6%
246
2.8%
5-9
39
0.8%
126
1.7%
168
1.9%
10 - 14
27
0.5%
74
1.0%
112
1.3%
15 - 19
145
2.9%
192
2.6%
203
2.3%
20 - 24
610
12.4%
587
7.8%
613
7.0%
25 - 34
2,014
41.0%
3,000
40.0%
3,164
36.1%
35 - 44
724
14.7%
1,271
16.9%
1,798
20.5%
45 - 54
519
10.6%
748
10.0%
864
9.9%
55 - 64
449
9.1%
695
9.3%
729
8.3%
65 - 74
175
3.6%
416
5.5%
572
6.5%
75 - 84
74
1.5%
145
1.9%
219
2.5%
15
0.3%
52
0.7%
68
0.8%
Number
Percent
Number
Percent
Number
Percent
White Alone
3,660
74.4%
5,239
69.8%
5,891
67.3%
Black Alone
242
4.9%
340
4.5%
355
4.1%
11
0.2%
13
0.2%
14
0.2%
737
15.0%
1,386
18.5%
1,821
20.8%
85+
Census 2010
Race and Ethnicity
American Indian Alone
Asian Alone
Pacific Islander Alone
2018
Percent
2023
0
0.0%
1
0.0%
1
0.0%
Some Other Race Alone
148
3.0%
296
3.9%
385
4.4%
Two or More Races
121
2.5%
230
3.1%
289
3.3%
Hispanic Origin (Any Race)
362
7.4%
703
9.4%
928
10.6%
Data Note: Income is expressed in current dollars.
Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2018 and 2023.
September 18, 2018
©2018 Esri
Page 1 of 6
DEMOGRAPHIC & INCOME PROFILE
KEY FACTS
7,504
EDUCATION
33.5
Population
1%
Median Age
1.4
$89,658
Average
Household Size
Median Household
Income
No High
School
Diploma
8%
Some College
3%
BUSINESS
88%
Bachelor's/Grad/Prof
Degree
High School
Graduate
EMPLOYMENT
89%
White Collar
3%
2,335
49,072
Total Businesses
Total Employees
4.2%
Blue Collar
8%
Unemployment
Rate
Services
Households By Income
INCOME
The largest group: $200,000+ (19.9%)
The smallest group: $25,000 - $34,999 (3.1%)
Indicator
$89,658
$89,076
$53,173
Median Household
Income
Per Capita Income
Median Net Worth
Value
Difference
<$15,000
8.5%
-4.0%
$15,000 - $24,999
4.2%
-5.1%
$25,000 - $34,999
3.1%
-5.4%
$35,000 - $49,999
7.7%
-4.2%
$50,000 - $74,999
18.4%
+2.0%
$75,000 - $99,999
12.4%
+0.3%
$100,000 - $149,999
15.7%
+0.9%
$150,000 - $199,999
10.1%
+3.5%
$200,000+
19.9%
+12.0%
Bars show deviation from
Cook County
DEMOGRAPHIC & INCOME PROFILE
PRO FORMA (Projected)
Purchase Price
Construction Cost
Total Price/Unit
Unit
1
2
3
4
5
$1,500,000
Unit
Type
Retail ($70/SF)
Office
Office
Office
Residential
TOTALS
CAP RATE
GRM
Monthly
Rent
$21,875
$7,000
$7,000
$7,000
$6,000
$48,875
Annual
Rent
$262,500
$25,200
$30,000
$25,200
$30,000
$372,900
OPERATING STATEMENT
INCOME
Unit
Monthly
Annual
% Income
Gross Rental Income
Less: Vacancy
EFFECTIVE GROSS INCOME
$48,875
$0
$48,875
$372,900
$0
$372,900
100.00%
0.00%
100.00%
OPERATING EXPENSES
Repairs & Maintenance
Insurance
Management (5% of EGI)
Utilities
Taxes
$416.67
$166.67
$1,553.75
$83.33
$7,500.00
$5,000.00
$2,000.00
$18,645.00
$1,000.00
$90,000.00
1.34%
0.54%
5.00%
0.27%
24.14%
$9,720.42
$39,155
$116,645.00
$256,255
-
31.28%
68.72%
TOTAL OPERATING EXPENSES
NET OPERATING INCOME
CAP RATE
Projected
-
RESIDENTIAL RENTAL DATA
BUILDING SALES DATA
PROPERTY TAXES
Dual Agency Agreement
112 W Kinzie St Chicago, IL 60654
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