By Carolina Gonzalez, Crain’s Chicago Business
The Collection on Eastlake Terrace includes 181 units along three blocks east of Sheridan Road. The portfolio, which took more than two decades to assemble, is listed without an asking price.
“The unit mix is one of the key investment factors because you can attract a variety of tenant profiles,” said listing agent Lee Kiser, principal and managing broker of Chicago-based Kiser Group.
The portfolio was assembled over more than two decades by Michael Kathrein, according to Cook County Recorder of Deeds records. Victoria Kathrein, his widow and manager of current owner Lee Street Management, is selling the properties. She declined to comment on the sale.
Kiser has an idea of how much the portfolio could be worth, based on other buildings in the area.
“We have seen buildings in the neighborhood in similar conditions in Rogers Park trade anywhere between $150,000 to $180,000 per unit,” Kiser said. “So, in other words, we anticipate it can trade between $28 million (and) $32.5 million.”
Kiser said while the sellers are open to offers for individual buildings, they expect enough interest—from local, out-of-state and international investors—for the whole portfolio and expect the buildings to be sold together as a bundle.
“But the market will determine this,” Kiser said.
- 7737 N. Eastlake Terrace: 10 one- and two-bedroom units; rents range from $900 to $1,380.
- 7736-42 N. Eastlake Terrace: 24 studio and one-bedroom units; rents range from $780 to $990.
- 7642-48 N. Eastlake Terrace: 16 one- and two-bedroom units; rents range from $1,105 to $1,480.
- 7630-38 N. Eastlake Terrace: 21 one- and two-bedroom units; rents range from $860 to $1,280.
- 7618-26 N. Eastlake Terrace: 32 one- and two-bedroom units; rents range from $830 to $1,300.
- 7606 N. Eastlake Terrace: 12 one-bedroom units; rents range from $725 to $880.
- 7516-18 N. Eastlake Terrace: 8 studio, one- and three-bedroom units; rents range from $800 to $2,035.
- 7510-14 N. Eastlake Terrace: 17 studio, one- and two-bedroom units; rents range from $650 to $1,540.
- 1304 W. Birchwood Ave.: 4 three- and four-bedroom units; rents range from $1,920 to $2,500.
- 1310-20 W. Birchwood Ave.: 22 one- and two-bedroom units; rents range from $960 to $1,280.
- 1310-18 Howard St.: 15 one- and two-bedroom units; rents range from $1,030 to $1,680.