Parkview Residences is a mixed-use apartment building located in the heart of the Edgewater neighborhood of Chicago’s north side. The property consists of fifty-two (52) apartment units, twenty-six thousand seven hundred (26,700) square feet of commercial space, and a twenty-five (25) car parking garage.
Parkview Residences was originally Maybelline’s corporate headquarters. Common areas in the property have recently been updated, including all hallways and lobby entrances. The units are in good condition and are fully occupied at the time this offering was created. Parkview Residences also has a new management office, extensive camera surveillance, repaired façade, new boiler.
The two (2) commercial tenants (comprising 21,600 of the commercial square footage) have been at their current locations for an extensive period of time (more than 20 years each) and have recently executed new leases with scheduled rent increases as per the proforma in this offering. The additional five thousand (5,000) square feet of commercial space (formerly storage space of one of the existing commercial tenants) was recently recaptured by ownership and is currently being finished as vanilla box commercial space on the Ridge Avenue side of the building. It is underwritten in the proforma less than $10 per square foot gross. This corridor of Ridge is a heavily trafficked gateway to and from downtown via Lakeshore Drive.
Parkview Residences offers the investor a stabilized asset with little-to-no deferred maintenance in a high-traffic area of Edgewater.