Kiser Group director, Andy Friedman and Jake Parker have listed a condominium deconversion opportunity in the Lakeview neighborhood of Chicago at 3033 N Sheridan. The property is listed subject to offer.
3033 N Sheridan was built in 1968 and converted to condominiums in 2008. A secondary renovation in 2015 included updates to a third of the units. A major facade restoration was just completed and a major garage renovation is soon to be complete. The building boasts a desirable unit mix, ample parking, a rooftop deck, and space for additional amenities.
“Highly sought after North Side neighborhoods like Lakeview do not see buildings of this size on the market often, creating increased demand from investors,” said Friedman. “3033 N Sheridan presents investors two different options. The property is in turnkey condition and an owner can generate substantial NOI purely through transitioning from condominiums to apartments. Conversely, updating unit finishes, adding bedrooms and dens to select tiers, and adding amenities would generate even higher NOI”
“Rent growth on the North Side of the city has continued to be quite strong, especially for the types of units at 3033 N Sheridan,” said Parker. “Over the past 12 months, we have seen a strong demand for units with updated finishes, in-unit laundry, outdoor space and larger layouts; all of which exist at 3033 N Sheridan. With the combination of the attributes of the building, size of the asset and the strong rent growth in Lakeview, we believe there will be a high interest level from investors for the property.”
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