Kiser Group Principal Managing Broker Lee Kiser recently closed on a $3.15 million affordable housing transaction in Chicago’s Belmont-Cragin neighborhood. The property at 3216 N. Cicero Ave, The Elinor, is one of the only SRO buildings remaining in the neighborhood.
SRO properties allow low-income families the opportunity to rent single room occupancy housing. Lee Kiser provides details about the SRO policies in Chicago. “The Elinor Hotel is being sold subject to the City of Chicago SRO Preservation Ordinance, which preserves the operation of the property as a SRO for 15 years and limits the rent that can be charged for the units,” he said. “The city is assisting the buyer with rent subsidies and financing, making the investment very appealing to the buyer.”
The property provides two types of housing for residents. The Elinor houses 68 private units with an en-suite bathroom, and 16 semi-private units providing residents with a private sleeping room and shared bathroom. The property also features two one-bedroom apartments. Monthly and weekly room rates at The Elinor allow for available housing for low-income segments of Chicago.
Chicago’s Belmont-Cragin area is a stable neighborhood a few blocks west of Logan Square. “The neighborhood consists of mostly NOAH (naturally occurring affordable housing) properties. Although situated close to Logan Square, Belmont-Cragin is not yet experiencing the same level of development or rent increase,” said Kiser.
