Kiser Group has been retained by RANY Management to list 87 condo units and 19 deeded parking spaces at 4180 N. Marine Drive in Chicago, also known as Polo Tower. The bulk sale was put on the market on Dec. 3.
4180 N. Marine Drive, a 16-story mid-rise consisting of 189 units total, is listed at $10.25 million and is situated on the lakefront in the Buena Park neighborhood.
“This is a great opportunity for an investor looking for a strong opportunity in a great location,” said Matt Jones, managing director of Kiser Group, who is marketing the property.
According to Jones, occupancy rates at multifamily properties in the area currently remain high and lifestyle trends still support renting over buying. “The current positive environment for rental along with the potential upside in this asset make it a very attractive investor buy.”
Jones said the 87 units and 19 parking spaces are currently 100 percent leased.
“The opportunity is in improving the current cash flow by pushing rents to demonstrable market levels, with the flexibility to sell individual units as the condo market warrants doing so,” he said.
The unit mix consists of three studios; 77 one-bedroom, one-bath units; three two-bedroom, one-bath units; one two-bedroom, two-bath unit; and two three-bedroom, two-bath units.
The building includes a fitness center, rooftop deck with views of Lake Michigan and downtown, laundry room, on-site engineer, underground parking garage and an on-site property manager.
Recent building improvements include extensive facade work, an electronic key fob system for the entire building and more than $100,000 in common area painting and carpeting.
4180 N. Marine Drive is located directly on numerous bus routes and within walking distance from the Sheridan stop on the Red Line CTA.