Kiser Institutional Group, Chicago’s leading commercial real estate brokerage firm specializing in institutional multifamily properties throughout the Midwest, announces a new listing – the 223-unit Sheridan-Edgewater Apartments located at 5200 N. Sheridan Road in Chicago’s Edgewater neighborhood.
Originally built in the 1920s to serve as a luxury hotel, 5200 N. Sheridan Road offers a mix of efficiencies, studios, one- and two-bedroom apartments. The first floor contains approximately 25,000 square feet of retail which has been strategically vacated so that new ownership can re-use the space for parking, amenities, or new specialty commercial tenancy. The building is being marketed without a price.
“An investor can significantly increase his or her presence in a stable rental market by purchasing this one building,” said Susan Tjarksen, principal, managing broker of KIG. We are seeing increased interest in the Chicago neighborhoods by national institutional investors and Edgewater is certainly one of those neighborhoods. This asset will fit perfectly into an institutional portfolio.”
Residential units range from 300-square-foot studios to 1,350-square-foot two-bedroom apartments. Each apartment has hardwood floors and modern appliances. Amenities include laundry facilities and a workout room.
“There is a lot of upside for the buyer of this property,” said Todd Stofflet, managing partner of KIG, the listing agent. ““With studio and one-bedroom units making up 98 percent of the overall unit mix, the building meets the rental demand of students from nearby Loyola University to young professionals working downtown. The building can also be repositioned to attract a more sophisticated tenancy and the abundance of first-floor space provides enormous opportunity in the form of highly visible amenity space, management office suite and/or future retail.”
Capital improvements made within the last six years include: roof replacement, 8th floor window replacement, tuck-pointing and reconstruction of the façade.
“The new ownership could also enhance the property with roof-top decks,” Stofflet said. “The views of parks and Lake Michigan are incredible, and either of the expansive rooftops of the mid-level roof decks could be adapted for common area usage as an outdoor amenity.”
The location is also convenient. Situated at the intersection of Foster Avenue and Sheridan Road, a CTA Express bus service to downtown is at the building’s doorstep, and there is a CTA Rapid Transit line within two blocks. A doorman provides 24-hour service and security.
