Property Description

This place has the history and the "wow" factor that make it worth adding to (or starting) your portfolio. Gorgeous & unique unit. Great lighting with a skylight and windows on all 4 sides--so it photographs well! Annual revenue listed conservatively at $48k, which does NOT include the fees we collect to pay cleaning people--that number is just from the nightly rate that we collect. The cleaning fees collected from guests generally cover cost of paying cleaning people and it nets out to zero. I am NOT interested in leasing to you, just selling. I am also NOT interested in formally listing with a realtor before Jan 20, 2022. UNIT DETAILS: 2 floors. 1200 sq ft. 1.5 bathrooms. Vaulted ceilings (2-story ceiling in living room). 2-story exposed brick wall in living room. 2 outdoor decks. Coach House. Unit does not come with parking. Permit-free street parking is available on the East side of Noble Street as well as all of Crystal Street. AirBnB LISTING: https://www.airbnb.com/rooms/7482058?preview for ml=true HOA: 5 units, 3 units in front building, two 2-story units in coach house. Unit D is top 2 floors of coach house. HOA fees are $199.50/mo for Unit D. HOA fees cover water, trash, recycling & building insurance. HOA knows about Apt D being a short term vacation rental and is on board with that. I am the current President of HOA. HOA has a balance of $12,477.17 as of Nov 24, 2021. In 2020, decks were reinforced, metals steps were repaired & gutters were repaired. All current owners are up to date on dues and are actively involved at HOA meetings. When I sell, the HOA will elect a new president—you won’t automatically become president! LOCATION: 7 minute walk to Division Blue Line stop. 1 block from 90/94 highway. 1 block from Pulaski Park. 1 mile from 606 elevated walking/bike path. Many restaurants and shops within walking distance. WHAT DOES THE SALE PRICE INCLUDE? Sale price includes the unit itself as well as all the furnishings, art (minus select few sentimental items), kitchen supplies, etc. You are also welcome to be added to the listing as a co-host (and made primary host) to keep operating the unit using existing reviews and photos. I also have another set of professional photos I will give you. I have a property manager in place if you’d like to continue working with him. I will add you to the listing as a co-host & update the host contact info to only yours and change the photo to yours. IS THERE SELLER FINANCING? No, I am looking to cash out. I am selling because I live in Puerto Rico now and am looking to exit real estate to get more into crypto investing. UPGRADES: I redid the upstairs bathroom and installed hardwood on the upper stairs as well as the entire upstairs level in Feb 2017. The furnace was also replaced at the end of 2020. Closet organizers were installed end of 2019. AirBnB HISTORY: The unit has been an AirBnB since October 2015. In Dec 2018, it was featured by the Chicago Tribune as one of the top 5 (of about 7,000) most wishlisted units in Chicago. There is currently a management company (Spotlessly) in place. The unit currently has SuperHost status. Current nightly rates are as high as pre-COVID. Typically, January and February are losing months in terms of profit, but we already have a longer term renter in place for Jan and Feb 2022 and the loss will be limited to few hundred dollars a month for those two months. March and April are usually about break-even. May - December are typically quite profitable months, with October being the top month historically (Chicago Marathon helps). In the past, when I ran the unit year-round as a short-term vacation rental and it was listed just on AirBnB, the revenue was about $48-54k/year as you can see in the 2017-2019 financial payouts below. It is now listed on VRBO and Booking.com as well and that is helping with nightly rate and occupancy. Variations in the revenue from year to year are typically due to competition (number of total units listed in Chicago). COVID IMPACT: The unit was taken off AirBnB in March 2020 and had a 3-month renter in place April - June 2020. In July 2020, I (seller) moved in there myself through end of March 2021. April 2, 2021, the unit went back on AirBnB with a long-term guest through early September. Because of the longer-term renters and the 9 months where I lived there, the short-term rental revenue is lower for those years. SEE GDOC FOR AIRBNB SCREENSHOTS OF REVENUE HISTORY --> https://docs.google.com/document/d/1q5rb33NvXVZqwZT5h-zC v8Vm5vw1Zrv OHolu-G4IQ/edit?usp=sharing (Sorry, can't figure out how to save them as photos!) INTERESTED IN MAKING AN OFFER? This place tends to generate buzz, so reach out to me now if you're interested or have any questions. I will also add that because it is so unique, finding accurate comps is tough and therefore appraisal can be difficult. In short, cash offers are highly valued. With no mortgage, you should be profiting $30k+/yr which is 8.8% CAP rate on your initial investment--and that's with a property manager in place. Without the property manager, you're at $37k profit and 10.6% CAP rate.