3824 N Clark Street (10,430 SF) in Chicago, IL - Closed April 2018
We are pleased to announce that a Nordic affiliate closed on the sale of a mixed-use property in Chicago, IL in April. The property consists of two multifamily units, both three-bedroom and two-bathroom layouts, and a 1,600-square-foot fully-leased retail space. Situated just north of Wrigley Field and the burgeoning Wrigleyville retail & entertainment district, 3824 N Clark features two fully-rennovated three-bedroom and two-bathroom multifamily units and a fully-leased 1,600-square-foot retail space. The property also benefits from billboard signage, storage and parking income, providing multiple revenue streams.
Project Overview
Property was a mixed-use residential/retail building that Nordic purchased empty and in poor condition, in 2015. We executed a full rehab, and leased 100% of the building within twelve months, including a master lease to an international vacation rental firm for the two residential units and optimized management of a four-car parking lot in the rear for Cubs game days. Upon sale, investors realized a 64% return on their equity after two years and nine months.
Key Financials
Net operating income increased more than 3x from $30K/year to $92K/year, Increased gross revenue by 130% from $56,000 to $130,000.
Sale in April 2018 for approximately $1,375,000 resulted in a gross 25% levered project IRR and a net 21% IRR and 1.64x equity multiple to investors.