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Acme Capital

Pipeline/Lakeview Commons

Lakeview Commons

Demo
Chicago, ILMapMultifamilyvia Marcus Chen – JLLNew

Overview

Demo data
72-unit workforce housing complex in Chicago, IL. 97% occupied. Long-term tenants, stable cash flow. Below-market rents with upside on turnover.

Risks

Demo data
- Chicago market regulatory environment - Property taxes have increased 18% over last 3 years - Older building — 1987 construction

Notes

Demo data
Just received from Marcus Chen. Early look — need to review financials in detail.

Financial Snapshot

Demo data

Purchase Price

$9,800,000

NOI

$539,000

Cap Rate

5.50%

Debt Rate

6.75%

LTV

65.00%

Projected IRR

12.80%

Steady cash flow with rent upside on turnover. Conservative 2.5% annual growth.

Underwriting Score

Demo data59/100

59

out of 100

8 of 8 criteria scored

Location Grade

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Established Chicago submarket, but property tax increases and the local regulatory environment are meaningful headwinds.

Tenant Quality

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Long-term workforce housing tenants driving stable 97% occupancy; low turnover supports predictable cash flow.

Lease Term Remaining

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Short-term residential leases are standard; rent growth is constrained by the workforce housing positioning.

Debt Coverage Ratio

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At current below-market rents, DSCR is adequate but near-term debt service coverage leaves limited buffer.

Cap Rate vs Threshold

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5.5% going-in cap is slightly below our standard threshold given Chicago regulatory and tax risks.

Market Demand

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Chicago multifamily demand is stable but rent growth has lagged Sunbelt markets meaningfully over the past three years.

Physical Condition

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1987 construction with aging mechanical systems; adequate reserves for capital expenditures will be essential.

Exit Strategy Clarity

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Rent upside on turnover is the primary strategy; achievable but low-return with limited exit cap compression.

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Contacts

Demo data
Marcus ChenbrokerSource

JLL

Decision Log

Demo data
Deal Createdabout 1 month ago

by Alex Rivera

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