Super Profitable! One of Top 5 Most Wishlisted Units in Chicago!

$350,000
1
1
1,300
sq. ft.
$269
per sq ft
Heated sq ft: 1,175 sq ft
Avg Nightly Rate: $138
Home Legally Sleeps: 5
Occupancy Rate: 49 weeks
Annual Gross Income : 48000
Annual Net Operating Income : 17500
Property Type: Condo (high rise or low rise)
Ownership Type: Full (100%)
Seasoned Short Term Rental: Yes
Furnishings Included: Yes
For Sale By: Owner
Seller Financing: No
Niche: City Life
New Construction: Inquire
Days on Vrolio: 36

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.

Presented by:
Owner:
heather shannon
Seller Financing
No
Distress Sale
None
Seller Financing Terms
Seasonal Nightly Rates
High: 200
Low: 90
Peak: 400
Special Event: 0
Avarage: 138.00
Furniture Age
5
Est Value of Furnishings
$15,000
Peak & High Seasons
June, July, August, September, October
Ownership Percentage
Full (100%)
Qualifies for foreign national visa
Not sure
Reason for Selling
I moved to Puerto Rico in March 2021 and don't wish to be in Chicago real estate anymore. I am selling to invest in cryptocurrency instead.
Foreign national buyer restrictions from government?
Not sure
Gross Annual Income
48000
Net Operating Income
17500
Stories
2
Additional Indoor Rooms
Living Room
Appliances
Dishwasher, Dryer, Full stove, Gas appliances, Microwave, Oven, Refrigerator, Washer
Heating/Cooling
Central A/C (gas or electric), Central Heat (gas or electric)
Floor Coverings
Real Hardwood
Security
No
Security Description
Half Baths
1
Master Suite(s)
Inquire
Energy Efficiency
Energy Star appliances, Programmable thermostat
Year built
2002
Outdoor Features
Deck, Walk Out Balcony
View
City
Backyard Exposure
North
Lot Size
Extra deep lot with a front building and coach house. This unit is in the coach house.
Community Features
Tax Amount/Year
$7,200
CDD Amount
Inquire
Neighborhood
Inquire
Deed Restricted Community
Yes
Interview Required
No
Neighborhood Amenities
Mandatory HOA
Inquire
Home Legally Sleeps:
5
Onsite Parking
No parking is included with this unit. However, there is street parking available that does not require a permit. Free street parking is available within 1 block of the unit on Crystal Street or the East side of Noble Street.
Neighborhood Association STR Rules
HOA allows STR
Municipality STR Rules
Yes, This unit has been operating since 2015 and already has approval from the city and is registered and meets all requirements. You are required to keep the unit registered with the City of Chicago and to continue to follow any restrictions or rules they put in place. You are also responsible for noise violations ($100 fee to the HOA) for AirBnB guests, which maybe happens twice a year.
Transferrable Permit or License
Yes, Municipality Issuing New Permits
Rental Tax Info
Inquire
Minimum Nightly Rental
No Minimum
Rental Length Requirement
No Restriction
Has Rental History
Yes
Established Rental History
5 Years
Occupancy Rate
49
Being Sold with Bookings
Inquire
Caretaker Info
InquireCaretaker cannot stay and oversee the property
Bookings Placed By
Manager
Managed By
Manager
Management Bookings Percentage
$13.00
Caretaker Bookings Percentage
Inquire
Paid Booking History
Yes
Future Booking Calendar
Management Fees
Inquire
Caretaker Fees
Inquire
Sold with Marketing Collateral
No
Manager Cancellation Policy
Strict Cancel Policy on AirBnB
 
  •  
Credit Card Fee
Inquire
Cleaning Fee
$120.00
Licesnes & Permits (Annual)
$250.00
Advertising & Tech Costs (Annual)
Inquire
Yard & Pest Control (Annual)
Inquire
Pool & Spa Maintinence (Annual)
Inquire
Electricity (Annual)
$2,000.00
Water/Sewer (Annual)
Inquire
Cable/Interbet (Annual)
$750.00
Accounting Fee (Annual)
Inquire
Property Taxes (Annual)
$7,200.00
Homeowner's Insurance (Annual)
Inquire
Short Term Rental Insurance Rider (Annual)
$100.00
CDD Fee (Annual)
Inquire
Annual Homeowner's Association Dues
$2,400.00
Additional Membership Fees (Annual)
Inquire
Acquisition
Purchase price
Closing costs
Home Inspection
Furniture & Interiors Package
Rehab Work Estimates
Other
Total Capital Investment

RECALCULATE
Income
Average Nightly Rent

Weekly Rent

Potential Annual Rent

Weeks Rented (of 52)

Additional Net Revenue Streams

Effective Gross Revenue

Effective Gross Rent

RECALCULATE
Variable Expenses (Annual)
Management Rental Commission (%)

Management Rental Commission Annually ($)

Credit Card Fee (%)

Credit Card Fee Annually ($)

Cleaning Fee ($ per rented wk)

Cleaning Fees Annually

Booking Site Service Fees (%)

Booking Site Service Fees ($)

Management Fee ($ per mo)

Management Fee Annually

Additional Nightly Insurance Policy ($ per night)

Additional Nightly Insurance Policy Annually

Sales, Bed, Resort, Tourist Tax (%)

Sales, Bed, Resort, Tourist Tax Annually ($)

RECALCULATE
Fixed Expenses (Annual)
Annual Permits/Licences

Advertising & Tech Costs

Yard and Pest Control

Pool Maintenance

Electricity

Water/Sewer

Cable/Internet

Accounting

Property Taxes

Homeowner's Insurance

Short Term Rental Insurance Rider

CDD fee

Annual Homeowners Association Dues

Additional Membership Fees

Maintenance Reserves/Supplies

Other

Fixed & Variable Expenses

RECALCULATE
Loan
Down Payment (%)

Down Payment (Capital Investment)

Loan Amount

Interest Rate

Amortization (Loan Years)

Monthly Payment

Annual Debt Service

RECALCULATE
Returns
Average Monthly Cash Flow

Annual Cash Flow

Cash-on-Cash Return

Annual Occupancy to Break Even

Break-Even Occupancy (Weeks)

Net Operating Income (NOI)

Cap Rate (ROI)

RECALCULATE

User understands this calculator is deemed reliable but not guaranteed. Vrolio makes absolutely no guarantees on returns or income. User should do their own due diligence and verify all data before making a purchasing decision. User understands that this is an educational tool only. We therefore accept no liability arising from any reliance made by any user or person to whom this information is made available to. Please use this tool at your own discretion and use caution always before buying any real estate investment.

LOCATION MAP VIEW

Data provided by property owner

The information featured here is supplied by third party resources. In some cases the owner directly will supply the data and in other cases third party listing sources. While we do everything in our power to ensure the information is as accurate as possible but we can in no capacity, guarantee the information sourced here is 100% accurate. All users should do their own due diligence and further research before engaging in a property purchase based on the data and information provided here. It is deemed reliable but not guaranteed. In many cases the information may not be verified further than the source that provided it to us. This includes all data and information shown about the properties, locations, regulations and any other details found here. Vrolio does not own, manage and is not in any way associated with in a real estate transaction capacity any of the properties shown here. Images are subject to copyright from owner and photographer. We do not own any of the images provided here. We therefore accept no liability arising from any reliance made by any reader or person to whom this information is made available to. You must perform your own research and seek independent professional advice before making any decision to purchase or invest in a property.