Multifamily HUD
Mcgill Terrace Apartments
821 E 49th St, Chicago, IL 60615
Listing Price: $5,950,000
Investment Overview
THE PROJECT: The McGill Terrace (“McGill”) development entailed the 2020 substantial rehabilitation of a vintage courtyard building. The building is comprised of 48 studio, one-, two- and three-bedroom rental apartments located at 821 – 29 East 49th Street, Chicago, IL. The development is near the west boundary of Chicago’s Hyde Park neighborhood near the University of Chicago, Washington Park, the University of Chicago Hospitals, the proposed Obama Presidential Library, and other important community assets. McGill is convenient to major expressways (Dan Ryan, Lake Shore Drive), as well as mass transit systems.
Tenant rents at McGill are subsidized by a project-based Sect 8 HAP (RADD 2 conversion) contract that extended McGill’s rent subsidies until 2038. The project serves the affordable housing needs of low-income large families, Seniors, and disabled persons.
WORK SCOPE, GREEN INITIATIVES: The property has undergone substantial rehabilitation. Said renovations included: new roof(s) installations (100 percent), new roof rafter insulation, extensive exterior masonry repairs, lintel replacements, new insulated glass window replacements (100 percent), new plank flooring, new Energy Star appliances, public area upgrades and new landscaping. All kitchens and baths have new ceramic tile walls and VCT flooring. All individual (unit) gas furnaces (48) and domestic water heaters have been replaced.
Mcgill Terrace Apartments
Investment Highlights
- HAP Contract: Secure, turnkey investment with 80% of rental income subsidized by HUD's Section 8 program. The current contract provides long-term operational stability through its expiration in 2038.
- Ideally situated in Chicago's Hyde Park-Kenwood area, offering residents a vibrant urban lifestyle with immediate access to Lake Michigan, public transit, and premier shopping and dining.
- McGill's 48 units consist of studios, one-bedroom, two-bedroom, and three-bedroom apartments and cater to a diverse tenant base
- Ideal Unit Mix: Recent Capital Improvements: Following extensive renovations in 2022 and 2023, the property features a new roof, updated mechanical systems, and modernized interiors. There is little to no deferred maintenance, reducing immediate CapEx requirements.
- Upside In Rents: There remains potential for rent increases due to market demand and the desirable location. By maintaining efficient leasing and property management strategies, investors can capture this upside in rental income, subject to HUD conditions and approvals
Exclusively Listed By
Financing By
Listing Price: $5,950,000
Investment Highlights
- HAP Contract: Secure, turnkey investment with 80% of rental income subsidized by HUD's Section 8 program. The current contract provides long-term operational stability through its expiration in 2038.
- Ideally situated in Chicago's Hyde Park-Kenwood area, offering residents a vibrant urban lifestyle with immediate access to Lake Michigan, public transit, and premier shopping and dining.
- McGill's 48 units consist of studios, one-bedroom, two-bedroom, and three-bedroom apartments and cater to a diverse tenant base
- Ideal Unit Mix: Recent Capital Improvements: Following extensive renovations in 2022 and 2023, the property features a new roof, updated mechanical systems, and modernized interiors. There is little to no deferred maintenance, reducing immediate CapEx requirements.
- Upside In Rents: There remains potential for rent increases due to market demand and the desirable location. By maintaining efficient leasing and property management strategies, investors can capture this upside in rental income, subject to HUD conditions and approvals
Investment Overview
THE PROJECT: The McGill Terrace (“McGill”) development entailed the 2020 substantial rehabilitation of a vintage courtyard building. The building is comprised of 48 studio, one-, two- and three-bedroom rental apartments located at 821 – 29 East 49th Street, Chicago, IL. The development is near the west boundary of Chicago’s Hyde Park neighborhood near the University of Chicago, Washington Park, the University of Chicago Hospitals, the proposed Obama Presidential Library, and other important community assets. McGill is convenient to major expressways (Dan Ryan, Lake Shore Drive), as well as mass transit systems. Tenant rents at McGill are subsidized by a project-based Sect 8 HAP (RADD 2 conversion) contract that extended McGill’s rent subsidies until 2038. The project serves the affordable housing needs of low-income large families, Seniors, and disabled persons. WORK SCOPE, GREEN INITIATIVES: The property has undergone substantial rehabilitation. Said renovations included: new roof(s) installations (100 percent), new roof rafter insulation, extensive exterior masonry repairs, lintel replacements, new insulated glass window replacements (100 percent), new plank flooring, new Energy Star appliances, public area upgrades and new landscaping. All kitchens and baths have new ceramic tile walls and VCT flooring. All individual (unit) gas furnaces (48) and domestic water heaters have been replaced.
Exclusively Listed By
Financing By
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