Cobbler Square Lofts_Property for Sale
Cobbler Square Lofts_Property for Sale
1350 North Wells Street, Chicago, IL, 60610, US

Cobbler Square Lofts

Asset Description

Jones Lang LaSalle Americas (Illinois), L.P. (“JLL”) is delighted to introduce Cobbler Square Lofts, a 292-unit apartment community situated in Old Town, the highly sought-after and #4 ranked neighborhood in Chicago (Niche.com 2024). Originally built in 1889, this historic property once operated as the Dr. Scholl’s shoe factory and headquarters before being converted to a residential property. Today, Cobbler Square Lofts combines the charm of the former shoemaking factory with modern amenities, including on-site retail, offering residents a truly one-of-a-kind living experience.


Situated on a full city block in Old Town and just off of bustling Wells Street, Cobbler Square Lofts boasts an exceptional 99 Walk Score, providing residents easy access to the city’s best attractions, including restaurants, entertainment venues, North Avenue Beach, and Lincoln Park. Housed in a beautifully restored vintage building, Cobbler Square Lofts showcases a mix of studio, one-, and two-bedroom units, appealing to a wide demographic of tenants. These desirable floor plans have undergone renovations and provide new ownership the opportunity to continue the verifiable programmatic renovation plan to take this asset into its next chapter.


In addition to unit renovations, this offering provides two exciting development opportunities for Cobbler Square Lofts. Firstly, a prime land play option on the existing parking lot at 1350 N. North Park Ave offers future development potential. Secondly, the property allows for expansion by constructing additional units above the southwest corner garage, maximizing the site’s potential and revenue-generating capacity.


This unbeatable opportunity is available with accretive assumable financing: (3.80% Rate, 119 Months Term Remaining, 59 Months I/O Remaining).

...

Attributes

Year built
1889
Year renovated
2009
Land area gross
1.28 ha
Number of units
292 units
Building area net
21,451 m²
Occupancy
94%

Media

Investment Highlights

UNBEATABLE INVESTMENT OPPORTUNITY

» Significant income upside with 96%+ of units available for renovations

» Fantastic opportunity for additional development on Ownership’s adjacent surface parking lot

» Potential development of additional units atop existing parking garage

» Incredible Assumable Loan - 3.8% rate, 59 months I/O, 119 months remaining on the loan term

» Fully leased commercial space of ~20k square feet


GENERATIONAL OLD TOWN ASSET

» Occupies an enitre city block in the heart of Chicago’s highly sought-after Old Town neighborhood

» Unique floorplan optionality including loft-style units with 12-18’ ceilings

» Since 2019, current ownership has spent ~$3.5M in Capital Expenditures including Rooftop Sundeck and Common Area upgrades

» Landmark property that underwent historical redevelopment


DYNAMIC LIVE, WORK, PLAY LOCATION

» Old Town is the #4 Best Neighborhood to Live in Chicago - Niche.com 2024

» 99 Walk Score, 98 Bike Score

» Surrounded by Well’s Street superb restaurants, retail, and entertainment

» Residents have easy access to Chicago’s Top Employers including Google, Salesforce, and BMO Harris


SUPERB DEMOGRAPHICS

» Low Rent to Income Ratio at 15% paving path to future rent growth

» Average household Income of ~$165k within 0.5 mile of Cobbler Square

» 15% Population Growth since 2010 within 0.5 mile of Cobbler Square

» Young Average Median Age of 37 - ESRI.com 2024 within 0.5 mile of Cobbler Square


ROBUST PROPERTY & SUBMARKET FUNDAMENTALS

» 4.1% Trade Outs on Renewal Leases YTD

» 3.6% Projected 3-year Average Rent Growth

» 95% Projected 3-year Average Occupancy

» 0 Properties under construction within 0.5-mile radius

Cobbler Square Lofts 4_Property for Sale
Cobbler Square Lofts 4_Property for Sale

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Last updated
20 Jun 2024