Carriage House Lofts

1545 South State Street


Chicago, IL

Main

Year Built: 1908

Status: Available

Offers Due: October 12, 2017








Property Type

Multifamily

Location

South Loop

Units

81

Carriage House Lofts


Carriage House Lofts offers **_the_** opportunity to make your mark in Chicago’s South Loop. With an effective 2016 sub market rent growth of 5.9 percent, these newly renovated units are perfectly positioned for new ownership to capitalize on the first turn of the rent roll. In fact, Carriage House Lofts’ **current market rents are nearly 11 percent below neighboring comparable buildings on a per square foot basis**. New ownership can get creative and **continue renovations** by adding attractive amenities that will create the sticky tenancy all owners want. Options include a renovated fitness center, the addition of a resident lounge or a lush rooftop deck. Additionally, plans exist to **_return storage areas into two, revenue-generating apartments_**. This repositioning will ensure that rents will continue to rise and that Carriage House Lofts will take its place as the premier boutique loft building in the South Loop. Carriage House Lofts is also all about lifestyle and life’s necessities. The **area’s first major Mariano’s grocery store** has been a catalyst for growth since opening in late 2013, and it’s **only one block away**. Developments in the South Loop continue to establish the neighborhood as a live, work and play location. An example of this development is the proposed school that will be a three-minute walk from Carriage House Lofts. Chicago Public Schools has announced plans for **a brand new state-of-the-art CPS elementary school** slated to open **in 2019** and cater to 1,200 students from the surrounding community.  Add in a **Walk Score® of 91**, trendy restaurants, shops and countless entertainment venues, and prospective tenants will look no further. Carriage House Lofts is the **South Loop investment opportunity** that checks all the boxes and will provide new ownership options to create a boutique, Class-A South Loop asset with strong returns and long-term success.

Quick Facts:


* __81__ units * __91__ Walk Score® * Built in __1908__ * Renovated in __2017__ * Average unit size __1,112 sf__ * Average market rent __$2,152__ * Average market rent psf __$1.94__

Asset Photos



Contact Sales Team



Todd Stofflet


Managing Partner

Todd Stofflet
Phone: 312.477.7004
Mobile: 312.622.2339
Email: todd@kigcre.com

Jason Stevens


Senior Director - Sales

Jason Stevens
Phone: 312.477.7012
Mobile: 312.608.6188
Email: jason@kigcre.com

Susan Tjarksen


Principal, Managing Broker

Susan Tjarksen
Phone: 312.477.7006
Mobile: 312.523.7617
Email: susan@kigcre.com