1879-1885 N. Milwaukee Ave - Essex Realty Marketing Package

2211 N. ELSTON AVE., SUITE 302, CHICAGO, ILLINOIS 60614 773.305.4900 FAX 773.305.4901 WWW.ESSEXREALTYGROUP.
COM
OFFERING MEMORANDUM

1879, 1883, 1885 N. MILWAUKEE AVE.
CHICAGO, ILLINOIS 60647

LAND DEVELOPMENT OPPORTUNITY
$1,650,000
AVAILABLE AS PACKAGE OR
TWO SEPARATE PARCELS
DISCLAIMER
2
DISCLAIMER
This Offering memorandum is not intended to provide a necessarily accurate summary of the Property or any of the documents related thereto, nor does it purport to be all-
inclusive or to contain all of the information which prospective purchasers may need or desire. All financial projections are based upon assumptions relating to the general
economy, competition, and other factors beyond the control of the Owner and the Agent and therefore may be subject to material and adverse variations. The Offering
Memorandum does not constitute an indication that there has been no change in the business or affairs of the Property since the date of preparation of the Offering
Memorandum. An opportunity to inspect the Property will be made available to interested and qualified prospective purchasers.
Neither the Owner nor the Agent nor any of their respective officers, agents or principals has made or will make any representations or warranties, expressed or implied, as to
the accuracy or completeness of the Offering Memorandum or any other oral or written information provided by any of them, and no legal commitment or obligation shall arise
by reason of the Offering Memorandum or such other information. Analysis and verification of the information contained in the Offering Memorandum is solely the responsibility
of the prospective purchaser.

LEAD WARNING STATEMENT
Every purchaser of any interest in residential real property on which a residential dwelling was built prior to 1978 is notified that such property may present exposure to lead
from lead-based paint that may place young children at risk of developing lead poisoning. Lead poisoning in young children may produce permanent neurological damage,
including learning disabilities, reduced intelligence quotient, behavioral problems, and impaired memory. Lead poisoning also poses a particular risk to pregnant women. The
seller of any interest in residential real property may be required to provide the buyer with any information on lead-based paint hazards from risk assessments or inspections in
the sellers possession and notify the buyer of any known lead-based paint hazards. A risk assessment or inspection for possible lead-based paint hazards is recommended prior
to purchase.

HAZARDOUS MATERIALS DISCLOSURE
Various construction material may contain items that have been or may in the future be determined to be hazardous (toxic) or undesirable and as such may need to be specifically
treated, handled or removed. For example, some transformers and other electrical components contain PCB's, and asbestos has been used in components such as fire-proofing,
heating and cooling systems, air duct insulation, spray-on and tile acoustical materials, linoleum, floor tiles, roofing, dry wall and plaster. Due to prior or current uses of the
Property or the area, there may be hazardous or undesirable metals, minerals, chemicals, hydrocarbons or biological or radioactive items (including electric and magnetic fields) in
soils, water, building components, above or below ground containers or elsewhere in areas that may or may not be accessible or noticeable. Such items may leak or otherwise be
released. Real estate agents have no expertise in the detection or correction of hazardous or undesirable items. Expert inspections are necessary. Current or future laws may
require clean up by past, present and/or future owners and/or operators. It is the responsibility of the Buyer to retain qualified experts to detect and correct such matters and to
consult with legal counsel of their choice to determine what provisions, if any, they may wish to include in transaction documents regarding the Property.

AMERICANS WITH DISABILITIES ACT
The United States Congress has recently enacted the Americans with Disabilities Act. Among other things, this act is intended to make many business establishments equally
accessible to persons with a variety of disabilities. As such, modifications to real property may be required. Federal, state and local laws, codes and regulations also may
mandate changes. The real estate brokers in this transaction are not qualified to advise you as to what, if any, changes may be required now, or in the future. Owners and tenants
should consult their attorneys and qualified design professionals of their choice for information regarding these matters. Real estate brokers cannot determine which attorneys or
design professionals have the appropriate expertise in this area.

STATE OF ILLINOIS DUAL AGENCY DISCLOSURE
The State of Illinois has enacted regulations relative to disclosure of representation. In all transactions relative to the Property, Essex Realty Group, Inc. is representing the Owner.
However, in any situation where there is not a cooperating broker representing the purchaser, Essex Realty Group, Inc. is deemed to also be representing the purchaser.
Representing more than one party to a transaction presents a conflict of interest since both clients may rely upon the Licensees/Agents advice and the clients respective interest
may be adverse to each other. Licensee/Agent will undertake this representation only with the written consent of ALL clients in the transaction.
Any agreement between the clients as to a final contract price and other terms is a result of negotiations between the clients acting in their own best interest and on their own
behalf. Seller hereby acknowledges that Licensee/Agent has explained the implications of dual representation, including the risks involved, and understand that you have been
advised to seek independent advice from your advisors or attorneys before signing any documents in this transaction.

WHAT A LICENSEE / AGENT CAN DO FOR CLIENTS WHEN ACTING AS A DUAL AGENT:
1) Treat all clients honestly; 2) Provide information about the Property to the Buyer; 3) Disclose all latent material defects in the Property that are known to Licensee/Agent;
4) Disclose financial qualification of the Buyer to the Seller; 5) Explain real estate terms; 6) Help the Buyer to arrange for Property inspections; 7) Explain closing costs and
procedures; 8) Help the Buyer compare financing alternatives; 9) Provide information about comparable properties that have sold, so both clients may make educated
decisions on what price to accept or offer.

WHAT A LICENSEE / AGENT CANNOT DISCLOSE TO CLIENTS WHEN ACTING AS A DUAL AGENT:
1) Confidential information that Licensee/Agent may know about the clients, without that clients permission. 2) The price the Seller will take other than the listing price without the
permission of the Seller; 3) The price the Buyer is willing to pay without the permission of the Buyer; 4) A recommended or suggested price the Buyer should offer; 5) A
recommended or suggested price the Seller should counter with or accept.
If either client is uncomfortable with this disclosure and dual representation, please let the Licensee/Agent know. You are not required to sign this document unless you want to
allow the Licensee to proceed as a Dual Agent in this transaction. By initialing below, you acknowledge that you have read and understand this form and voluntarily consent to the
Licensee/Agent acting as Dual Agent, should that become necessary.

TABLE OF CONTENTS
3
OFFERING MEMORANDUM
1879-1885 N. Milwaukee Ave.
CHICAGO, ILLINOIS

SUBJECT PROPERTY DATA PAGE

AREA MAP 3
AERIAL MAP 4
EXECUTIVE SUMMARY 6
SITE & DEVELOPMENT FIGURES 7
CONDOMINIUM COMPARABLES 9
LAND COMPARABLES 11
RETAIL COMPARABLES 13
TAXES 15
SURVEYS 16
LEAD & DUAL 18

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EXECUTIVE SUMMARY
6
This information has been secured from sources we believe to be reliable, but we make no representations nor warranties, express nor implied as to the
accuracy of the information. References to square footage are approximate. Buyer must verify the information and bears all risks for any inaccuracies.
Property Description
Essex Realty Group, Inc. has been exclusively engaged to market for sale 1879-85 N.
Milwaukee Avenue, which is an 88 by 100 lot that is currently comprised of three single story
retail garage buildings. The property is situated on the eastern side of Milwaukee Avenue just
south of the heavily trafficked six-way intersection of Milwaukee, Armitage and Western
Avenue. The property is conveniently just steps from the Western Blue Line L stop. 1879-81 N.
Milwaukee (44 x 100) are available separately or combined with 1883-1885 N.
Milwaukee.

Located in the Bucktown neighborhood near the border of Logan square, this 8,800 SF lot is a
prime development opportunity. The strength of the condominium market in the neighborhood is
proven by the recently sold units in the immediate area along Milwaukee Avenue for prices as
high as $291 per square foot (See Condominium Comps on Page 9).
Investment Opportunity
1879-85 N. Milwaukee Avenue presents an investor with the potential opportunity to develop a
new mixed-use building in one of Chicagos most desirable and increasingly popular north side
neighborhoods. A developer will benefit from the heavy daily traffic, proximity to the Western
Blue Line L stop, and strength of the condominium market in this area.
Neighborhood Description
The Bucktown neighborhood is located
two miles northwest of Chicagos Central
Business District. The area contains a
dense mix of commercial and residential
uses, and has become one of the most
desirable, vibrant and economically
stable areas in the City. The triangular
community is bounded by Western
Avenue to the west, North Avenue to the
south and the Kennedy Expressway to the
north and east.

Bucktown is readily accessible via the Kennedy Expressway and the various transportation options
provided by the Chicago Transit Authority, making the area an ideal place for working, living,
shopping, dining and entertainment.
7
ENTIRE SITE & DEVELOPMENT FIGURES
Current Proposed
Zoning
Zoning
1
FAR Height Restriction MLA/Unit
M1-1 B3-3 3 50' 400
Lot Dimensions 88' x 100'
Frontage 88'
Lot Area (SF) 8,800
Max Buildable SF (FAR x Lot Area) 26,400
Max # of Units 22
Max # of Floors (Based on Height Restriction) 4
Potential SF Per Floor 6,600
Retail SF 6,600
Total Retail Saleable SF
2
5,940
Residential SF 19,800
Total Saleable Residential SF
2
17,820
Residential Sales Proceeds $5,346,000
Residential $PSF (See Condo Comparables)
3
$300
Retail Sales Proceeds $785,400
Retail $PSF (See Retail Sold Comps)
4
$119
Total Potential Sales Proceeds $6,131,400
3. Figure reflects the average $PSF of comparable condo units.
4. Figure reflects the average $PSF of Retail Sold Comparables.
1. These estimates reflect the Brokers assumptions based on a purchaser obtaining a change in zoning from M1-1 to
B3-3. However, Broker is making no representation or warranty that such a zoning change could be obtained, or
that the estimates set forth herein are accurate or complete and are presented merely for discussion purposes.
Lot Dimensions & Figures
Mixed-Use Development Figures & Sales Proceeds
2. Figure assumes 10% reduction in Saleable SF due to common area loss.
8
ENTIRE SITE & DEVELOPMENT FIGURES
Current Proposed
Zoning
Zoning
1
M1-1 B3-2 2.2 50' 1,000

Frontage 88'
Lot Area (SF) 8,800
Max # of Units 8
Max # of Floors (Based on height restriction) 4
Retail SF 4,840
2
4,356
2
13,068
3
$300
4
$119
1. These estimates reflect the Brokers assumptions based on a purchaser obtaining a change in zoning from M1-1
to B3-2. However, Broker is making no representation or warranty that such a zoning change could be obtained,
or that the estimates set forth herein are accurate or complete and are presented merely for discussion purposes.
9
1879-1883 N. MILWAUKEE DEVELOPMENT FIGURES
Current Proposed
Zoning
Zoning
1
M1-1 B3-2 2.2 50' 1,000

Frontage 88'
Lot Area (SF) 8,800
Max # of Units 8
Max # of Floors (Based on height restriction) 4
Retail SF 4,840
2
4,356
2
13,068
3
$300
4
$119
1. These estimates reflect the Brokers assumptions based on a purchaser obtaining a change in zoning from M1-1
to B3-2. However, Broker is making no representation or warranty that such a zoning change could be obtained,
or that the estimates set forth herein are accurate or complete and are presented merely for discussion purposes.
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11
CONDOMINIUM COMPARABLES
Building Type:
Date Sold:
Date Sold:
Dishwasher:
Disposal:
W/D in Unit:
Microwave:
Granite:
Stainless:
Walk-In Closets:
Patio/Balcony:
Comments:
Price
Price:
Square Feet:
$SF:
3 Bed/2 Bath
1890 N. Milwaukee 1835 N. Milwaukee 1815 N. Milwaukee
Built / Renovated: 2008 2005 2005
3 Bed/2 Bath
$284
1,400
$397,500
3 Bed/2 Bath
9/25/2013 4/11/2013
# of Units: 11 12 6
2 Bed/2 Bath 2 Bed/2 Bath 2 Bed/2 Bath
$263
1,445
$380,000
Price
Price:
Square Feet:
$SF
3/20/2013
Price
$459,500
1,580
$291

1/28/2013
$257
1,550
$399,000
Price
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Yes Yes Yes
Yes Yes
Yes Yes Yes
Yes
Yes Yes Yes
Yes Yes Yes
Yes Yes Yes
Mixed-Use Mixed-Use Mixed-Use
1 2 3
Property Address
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07'-08' built condominium in elevator
building abutting the train tracks. Units
include premium finishes, walk-in
closets, private porches, and garage
parking.
05' built condominium in elevator
building. Unit includes granite
counters, stainless appliances and a
private balcony. Parking was
available for rent but not included in
the sale.
05' built condominium in elevator
building. Unit includes granite
counters, stainless appliances, private
balcony, and garage parking.
Parking Parking Parking
Spaces:
Type:
1.5 0 1
Garage 0 Garage
Yes - n/a
Yes Yes Yes

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15
RETAIL COMPARABLES
Closed Sale
Address Date Price SF $/SF Notes
1821 N. Milwaukee 7/11/2013 $155,000 1,550 $100
Newer construction commercial condo on the same block
as subject property.
1815 N. Milwaukee 5/2/2013 $153,000 1,550 $99
Newer construction commercial condo on the same block
as subject property.
2037 N. Milwaukee 2/27/2014 $475,000 3,000 $158 Vacant free standing retail with eight parking spaces.
AVERAGES $261,000 2,033 $119
16
TAX SUMMARY
2012
1
1879 N. Milwaukee 14-31-300-052-0000
$3,570
1883 N. Milwaukee 14-31-300-051-0000
$6,467
1885 N. Milwaukee 14-31-300-050-0000
$5,777
Total
$15,814
1. 2012 Taxes payable in 2013 according to the Cook County Treasury.
Tax Summary
17
SURVEY OF 1879-81 N. MILWAUKEE
18
SURVEY OF 1883-85 N. MILWAUKEE
DISCLOSURE OF INFORMATION AND ACKNOWLEDGEMENT
LEAD BASED PAINT AND/OR LEAD-BASED PAINT HAZARDS

Lead Warning Statement Property Address:

Every purchaser of any interest in residential real property on which a residential dwelling was built prior to 1978 is
notified that such property may present exposure to lead from lead-based paint that may place young children at risk of
developing lead poisoning. Lead poisoning in young children may produce permanent neurological damage, including
learning disabilities, reduced intelligence quotient, behavioral problems, and impaired memory. Lead poisoning also
poses a particular risk to pregnant women. The seller of any interest in residential real property is required to provide
the buyer with any information on lead-based paint hazards from risk assessments or inspections in the sellers
possession and notify the buyer of any known lead-based paint hazards. A risk assessment or inspection for possible
lead-based paint hazards is recommended prior to purchase.

Sellers Disclosure (initial) (All Sellers should initial)

(a) Presence of lead-based paint and/or lead-based paint hazards (check one below):

Known lead-based paint and/or lead-based paint hazards are present in the housing (explain):

Seller has no knowledge of lead-based paint and/or lead-based paint hazards in the housing.

(b) Records and Reports available to the Seller (check one below):

Seller has provided the Purchaser with all available records and reports pertaining to lead-based
paint and/or lead-based hazards in the housing (list documents below):

Seller has no reports or records pertaining to lead-based paint and/or lead-based paint hazards in
the housing.

Purchasers Acknowledgment (initial) (All Purchasers should initial)

(c) Purchase has received copies of all information listed above.

(d) Purchaser has received the pamphlet Protect Your Family From Lead In Your Home.

(e) Purchaser has (check one below):

Received a 10-day opportunity (or mutually agreed upon period) to conduct a risk assessment or
inspection of the presence of lead-based paint or lead-based paint hazards; or

Waived the opportunity to conduct a risk assessment or inspection for the presence of
lead-based paint and/or lead-based paint hazards.

Agents Acknowledgment (initial) (Sellers Designated Agent)

(f) Agent has informed the Seller of the Sellers obligation under 42 U.S.C. 4852 d and is aware of his/her
responsibility to ensure compliance.

Certification of Accuracy

The following parties have reviewed the information above and certify, to the best of their knowledge, that the
information they have provided is true and accurate.

Seller Date Seller Date

Purchaser Date Purchaser Date

Agent Date Agent Date

Keep a fully executed copy of this document for three (3) years from the date hereof.
This Disclosure Form should be attached to the Real Estate Contract.
1879, 1883, 1885 N. Milwaukee Ave., Chicago, IL
X
X
On-File Signed by Seller (s)
X
X
DUAL AGENCY CONSENT AGREEMENT

The undersigned parties may undertake a dual representation (represent both the Seller and Buyer) for the sale of
the property located at:

Buyer and Seller acknowledge they were informed of the possibility of this type of representation. Before signing
this document please read the following:

Representing more than one party to a transaction presents a conflict of interest since both clients may rely upon the
Licensees/Agents advice and the clients respective interest may be adverse to each other. Licensee/Agent will
undertake this representation only with the written consent of ALL clients in the transaction.

Any agreement between the clients as to a final contract price and other terms is a result of negotiations between
the clients acting in their own best interest and on their own behalf. Buyer and Seller hereby acknowledge that Li-
censee/Agent has explained the implications of dual representation, including the risks involved, and understand
that you have been advised to seek independent advice from your advisors or attorneys before signing any docu-
ments in this transaction.

WHAT A LICENSEE/AGENT CAN DO FOR CLIENTS WHEN ACTING AS A DUAL AGENT:
1) Treat all clients honestly; 2) Provide information about the Property to the Buyer; 3) Disclose all latent material
defects in the Property that are known to Licensee/Agent; 4) Disclose financial qualification of the Buyer to the Sell-
er; 5) Explain real estate terms; 6) Help the Buyer to arrange for Property inspections;
7) Explain closing costs and procedures; 8) Help the Buyer compare financing alternatives; 9) Provide information
about comparable properties that have sold, so both clients may make educated decisions on what price to accept
or offer.

WHAT A LICENSEE CANNOT DISCLOSE TO CLIENTS WHEN ACTING AS DUAL AGENT:
1) Confidential information that Licensee/Agent may know about the clients; 2) The price the Seller will take other
than the listing price without the permission of the Seller; 3) The price the Buyer is willing to pay without the permis-
sion of the Buyer; 4) A recommended or suggested price the Buyer should offer; 5) A recommended or suggested
price the Seller should counter with or accept.

If either client is uncomfortable with this disclosure and dual representation, please let the Licensee/Agent know.
You are not required to sign this document unless you want to allow the Licensee to proceed as a Dual Agent in this
transaction. By signing/initialing below, you acknowledge that you have read and understand this form and voluntar-
ily consent to the Licensee/Agent acting as Dual Agent, should that become necessary.

Licensee: Date:

Seller(s): Date:

Buyer(s): Date:

1879, 1883,1885 N. Milwaukee Ave., Chicago, IL 60647
On File - Signed by Seller (s)

1879-1885 N. Milwaukee Ave - Essex Realty Marketing Package

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