1140 N Lasalle St
Chicago, IL 60610
The Oliver on LaSalle · Multifamily Property For Sale · 250 Units

Kiser Group is presenting for sale 1140 North LaSalle, a 250-unit multifamily property. Originally built in 1924 as a luxury hotel, the eight-story high-rise was converted to apartments. The building was maintained as apartments until 2006 when it was converted to condominiums and renamed The Flats on LaSalle. Kiser Group is excited to represent the HOA in the bulk sale of the condominiums for conversion back to apartments. The property is just over a half-acre of land and is separated from LaSalle Street by a city park. The location is on the border between the Gold Coast and Near North neighborhoods and is easy walking distance to transportation, shopping, and nightlife, resulting in a highly stable rental destination. The building has been renovated several times over its history but most extensively in the 1990's, when windows, electrical, common areas, and unit finishes were all completed. Recent capital expenditures by the HOA include roof replacement, facade, boilers, and cold and hot water systems. Although the building is currently condominiums, only a small percentage of owners live in their unit. Most units are owned by investors who lease their unit to a tenant. Unit conditions are mixed throughout the building, with the majority of the unit features from the last major renovation in the 1990's. A minority of the units have been updated with features including quartz countertops, stainless-steel appliances and new cabinetry. The investment opportunity for The Flats on LaSalle is to increase and stabilize the net operating income by centralizing management and leasing, operating the building more efficiently than condominium management is able, and probably renovating units and adding amenities so that the building is more competitive for today's urban tenant.