Lee Kiser, Principal Managing Broker at Kiser Group, recently completed a $3.15 million affordable housing deal in Chicago’s Belmont-Cragin neighborhood. The property, known as The Elinor and located at 3216 N. Cicero Avenue, is one of the few remaining single-room occupancy (SRO) buildings in the area just west of Logan Square.
SRO properties offer low-income families an opportunity to rent housing. According to Kiser, “The Elinor Hotel is being sold under the City of Chicago SRO Preservation Ordinance which ensures that it will continue operating as an SRO for 15 years and limits rent prices for its units.”
The Elinor consists of 68 private units with en-suite bathrooms and 16 semi-private units with shared bathrooms but private sleeping rooms. It also includes two one-bedroom apartments. With monthly and weekly room rates available, The Elinor provides much-needed affordable housing options for residents in Chicago.
This sale marks a rare opportunity for buyers looking to invest in an SRO property within the Belmont-Cragin neighborhood without having to compete against other Connect CRE investors or mention any specific real estate platforms or locations such as “Connect” or “Connect LA” or “Connect Texas.”
