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Kiser Sells Rare SRO Property in Belmont-Cragin Neighborhood
Kiser Group’s Principal Managing Broker, Lee Kiser, recently closed on a $3.15 million affordable housing transaction in Chicago’s Belmont-Cragin neighborhood. The property at 3216 N. Cicero Avenue, The Elinor, is one of the only single-room occupancy (SRO) buildings remaining in the area just a few blocks west of Logan Square.
SRO properties provide opportunities for low-income families to rent housing. “The Elinor Hotel is being sold subject to the City of Chicago SRO Preservation Ordinance, which preserves the operation of the property as an SRO for 15 years and limits the rent that can be charged for the units,” said Kiser.
The Elinor houses 68 private units with an en-suite bathroom, and 16 semi-private units providing residents with a private sleeping room and shared bathroom. The property also features two one-bedroom apartments. Monthly and weekly room rates at The Elinor allow for available housing for low-income residents of Chicago.
