3216 North Cicero Avenue

The Elinor Hotel is an SRO (Single Room Occupancy) building located at 3216-3218 N. Cicero Ave. in the Belmont-Cragin neighborhood on Chicago’s northwest side. The property has been owned by the same family for several decades. The property is professionally managed by a seasoned staff. Investors unfamiliar with SRO properties should understand that staffing for an SRO building in Chicago requires 24-7 front desk coverage, similar to a commercial hotel. Payroll including desk clerks is accounted for in our underwriting.

There are two (2) basic unit types at The Elinor: Private, meaning a sleeping room with an en-suite bathroom, and shown on the included rent roll as “P” for unit type, and Semi-Private, meaning two sleeping rooms separated by a shared bathroom (Jack and Jill style), and shown on the rent roll as “S” for unit type. The Elinor has sixty-eight (68) Private units, sixteen (16) Semi-Private units, and two (2) one-bedroom apartments. The mechanical systems and structure have been well maintained.

The rooms and rates at The Elinor make affordable housing available to lower-income segments of Chicago’s population. Currently, rooms at The Elinor rent on a monthly and weekly basis. Most unit are rented by the month. The rent roll also designates the units that are rented on a weekly basis.