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$1,850,000
Est. payment /mo
8,000 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Multi Family 5+
Listing Status Active
Purchase Type For Sale
Square Footage 8,000 sqft
Price per Sqft $231
MLS Listing ID 12470440
Year Built 2004
Annual Tax Amount $21,946
Tax Year 2023
Lot Size 3,049 Sqft
Lot Dimensions 25X132
Property Sub-Type Multi Family 5+
Property Description
Rare opportunity to find a newer construction apartment building at this price point with upside opportunity. This impressive 7-unit property, originally built as condos in 2004, offers an attractive real estate investment in a prime location. This solid brick and block construction building features elevator service to all floors. The building consists of six spacious 2-bedroom, 2-bathroom units and 1 store front (or 7th apt) and 6 attached garage spaces. The 7th unit features a separate entrance from the sidewalk, making it ideal for a small business office space or short-term rental. Located on the Near West Side of Chicago, walking distance to the United Center Arena, Madison St bus lines, Illinois Medical District, and expressways. Tenants will love the easy commutes and convenient access to amenities, entertainment, and transportation. The property currently operates at a 5.7% CAP rate, with a strong Net Operating Income (NOI) of $97,571. Rents are considerably below market and present the opportunity to increase cash flow and ultimately property value, with new leases. We project an NOI of $131,120 and corresponding CAP rate of 7.6% when new rents are put in place. With its newer construction, prime location, versatile floor plans, and the potential for future rent growth & value enhancement, this 7-unit apartment building represents a solid investment choice. Call today.
Location
State IL
County Cook
Area Chi - Near West Side
Zoning MULTI
Interior
Cooling Central Air
Fireplace N
Building
Dwelling Type Multi Family 5+
Structure Type Brick,Concrete
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Listed by Kevin Hinton of Keller Williams ONEChicago