108 N Hamlin Blvd 6 Unit Apartment Building $795,000 ($132,500/Unit) 8.63% Cap Rate Chicago, IL 60624

Midwest Investment Advisors with KW Commercial and Keller Williams ONEChicago is pleased to present the opportunity to acquire and deconvert a 6-unit condominium building located at 108 N. Hamlin Avenue on Chicago’s West Side. Offered at a list price of $795,000, the property comprises 8,700 square feet across six oversized residential units, providing a compelling value-add opportunity through unit stabilization, rent normalization, and operational efficiencies.
The asset is currently in a partially stabilized condition, with one vacant unit and one owner-occupied unit, allowing an incoming investor immediate control over two units at closing. The remaining four units are leased, generating in-place cash flow while still offering meaningful upside through mark-to-market rent increases. Current average rents of approximately $1.07 per square foot trail pro forma market rents of $1.25 per square foot, supporting a clear path to income growth without the need for major capital expenditures.
On an in-place basis, the property generates a current NOI of $68,596, equating to an 8.63% cap rate at the asking price. Upon stabilization and rent normalization, pro forma NOI increases to $85,793, driving a 10.79% pro forma cap rate. Expense ratios remain conservative at 28%–32%, reflecting efficient operations and limited exposure to volatility. The investment benefits from a favorable price per unit of $132,500 and price per square foot of $91, positioning the asset well below replacement cost.
Under the illustrated financing scenario at 75% LTV, investors can achieve an estimated cash-on-cash return of 21.58% post-stabilization, supported by a strong 1.60 DSCR. The combination of immediate unit control, below-market rents, and a well-defined deconversion strategy makes 108 N. Hamlin a compelling opportunity for investors seeking yield, downside protection, and scalable NOI growth in a supply-constrained urban submarket.