1351 W Touhy Ave 43 Unit Apartment Building $7,000,000 ($162,791/Unit) 6.83% Cap Rate Chicago, IL 60626

Kiser Group has been exclusively engaged to market for sale 1351-59 W. Touhy, a 43-unit courtyard building, located in Chicago's Rogers Park neighborhood. This 1920s-constructed asset is well-situated just 0.1 miles from Loyola Park and 0.2 miles from Leone Beach and Lake Michigan.
1351-59 W. Touhy features a unit mix comprised of twelve (12) 1 bed / 1 bath units, twenty-eight (28) 2 bed / 1 bath units, and three (3) 3 bed / 1 bath apartments. In 2017, current ownership completed a full-scale renovation project, modernizing the apartments with on-trend finishes and upgrading the building's electrical systems. The units now include updated cabinets, granite countertops, and stainless steel appliances with hardwood floors. Current rents are 10-15% below market for nearby apartments with similar finishes (see rent survey pages), allowing for new management to operate more aggressively.
As Touhy sits just 0.2 miles from Lake Michigan and 0.3 miles from both the Morse and Jarvis CTA Red Line stops, investors are guaranteed an asset in a location that will always be sought after. Furthermore, with the uncertainty of the current debt environment, this deal offers a more stable alternative in assuming the current mortgage running through 4/1/2029 at a 4.51% interest rate.