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1405-1413 N Central Ave 17 Unit Apartment Building $1,400,000 ($82,353/Unit) 8.12% Cap Rate Chicago, IL 60651
Executive Summary
Midwest Investment Advisors with KW Commercial and Keller Williams ONEChicago is pleased to present the exclusive offering of Central Avenue Apartments, a 17-unit multifamily property located in the Austin neighborhood of northwest Chicago. This well-maintained property represents an attractive investment with strong in-place income, immediate cash flow, and significant upside potential through strategic unit renovations and rent increases.The property is 100% occupied, offering stability for a new investor, with current rents well below market. With a light value-add program ($5,000 per unit upon turnover), rental income can be pushed to market levels, creating strong returns and long-term appreciation.
Property Details
Address: 1405–13 N. Central Ave., Chicago, IL 60651
Units: 17
Total SF: 10,816
List Price: $1,400,000
Occupancy: 100%
Unit Mix & Rents
Current Average Rent: $997
Pro Forma Average Rent: $1,291
Current Average PSF: $1.70
Pro Forma Average PSF: $2.18
Pro forma figures incorporate a $5,000 per unit renovation budget as leases naturally turn, enabling backfilling at higher market rent levels.
Financial Highlights
Current NOI: $113,627
Pro Forma NOI: $164,313
Current Cap Rate: 8.12%
Pro Forma Cap Rate: 11.14%
Current GRM: 6.88
Pro Forma GRM: 5.60
Price / SF: $129
Price / Unit: $82,353
Investment Highlights
Stabilized Occupancy: 100% leased, offering immediate cash flow.
Value-Add Upside: Below-market rents with ability to push to pro forma levels through unit turnovers and $5k/unit upgrades.
Efficient Size: 17-unit property, manageable for both first-time investors scaling into multifamily or seasoned owners seeking additional cash flow.
Northwest Chicago Location: Situated in the Austin neighborhood, with access to strong tenant demand, local employment centers, and public transportation.
Attractive Financial Metrics: Opportunity to achieve an 11%+ cap rate and reduce GRM below 6 with modest renovations.
Central Avenue Apartments offers investors a stabilized, cash-flowing multifamily asset in one of Chicago’s largest neighborhoods. With immediate income, strong financial performance, and clear value-add potential, this property represents a compelling investment for both local and regional buyers seeking strong returns in the Chicago multifamily market.
Property Details
Address: 1405–13 N. Central Ave., Chicago, IL 60651
Units: 17
Total SF: 10,816
List Price: $1,400,000
Occupancy: 100%
Unit Mix & Rents
Current Average Rent: $997
Pro Forma Average Rent: $1,291
Current Average PSF: $1.70
Pro Forma Average PSF: $2.18
Pro forma figures incorporate a $5,000 per unit renovation budget as leases naturally turn, enabling backfilling at higher market rent levels.
Financial Highlights
Current NOI: $113,627
Pro Forma NOI: $164,313
Current Cap Rate: 8.12%
Pro Forma Cap Rate: 11.14%
Current GRM: 6.88
Pro Forma GRM: 5.60
Price / SF: $129
Price / Unit: $82,353
Investment Highlights
Stabilized Occupancy: 100% leased, offering immediate cash flow.
Value-Add Upside: Below-market rents with ability to push to pro forma levels through unit turnovers and $5k/unit upgrades.
Efficient Size: 17-unit property, manageable for both first-time investors scaling into multifamily or seasoned owners seeking additional cash flow.
Northwest Chicago Location: Situated in the Austin neighborhood, with access to strong tenant demand, local employment centers, and public transportation.
Attractive Financial Metrics: Opportunity to achieve an 11%+ cap rate and reduce GRM below 6 with modest renovations.
Central Avenue Apartments offers investors a stabilized, cash-flowing multifamily asset in one of Chicago’s largest neighborhoods. With immediate income, strong financial performance, and clear value-add potential, this property represents a compelling investment for both local and regional buyers seeking strong returns in the Chicago multifamily market.
Data Room Click Here to Access
- Offering Memorandum
Property Facts Under Contract
| Price | $1,400,000 | Apartment Style | Low-Rise |
| Price Per Unit | $82,353 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.28 AC |
| Cap Rate | 8.12% | Building Size | 21,721 SF |
| Gross Rent Multiplier | 6.88 | Average Occupancy | 100% |
| No. Units | 17 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1929 |
| Property Subtype | Apartment | ||
| Zoning | RT-4, Chicago | ||
| Price | $1,400,000 |
| Price Per Unit | $82,353 |
| Sale Type | Investment |
| Cap Rate | 8.12% |
| Gross Rent Multiplier | 6.88 |
| No. Units | 17 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.28 AC |
| Building Size | 21,721 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1929 |
| Zoning | RT-4, Chicago |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
Site Amenities
- 24 Hour Access
- Controlled Access
- Recycling
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 4 | - | 400 - 450 |
| 1+1 | 12 | - | 650 - 700 |
| 2+1 | 1 | - | 650 - 700 |
1 1
Walk Score®
Very Walkable (84)
Property Taxes
| Parcel Number | 16-04-108-015-0000 | Improvements Assessment | $104,260 |
| Land Assessment | $15,040 | Total Assessment | $119,300 |
Property Taxes
Parcel Number
16-04-108-015-0000
Land Assessment
$15,040
Improvements Assessment
$104,260
Total Assessment
$119,300
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1405-1413 N Central Ave
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