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1501 N Cleveland Ave 4 Unit Apartment Building $2,200,000 ($550,000/Unit) 3.40% Cap Rate Chicago, IL 60610
Investment Highlights
- Prime Old Town location steps from the Wells Street corridor and Sedgwick Brown Line
- Separate furnaces and water heaters in each unit
- Private rooftop terraces
- Current zoning allows for up to 7 units
- In-unit laundry
- 5-space garage
Executive Summary
Kiser Group presents 1501 N Cleveland Ave, a 4-unit multifamily property in Chicago's Old Town neighborhood. The building offers approximately 7,000 square feet of rentable space. Unit 1 occupies the ground floor, Unit 2 spans the second floor, and Units 3F and 3R each duplex up to the fourth floor. Each unit features its own furnace and water heater, along with in-unit washer and dryer. All utilities are paid by tenants with the exception of water and trash, minimizing owner expenses. Three of the four units have access to their own private outdoor terrace. The property also includes a 5-space garage, a rare parking amenity in Old Town that provides additional income potential.
Property Facts
| Price | $2,200,000 | Apartment Style | Mid-Rise |
| Price Per Unit | $550,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.07 AC |
| Cap Rate | 3.40% | Building Size | 8,000 SF |
| No. Units | 4 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 1881 |
| Property Subtype | Apartment | ||
| Zoning | RM-5 - Residential | ||
| Price | $2,200,000 |
| Price Per Unit | $550,000 |
| Sale Type | Investment |
| Cap Rate | 3.40% |
| No. Units | 4 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.07 AC |
| Building Size | 8,000 SF |
| No. Stories | 4 |
| Year Built | 1881 |
| Zoning | RM-5 - Residential |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1.5 | 1 | - | 1,556 |
| 2+2 | 1 | - | 1,736 |
| 2+2.5 | 1 | - | 1,620 |
| 2+2.5 | 1 | - | 1,625 |
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Exceptionally walkable
100/100
Fairly drivable
40/100
Exceptional public transit
90/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 17-04-110-028-0000 | Improvements Assessment | $143,200 |
| Land Assessment | $48,050 | Total Assessment | $191,250 |
Property Taxes
Parcel Number
17-04-110-028-0000
Land Assessment
$48,050
Improvements Assessment
$143,200
Total Assessment
$191,250
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