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Fully Renovated 6 Units in North Chicago 1542 Victoria Ave 6 Unit Apartment Building $1,289,900 ($214,983/Unit) 9.54% Cap Rate North Chicago, IL 60064
Investment Highlights
- FULLY RENOVATED FRON THE GROUND UP
- FULLY OCCUPIED - ZERO MAINTENANCE
- EVERYTHING IS BRAND NEW
Executive Summary
Turnkey 6-Unit Multifamily Gem with over 9.5 ACTUAL Cap Rate. Fully Renovated from Top to Bottom Prepare to be impressed by this *absolutely stunning* 6-unit multifamily property-an investor's dream offering a strong **8.5 cap rate** and *zero deferred maintenance*. This building has been completely transformed through a full-scale, professional rehab-*gutted to the studs and rebuilt with precision and care*, guided by full architectural and structural engineering plans. Each of the six units has been thoughtfully redesigned and rebuilt to modern standards, offering high-end finishes and reliable new systems that make this a truly *hands-off investment*. Highlights include: * **All New Plumbing**: Full drain and copper water lines + 2 brand-new 50-gallon water heaters (2024) * **New Electrical Systems**: New conduit, wiring, and individual metering; updated service panels and circuit breakers in every unit * **HVAC Overhaul**: 6 new gas furnaces, AC units, ductwork, thermostats + 7 new gas meters * **New Roof, Gutters, Fascia, Soffits & Energy-Efficient Windows** * **Completely Rehabbed Interiors**: Modern kitchens with stainless steel appliances, granite counters, new cabinetry, and LVP flooring throughout * **Bathrooms Redone**: New tubs, vanities, toilets, and custom tilework in all 6 bathrooms * **Smart Building Features**: Smart lock system with remote access control for owners and tenants-*no more locksmiths needed!* * **New Commercial-Grade Card Reader Washer/Dryer (Stacked)** * **New Sewer Main Cleanout** * **LED Lighting Throughout** Additional value-adds include **10 total parking spaces** (8 in the rear + 2 via a private driveway for Unit 1), **street parking**, and sleek common areas finished to match the unit interiors. This property is not only gorgeous-it's *bulletproof*, from the foundation to the finishes. Whether you're a seasoned investor or just starting your portfolio, this is a rare chance to own a turnkey asset that delivers both immediate cash flow and long-term value. **Schedule your private showing today.** This one won't last. FYI: Owner is a licensed real estate broker in IL.
Financial Summary (Actual - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$142,440
|
$21.77
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$142,440
|
$21.77
|
| Taxes |
$10,257
|
$1.57
|
| Operating Expenses |
$12,547
|
$1.92
|
| Total Expenses |
$22,804
|
$3.48
|
| Net Operating Income |
$119,636
|
$18.28
|
Financial Summary (Actual - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $142,440 |
| Annual Per SF | $21.77 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $142,440 |
| Annual Per SF | $21.77 |
| Taxes | |
|---|---|
| Annual | $10,257 |
| Annual Per SF | $1.57 |
| Operating Expenses | |
|---|---|
| Annual | $12,547 |
| Annual Per SF | $1.92 |
| Total Expenses | |
|---|---|
| Annual | $22,804 |
| Annual Per SF | $3.48 |
| Net Operating Income | |
|---|---|
| Annual | $119,636 |
| Annual Per SF | $18.28 |
Property Facts
| Price | $1,289,900 | Apartment Style | Low-Rise |
| Price Per Unit | $214,983 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.22 AC |
| Cap Rate | 9.54% | Building Size | 6,544 SF |
| Gross Rent Multiplier | 9.82 | Average Occupancy | 100% |
| No. Units | 6 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1910 |
| Property Subtype | Apartment | Parking Ratio | 2/1,000 SF |
| Zoning | R4 - Multi Family | ||
| Price | $1,289,900 |
| Price Per Unit | $214,983 |
| Sale Type | Investment |
| Cap Rate | 9.54% |
| Gross Rent Multiplier | 9.82 |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.22 AC |
| Building Size | 6,544 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1910 |
| Parking Ratio | 2/1,000 SF |
| Zoning | R4 - Multi Family |
Amenities
- Smoke Detector
Unit Amenities
- Air Conditioning
- Eat-in Kitchen
- Refrigerator
- Oven
- Stainless Steel Appliances
- Range
- Dining Room
- Smoke Free
- Vinyl Flooring
Site Amenities
- 24 Hour Access
- Controlled Access
- Laundry Facilities
- Tenant Controlled HVAC
- Trash Pickup - Curbside
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 3+1 | 4 | $2,205 | - |
| 2+1 | 2 | $1,845 | - |
| Studios | 1 | $1,595 | - |
Property Taxes
| Parcel Number | 08-33-307-039 | Total Assessment | $80,090 |
| Land Assessment | $9,327 | Annual Taxes | $10,257 ($1.57/SF) |
| Improvements Assessment | $70,763 | Tax Year | 2024 Payable 2025 |
Property Taxes
Parcel Number
08-33-307-039
Land Assessment
$9,327
Improvements Assessment
$70,763
Total Assessment
$80,090
Annual Taxes
$10,257 ($1.57/SF)
Tax Year
2024 Payable 2025
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Fully Renovated 6 Units in North Chicago | 1542 Victoria Ave
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