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1653 E 85th Pl 20 Unit Apartment Building $1,500,000 ($75,000/Unit) 9.23% Cap Rate Chicago, IL 60617
INVESTMENT HIGHLIGHTS
- Twenty (20) 1Bd/1Ba Units
- 100% Occupied
- Prime Calumet Heights Location
- Abundance of Masonry & Tuckpointing Work
EXECUTIVE SUMMARY
Kiser Group is pleased to exclusively present for purchase 1643 E. 85th Place, a Twenty (20) unit courtyard located in Chicago's Calumet Heights neighborhood. 1643 E. 85th Pl sits in Chicago’s South Side, offering residents solid connectivity with multiple transit options nearby and quick access to major roadways. Local amenities include nearby grocery stores, schools, and abundant park space, making it a location that blends convenience with neighborhood charm.
1643 E. 85th Pl consists of Twenty (20) 1Bd/1Ba units. All of which have spacious layouts. Recent improvements to the building consist of but are not limited to: modern boiler, code-compliant porches, and an abundance of masonry and tuckpointing work.
1643 E. 85th Pl presents an investor the opportunity to acquire a strong, positive cash-flowing building with an in-place cap rate of 9.23% and cash return of 14.17%. By increasing rents to rates already achieved in the area, there is an opportunity to achieve a 11.33% cap rate and a proforma cash return of 22.58%
1643 E. 85th Pl consists of Twenty (20) 1Bd/1Ba units. All of which have spacious layouts. Recent improvements to the building consist of but are not limited to: modern boiler, code-compliant porches, and an abundance of masonry and tuckpointing work.
1643 E. 85th Pl presents an investor the opportunity to acquire a strong, positive cash-flowing building with an in-place cap rate of 9.23% and cash return of 14.17%. By increasing rents to rates already achieved in the area, there is an opportunity to achieve a 11.33% cap rate and a proforma cash return of 22.58%
PROPERTY FACTS Under Contract
| Price | $1,500,000 | Apartment Style | Low-Rise |
| Price Per Unit | $75,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.35 AC |
| Cap Rate | 9.23% | Building Size | 17,000 SF |
| No. Units | 20 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1926 |
| Property Subtype | Apartment | ||
| Zoning | R-2, Chicago | ||
| Price | $1,500,000 |
| Price Per Unit | $75,000 |
| Sale Type | Investment |
| Cap Rate | 9.23% |
| No. Units | 20 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.35 AC |
| Building Size | 17,000 SF |
| No. Stories | 2 |
| Year Built | 1926 |
| Zoning | R-2, Chicago |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Heating
- Refrigerator
- Range
- Tub/Shower
SITE AMENITIES
- Laundry Facilities
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 20 | - | 800 |
1 1
Walk Score®
Very Walkable (88)
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $99,482 | |
| Land Assessment | $19,218 | Total Assessment | $118,700 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$19,218
Improvements Assessment
$99,482
Total Assessment
$118,700
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1653 E 85th Pl
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