184 W 147th St 20 Unit Apartment Building $1,100,000 ($55,000/Unit) 8.51% Cap Rate Harvey, IL 60426

184 W. 147th Street presents the opportunity to acquire a 20-unit studio apartment building strategically located along one of Harvey's primary workforce housing corridors. Situated directly across the street from a large elementary school, the property benefits from excellent visibility along W. 147th Street and its approximately 23,000 vehicles per day of traffic. The property offers convenient access to both Interstate 57 and Interstate 94 (Bishop Ford Expressway), providing connectivity throughout Chicago's south suburbs and the greater metropolitan area. Interstate 57, carrying approximately 107,000 vehicles per day, is located just minutes from the property, while Interstate 94 is also nearby, offering additional regional access for commuters. The location is further enhanced by its proximity to public transportation, retail services, restaurants, schools, healthcare providers, and the numerous logistics, manufacturing, and distribution employers that make up the Chicago Southland.
The property is strategically located near UChicago Medicine Ingalls Memorial Hospital, numerous logistics, warehouse, manufacturing, and distribution employers throughout the Chicago Southland, and multiple retail and service-oriented employment centers. Convenient access to Interstates 57, 80, 94 (Bishop Ford Expressway), and 294 provides connectivity throughout the south suburbs and one of the nation’s largest employment markets. Additional nearby conveniences include national retailers and restaurants, including a McDonald’s located just a few blocks from the property, along with nearby Pace transit routes and access to Metra commuter rail service within the surrounding south suburban market.
The property consists entirely of studio apartment units and is well positioned to serve workforce housing demand within the surrounding area. Ownership has maintained the property since acquiring it in 2012. The asphalt parking lot was recently repaved, and the property benefits from simple, low-maintenance landscaping. Historically, ownership has reportedly never needed to advertise vacant units online, instead relying primarily upon on-site signage and word-of-mouth referrals to maintain occupancy.
Current rental rates are approximately $750 per month. Ownership has identified pro forma rental rate potential of approximately $940 per month based upon reported average studio rental data for the surrounding market as published by BestPlaces.net. Achieving market-aligned rental rates would increase annual gross rental income by more than $45,000, providing investors with a clear value-add opportunity through continued operational optimization and rent growth.
184 W. 147th Street offers investors the opportunity to acquire a stabilized workforce housing asset with strong occupancy history, proven rental demand, and measurable rental upside within the south suburban Chicago market. With long-term ownership since 2012, recent parking lot improvements, convenient access to major transportation corridors, and proximity to major employment drivers, the property is well-positioned for continued operational stability. Opportunities to acquire multifamily properties at approximately $55,000 per unit within a densely populated infill location are becoming increasingly limited, making this offering an attractive option for both new and experienced multifamily investors seeking cash flow with upside potential.