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2038 N Kostner Ave 60 Unit Apartment Building Offered at $1,325,000 at a 7.26% Cap Rate Chicago, IL 60639
Investment Highlights
- Center-Entrance 6-Unit with Large Units
- Gas-Forced Air & Furnaces, Individual Water Heaters
- Strong In-Place Cash Flow
Executive Summary
2038 N Kostner Ave is a center-entrance, six-unit apartment building in Chicago's Hermosa neighborhood. The property sits on a double lot totaling 6,270 SF with
rear courtyard and a 4-car garage.
The unit mix includes (1) 2-Bed/1-Bath garden, (1) 3-Bed/1-Bath garden, (3) 3-Bed/1- Bath units, and (1) 4-Bed/1-Bath unit, The units are large with the above-grade units averaging 1,400 SF and the garden units 900 SF. Systems include individual furnaces with window A/C, separate 100-amp electric panels, and separate hot water tanks per unit. Tenants are responsible for their own heat and hot water costs.
Five of the six units are currently leased to CHA voucher holders. Average rents inplace for the above-grade 3- and 4- bed units are $2,116 and both garden units are leased for $1,550.
The property represents an opportunity for a new buyer to acquire a high-quality building in an appreciating neighborhood with strong cash flow in-place and future
value-add upside. At list price, the building is offered at a 9.27x gross rent multiple or a 7.26% in-place cap rate without any renovation or capital investment. Future
upside can be unlocked through the installation of in-unit laundry and air conditioning at the property.
rear courtyard and a 4-car garage.
The unit mix includes (1) 2-Bed/1-Bath garden, (1) 3-Bed/1-Bath garden, (3) 3-Bed/1- Bath units, and (1) 4-Bed/1-Bath unit, The units are large with the above-grade units averaging 1,400 SF and the garden units 900 SF. Systems include individual furnaces with window A/C, separate 100-amp electric panels, and separate hot water tanks per unit. Tenants are responsible for their own heat and hot water costs.
Five of the six units are currently leased to CHA voucher holders. Average rents inplace for the above-grade 3- and 4- bed units are $2,116 and both garden units are leased for $1,550.
The property represents an opportunity for a new buyer to acquire a high-quality building in an appreciating neighborhood with strong cash flow in-place and future
value-add upside. At list price, the building is offered at a 9.27x gross rent multiple or a 7.26% in-place cap rate without any renovation or capital investment. Future
upside can be unlocked through the installation of in-unit laundry and air conditioning at the property.
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Property Facts
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 4+1 | 1 | $2,200 | 1,400 |
| 3+1 | 4 | $1,875 | 900 - 1,400 |
| 2+1 | 1 | $1,550 | 900 |
1 1
Exceptionally walkable
100/100
Fairly drivable
50/100
Good public transit
70/100
Moderately bikeable
70/100
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2038 N Kostner Ave
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