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245 N Mason Ave 13 Unit Apartment Building $1,650,000 ($126,923/Unit) 8.71% Cap Rate Chicago, IL 60644
Investment Highlights
- Desirable Unit Mix: Six (6) 3bd/1ba, Six (6) 2bd/1ba, and one (1) 1bd/1ba
- Individual Water Heaters
- Updated Copper Plumbing
- Individual & In-Unit Furnaces
- New 800 Amp Electrical Service
Executive Summary
Kiser Group is pleased to exclusively offer for purchase the sale of 243 N. Mason, a thirteen (13) unit walkup located in Chicago’s historic Austin neighborhood. The property sits on a quiet, tree lined street just one (1) block from Chicago's Green Line "El" train station at Austin. Additionally, the property is located three (3) blocks away from Madison St, which features an abundance of public transit and retail options.
243 N. Mason is comprised of six (6) 3bd/1ba units, six (6) 2bd/1ba units, and one (1) 1bd/1ba unit, all of which are incredibly spacious. All of the units, have been renovated and equipped with updated kitchens and baths. Furthermore, the building boasts newer windows, new 800 amp electrical service, individual & in-unit furnaces, individual water heaters, and updated copper plumbing.
243 N. Mason provides an investor with a unique opportunity to acquire a stabilized and strong cash flowing asset in Chicago’s desirable pocket of Austin. From day one, a new owner will capitalize on an incredibly strong and long term tenant base, and will realize an in place cap rate of 8.71% and a cash return of 13.27%. Through improved leasing, management, and raising rents to levels already being achieved in the building, an investor has the opportunity achieve a cap rate of 9.33% and a cash return of 15.73%.
243 N. Mason is comprised of six (6) 3bd/1ba units, six (6) 2bd/1ba units, and one (1) 1bd/1ba unit, all of which are incredibly spacious. All of the units, have been renovated and equipped with updated kitchens and baths. Furthermore, the building boasts newer windows, new 800 amp electrical service, individual & in-unit furnaces, individual water heaters, and updated copper plumbing.
243 N. Mason provides an investor with a unique opportunity to acquire a stabilized and strong cash flowing asset in Chicago’s desirable pocket of Austin. From day one, a new owner will capitalize on an incredibly strong and long term tenant base, and will realize an in place cap rate of 8.71% and a cash return of 13.27%. Through improved leasing, management, and raising rents to levels already being achieved in the building, an investor has the opportunity achieve a cap rate of 9.33% and a cash return of 15.73%.
Property Facts
| Price | $1,650,000 | Building Class | C |
| Price Per Unit | $126,923 | Lot Size | 0.19 AC |
| Sale Type | Investment | Building Size | 30,000 SF |
| Cap Rate | 8.71% | Average Occupancy | 100% |
| No. Units | 13 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1917 |
| Property Subtype | Apartment | Parking Ratio | 0.07/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | RT-4 | ||
| Price | $1,650,000 |
| Price Per Unit | $126,923 |
| Sale Type | Investment |
| Cap Rate | 8.71% |
| No. Units | 13 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.19 AC |
| Building Size | 30,000 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1917 |
| Parking Ratio | 0.07/1,000 SF |
| Zoning | RT-4 |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Range
- Tub/Shower
Site Amenities
- 24 Hour Access
- Tenant Controlled HVAC
- Trash Pickup - Curbside
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 7 | - | 900 |
| 3+1 | 5 | - | 1,100 |
| 1+1 | 1 | - | 900 |
1 1
Walk Score®
Very Walkable (74)
Property Taxes
| Parcel Number | 16-08-407-001-0000 | Improvements Assessment | $96,588 |
| Land Assessment | $9,413 | Total Assessment | $106,001 |
Property Taxes
Parcel Number
16-08-407-001-0000
Land Assessment
$9,413
Improvements Assessment
$96,588
Total Assessment
$106,001
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245 N Mason Ave
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