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317 S Homan Ave 9 Unit Apartment Building $1,350,000 ($150,000/Unit) 10% Cap Rate Chicago, IL 60624
INVESTMENT HIGHLIGHTS
- Fully-Renovated Asset
- Copper Plumbing Throughout
- New Windows
- New In-Unit Furnaces & Water Heaters
- Updated Electric Service (600A)
- New Porch and Roof
EXECUTIVE SUMMARY
Kiser Group is pleased to exclusively offer for purchase the sale of 317 S. Homan, a nine (9) unit center entranced walk-up located in Chicago’s historic East Garfield Park neighborhood. The property sit two (2) blocks east of Garfield Park & the renowned Garfield Park Conservatory. Furthermore, the property sits just two (2) blocks from the I-290 Express and CTA Blue Line station at Kedzie-Homan, providing tenants immediate access to Chicago's downtown.
317 S. Homan is currently comprised of three (3) 3Bd/2Ba units, three (3) 3Bd/1.5Ba units, two (2) 1Bd/1Ba units, and one (1) studio unit, all of which are extremely spacious, and were completely gut rehabbed in 2013. Furthermore, all of units have been fitted with updated kitchens, bathrooms, Recent capital improvements to the building consist of, but not limited to: a new electric service with in unit breaker boxes, in-unit and separate furnaces and hot water tanks, new windows, 100% copper plumbing, new tear off roof, and a new wood porch. Furthermore, there are (9) parking spots in the rear, which provide tenants an additional amenity.
317 S. Homan provides an investor with a unique opportunity to acquire a stabilized and strong cash flowing asset in Chicago’s desirable pocket of East Garfield Park. From day one, a new owner will capitalize on a strong tenant base, and will realize an in place cap rate of 10% and a cash-on-cash return exceeding 17%.
317 S. Homan is currently comprised of three (3) 3Bd/2Ba units, three (3) 3Bd/1.5Ba units, two (2) 1Bd/1Ba units, and one (1) studio unit, all of which are extremely spacious, and were completely gut rehabbed in 2013. Furthermore, all of units have been fitted with updated kitchens, bathrooms, Recent capital improvements to the building consist of, but not limited to: a new electric service with in unit breaker boxes, in-unit and separate furnaces and hot water tanks, new windows, 100% copper plumbing, new tear off roof, and a new wood porch. Furthermore, there are (9) parking spots in the rear, which provide tenants an additional amenity.
317 S. Homan provides an investor with a unique opportunity to acquire a stabilized and strong cash flowing asset in Chicago’s desirable pocket of East Garfield Park. From day one, a new owner will capitalize on a strong tenant base, and will realize an in place cap rate of 10% and a cash-on-cash return exceeding 17%.
PROPERTY FACTS
| Price | $1,350,000 | Building Class | C |
| Price Per Unit | $150,000 | Lot Size | 0.17 AC |
| Sale Type | Investment | Building Size | 10,000 SF |
| Cap Rate | 10% | No. Stories | 3 |
| No. Units | 9 | Year Built | 1890 |
| Property Type | Multifamily | Parking Ratio | 0.9/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | RM5 - Residential Multi-Unit District | ||
| Price | $1,350,000 |
| Price Per Unit | $150,000 |
| Sale Type | Investment |
| Cap Rate | 10% |
| No. Units | 9 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.17 AC |
| Building Size | 10,000 SF |
| No. Stories | 3 |
| Year Built | 1890 |
| Parking Ratio | 0.9/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | RM5 - Residential Multi-Unit District |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Heating
- Kitchen
- Range
- Tub/Shower
- Dining Room
SITE AMENITIES
- 24 Hour Access
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 1 | - | 600 |
| 1+1 | 2 | - | 800 - 850 |
| 3+1.5 | 3 | - | 1,200 |
| 3+2 | 3 | - | 1,300 - 1,366 |
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Walk Score®
Very Walkable (72)
Transit Score®
Excellent Transit (79)
Bike Score®
Very Bikeable (73)
PROPERTY TAXES
| Parcel Number | 16-14-219-008-0000 | Improvements Assessment | $71,864 |
| Land Assessment | $8,736 | Total Assessment | $80,600 |
PROPERTY TAXES
Parcel Number
16-14-219-008-0000
Land Assessment
$8,736
Improvements Assessment
$71,864
Total Assessment
$80,600
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317 S Homan Ave
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