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3500 S Artesian Ave 21 Unit Apartment Building $3,250,000 ($154,762/Unit) 6.01% Cap Rate Chicago, IL 60632
Investment Highlights
- Desirable Unit Mix - Twenty One (21) 2Bd/1Ba Units
- Spacious Units w/ Modern Kitchens & Baths
- All Individual Furnaces & Water Heaters - Four (4) Units w/ AC
- New Windows, Updated Roof, & 100% Copper Plumbing
- Economies of Scale in the Supply-Constrained McKinnley Park Neighborhood
Executive Summary
Kiser Group is pleased to exclusively present for purchase 3500 S. Artesian Ave., a 21-unit multifamily property located in Chicago’s McKinley Park neighborhood. The property offers residents convenient access to nearby public transportation, major thoroughfares, neighborhood retail, restaurants, and everyday amenities. Its location provides strong connectivity throughout the city while benefiting from McKinley Park’s established residential character and proximity to the neighborhood’s namesake park.
The property is comprised of twenty-one (21) two bedroom units, with the majority of units having undergone renovations featuring modern kitchens and bathrooms, granite countertops, and updated finishes. Capital improvements to the property include copper plumbing, newer windows throughout much of the building, a newer roof, updated hot water tanks, and individual furnaces. The property also features a three-car garage, providing additional convenience and potential income for ownership.
3500 S. Artesian currently generates $195,280 in NOI, representing a 6.01% in-place cap rate and 1.87% cash return. Through continued rental growth and operational improvements, the property is projected to achieve $285,569 in pro forma NOI, an 8.79% pro forma cap rate, and a 12.98% pro forma cash return, providing investors with meaningful upside and the opportunity to enhance overall returns.
The property is comprised of twenty-one (21) two bedroom units, with the majority of units having undergone renovations featuring modern kitchens and bathrooms, granite countertops, and updated finishes. Capital improvements to the property include copper plumbing, newer windows throughout much of the building, a newer roof, updated hot water tanks, and individual furnaces. The property also features a three-car garage, providing additional convenience and potential income for ownership.
3500 S. Artesian currently generates $195,280 in NOI, representing a 6.01% in-place cap rate and 1.87% cash return. Through continued rental growth and operational improvements, the property is projected to achieve $285,569 in pro forma NOI, an 8.79% pro forma cap rate, and a 12.98% pro forma cash return, providing investors with meaningful upside and the opportunity to enhance overall returns.
Property Facts
| Price | $3,250,000 | Apartment Style | Low-Rise |
| Price Per Unit | $154,762 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.28 AC |
| Cap Rate | 6.01% | Building Size | 17,538 SF |
| No. Units | 21 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1909 |
| Property Subtype | Apartment | ||
| Zoning | RS-3 | ||
| Price | $3,250,000 |
| Price Per Unit | $154,762 |
| Sale Type | Investment |
| Cap Rate | 6.01% |
| No. Units | 21 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.28 AC |
| Building Size | 17,538 SF |
| No. Stories | 3 |
| Year Built | 1909 |
| Zoning | RS-3 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 21 | - | 825 |
1 1
Fairly walkable
50/100
Very drivable
80/100
Good public transit
70/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 16-36-406-001-0000 | Improvements Assessment | $116,930 |
| Land Assessment | $37,820 | Total Assessment | $154,750 |
Property Taxes
Parcel Number
16-36-406-001-0000
Land Assessment
$37,820
Improvements Assessment
$116,930
Total Assessment
$154,750
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