4057 W School St 17 Unit Apartment Building $3,850,000 ($226,471/Unit) 6.59% Cap Rate Chicago, IL 60641

4057-59 W. School Street represents a compelling acquisition opportunity — a fully renovated 17-unit multifamily asset positioned at the corner of W. School Street and N. Karlov Avenue in one of Chicago's most actively appreciating neighborhoods, Avondale/Kilbourn Park.
The property spans three addresses:
4057-59 W. School St. — 8 Units
3253-55 N. Karlov Ave. — 6 Units
3249 N. Karlov Ave. — 3 Units
The unit mix consists of 16 two-bedroom units and one one-bedroom unit. All 17 units have been renovated within the last four years and feature spacious layouts with separate dining rooms, in-unit washer/dryers, and dishwashers — delivering the functional, well-appointed living spaces that attract and retain quality long-term tenants. Capital improvements extend throughout the building systems — including a new roof with added insulation, windows, tuck pointing, lintels, boiler, plumbing, electrical updates, hot water tank, and security camera system. The result is a true turn-key asset with a refreshed cost basis and minimal deferred maintenance.
Avondale's rental market has demonstrated consistent year-over-year rent growth, underpinned by sustained demand and a pipeline of new residential construction — including a proposed development on an adjacent block. For investors seeking stabilized cash flow with meaningful upside, 4057-59 W. School St. is a standout offering.