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4500-4506 W Fullerton Ave
Chicago, IL 60639
Multifamily Property For Sale
·
36 Units
Investment Highlights
- Thirty Six (36) Unit Mixed-Use Property in Hermosa
- All Units Upgraded with Newer Plumbing and Electric
- All Apartments Boast Individual Furnaces
- Full Renovation in 2016 – Value Add Via Kitchen Updates
- Newer 1600 Amp Service, Laundry Room, and Lintels
- Attractive Assumable Debt (4.02% through 4/1/32)
Executive Summary
4500 W Fullerton Ave. is a 36 unit mixed-use property in Chicago's Hermosa neighborhood, just a 1.5 mile walk to the Healy Metra stop and The 606. The subject property is currently comprised of Thirty-Two (32) apartments which consist of a mix of 1Bdr, 2Bdr, and 3Bdr units along with four (4) street front retail spaces. The property underwent a full renovation in 2016 which included: fully renovated units and common areas, new 1600 amp electric service, a newly constructed laundry room, new lentils (some new windows), a new security system, and extensive landscaping. In unit renovations included complete new kitchens, bathrooms, flooring, carpeting, plumbing, and electrical. There is also attractive debt that a qualified buyer has the ability to assume: 4.02% Interest Rate, April 1, 2032 Maturity Date, Approximate $4,155,000 Loan Balance (74% LTV at List Price).
This opportunity exists in a sub-market continuing to grow and appreciate and also offers value-add upside via in unit modernization. Investors have the opportunity to modernize kitchens with the addition of in unit dishwashers and new granite counter tops, cabinetry and stainless steel appliances to increase rents and realize a large increase in overall income and value.
This opportunity exists in a sub-market continuing to grow and appreciate and also offers value-add upside via in unit modernization. Investors have the opportunity to modernize kitchens with the addition of in unit dishwashers and new granite counter tops, cabinetry and stainless steel appliances to increase rents and realize a large increase in overall income and value.
Property Facts
| Price Per Unit | $156,944 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.31 AC |
| No. Units | 36 | Building Size | 36,381 SF |
| Property Type | Multifamily | Average Occupancy | 100% |
| Property Subtype | Apartment | No. Stories | 3 |
| Apartment Style | Low-Rise | Year Built/Renovated | 1928/2016 |
| Zoning | B1-1 - Retail storefronts on low-traffic streets. | ||
| Price Per Unit | $156,944 |
| Sale Type | Investment |
| No. Units | 36 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.31 AC |
| Building Size | 36,381 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built/Renovated | 1928/2016 |
| Zoning | B1-1 - Retail storefronts on low-traffic streets. |
Amenities
Unit Amenities
- Air Conditioning
- Microwave
- Heating
- Refrigerator
- Tub/Shower
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 4 | - | 1,000 |
| 1+1 | 12 | - | 650 - 750 |
| 2+1 | 12 | - | 825 |
| 3+1 | 8 | - | 950 |
Property Taxes
| Parcel Number | 13-27-326-027-0000 | Improvements Assessment | $340,140 |
| Land Assessment | $48,661 | Total Assessment | $388,801 |
Property Taxes
Parcel Number
13-27-326-027-0000
Land Assessment
$48,661
Improvements Assessment
$340,140
Total Assessment
$388,801
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