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4622 S Indiana Ave 4622 S Indiana Ave 17 Unit Apartment Building $595,000 ($35,000/Unit) 15.23% Cap Rate Chicago, IL 60653
INVESTMENT HIGHLIGHTS
- Historic Bronzeville Area
- Walking distance to public transportation & shopping
- New townhomes & codominiums recently developed
EXECUTIVE SUMMARY
Developers and investors, this property is primed for conversion or development. Each unit has a minimum of two rooms, and several units have three or more. There is a shared bath on each floor, north & south of the property. The highest and best use would be either conversion to six condominiums or upscale apartment rentals. The property is located in the historic, developing Bronzeville area. Newly constructed condominiums and townhomes are now operational, and additional units are set to come to market.
The annual income is $126,600, and the NOI is $90,630. There are 16 small units, with two to four rooms, including one traditional three-bedroom unit, a den, a bath, and in-unit laundry, all located on the first floor. All leases are currently month-to-month. A new common boiler and hot water tank were installed in the fall of 2024. This property is within walking distance of public transportation and shopping.
The annual income is $126,600, and the NOI is $90,630. There are 16 small units, with two to four rooms, including one traditional three-bedroom unit, a den, a bath, and in-unit laundry, all located on the first floor. All leases are currently month-to-month. A new common boiler and hot water tank were installed in the fall of 2024. This property is within walking distance of public transportation and shopping.
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$126,600
|
$11.19
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$6,330
|
$0.56
|
| Effective Gross Income |
$120,270
|
$10.63
|
| Taxes |
$9,999
|
$0.88
|
| Operating Expenses |
$35,970
|
$3.18
|
| Total Expenses |
$45,969
|
$4.06
|
| Net Operating Income |
$74,301
|
$6.57
|
FINANCIAL SUMMARY (ACTUAL - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $126,600 |
| Annual Per SF | $11.19 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $6,330 |
| Annual Per SF | $0.56 |
| Effective Gross Income | |
|---|---|
| Annual | $120,270 |
| Annual Per SF | $10.63 |
| Taxes | |
|---|---|
| Annual | $9,999 |
| Annual Per SF | $0.88 |
| Operating Expenses | |
|---|---|
| Annual | $35,970 |
| Annual Per SF | $3.18 |
| Total Expenses | |
|---|---|
| Annual | $45,969 |
| Annual Per SF | $4.06 |
| Net Operating Income | |
|---|---|
| Annual | $74,301 |
| Annual Per SF | $6.57 |
PROPERTY FACTS
| Price | $595,000 | Property Subtype | Apartment |
| Price Per Unit | $35,000 | Apartment Style | Low-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 15.23% | Lot Size | 0.19 AC |
| Sale Condition | Redevelopment Project | Building Size | 11,310 SF |
| Gross Rent Multiplier | 5 | Average Occupancy | 90% |
| No. Units | 17 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1890 |
| Zoning | RM-5 - Three-story brick elevation. | ||
| Price | $595,000 |
| Price Per Unit | $35,000 |
| Sale Type | Investment |
| Cap Rate | 15.23% |
| Sale Condition | Redevelopment Project |
| Gross Rent Multiplier | 5 |
| No. Units | 17 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.19 AC |
| Building Size | 11,310 SF |
| Average Occupancy | 90% |
| No. Stories | 3 |
| Year Built | 1890 |
| Zoning | RM-5 - Three-story brick elevation. |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 16 | $700.00 | 250 - 350 |
| 3+1 | 1 | - | 11,000 |
1 1
Walk Score®
Very Walkable (83)
Transit Score®
Excellent Transit (76)
Bike Score®
Very Bikeable (72)
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4622 S Indiana Ave | 4622 S Indiana Ave
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