4830 N Drake Ave 7 Unit Apartment Building $1,650,000 ($235,714/Unit) 7.33% Cap Rate Chicago, IL 60625

4830 N. Drake Ave offers the opportunity to acquire a fully leased, high-quality seven-unit multifamily asset in the heart of Albany Park, one of Chicago's most fundamentally sound and rapidly evolving North Side neighborhoods. Combining durable in-place cash flow with a clearly identifiable value-add component, the property is well positioned to deliver both stable current returns and long-term appreciation.
The property features a desirable unit mix of six oversized three-bedroom apartments and one one-bedroom garden apartment, all of which are currently leased. Three units have in-unit washer and dryers, an amenity that enhances tenant appeal and supports continued rental growth.
The investment is further distinguished by the opportunity to capitalize on Chicago's Additional Dwelling Unit (ADU) Ordinance. The existing basement offers the potential to add an eighth legal apartment, subject to buyer verification and City approval, creating a compelling opportunity to increase net operating income and unlock meaningful additional asset value.
Over the past decade, the building has undergone comprehensive capital improvements, including substantial upgrades to the electrical, plumbing, and mechanical systems. These improvements significantly reduce near-term capital expenditure requirements and position the asset for efficient, low-maintenance ownership.
Albany Park continues to benefit from strong demographic and investment trends, driven by its exceptional access to public transportation, proximity to major employment centers, vibrant commercial corridors, and increasing demand from renters seeking larger apartment layouts at a relative value compared to neighboring North Side communities. These market fundamentals have supported consistent rental growth and sustained investor interest.
4830 N. Drake Ave presents a rare opportunity to acquire a stabilized multifamily asset offering immediate cash flow, minimal deferred maintenance, and a clearly defined path to value creation through the addition of an eighth unit. The combination of strong in-place operations, future income growth, and location within one of Chicago's most resilient rental markets makes this an exceptional long-term investment opportunity.