5322 W Washington Ave 16 Unit Apartment Building $2,200,000 ($137,500/Unit) 10.29% Cap Rate Chicago, IL 60644

Kiser Group is pleased to exclusively present for purchase 5322 W. Washington, a sixteen (16) unit walkup located in Chicago's historic Austin neighborhood. The building is conveniently situated roughly three (3) blocks from the CTA Laramie Green Line station and less than a mile from Interstate 290, offering immediate access to downtown Chicago. Additionally, the property is located roughly four (4) blocks from the sizable Columbus Park that contains fields, pools, and a golf course.
5322 W. Washington has an incredibly desirable unit composition and is currently comprised of three (3) 3Bd/1Ba units, nine (9) 2Bd/1Ba units, and three (3) 1Bd/1Ba units, all of which are newly renovated. The building underwent an extensive renovation throughout 2025-2026. During 5322 W. Washington's renovation, capital improvements consist of, but are not limited to: New Water Heater, Roof Updates, New Windows, New Stainless Steel Appliances, New In-Unit Furnaces, New Copper Plumbing including a New Main Line to the Street, and Updated Finishes in the Kitchens and Bathrooms.
From day one, a new investor will realize an in-place cap rate of 10.29% and cash returns exceeding 18%. Through improved leasing and raising rents to levels already being achieved in the building, a new investor will be able to realize a cap rate of 11.71% and cash returns over 24%. With recent renovations complete and a fully subsidized tenant base in place, the property provides a strong foundation for long-term ownership and operational success.