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5644 S Prairie Ave 4 Unit Apartment Building $1,049,000 ($262,250/Unit) 8.39% Cap Rate Chicago, IL 60637
EXECUTIVE SUMMARY
4-unit, 2007 construction, OWNER-OCCUPANT investment opportunity in appreciating east Washington Park! Unit 2 has been rehabbed to feature modern improvements to be compared to other new construction in the area.
All four units are 3-bed / 2-bath and have in-unit laundry hook-ups, hardwood and tile throughout, modern appliances, gas-forced-heat / central air, in-unit hot water tanks, and individual utilities. The units are larger than than most of the new construction in the area, ranging in size between 1,200 and 1,400 SF.
The property has had extensive improvements in the last year to the interior and exterior. Other notable features: steel porches with individual outdoor spaces, sump pump and grinder pump, breaker panels in-unit, five exterior parking spaces with automatic gate, common coin laundry, new carpet and paint in common hallway, granite countertops with islands, separate living and dining areas, and updated lighting and bathroom fixtures. All kitchens have refrigerators, dishwashers, gas stoves, built-in microwaves, and condo-quality cabinetry.
This is a fantastic opportunity for an owner-occupant to occupy one unit and benefit from the income from the other three units.
All four units are 3-bed / 2-bath and have in-unit laundry hook-ups, hardwood and tile throughout, modern appliances, gas-forced-heat / central air, in-unit hot water tanks, and individual utilities. The units are larger than than most of the new construction in the area, ranging in size between 1,200 and 1,400 SF.
The property has had extensive improvements in the last year to the interior and exterior. Other notable features: steel porches with individual outdoor spaces, sump pump and grinder pump, breaker panels in-unit, five exterior parking spaces with automatic gate, common coin laundry, new carpet and paint in common hallway, granite countertops with islands, separate living and dining areas, and updated lighting and bathroom fixtures. All kitchens have refrigerators, dishwashers, gas stoves, built-in microwaves, and condo-quality cabinetry.
This is a fantastic opportunity for an owner-occupant to occupy one unit and benefit from the income from the other three units.
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
-
|
-
|
| Net Operating Income |
$87,960
|
$14.72
|
FINANCIAL SUMMARY (ACTUAL - 2024)
| Gross Rental Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Net Operating Income | |
|---|---|
| Annual | $87,960 |
| Annual Per SF | $14.72 |
PROPERTY FACTS
| Price | $1,049,000 | Building Class | C |
| Price Per Unit | $262,250 | Lot Size | 0.09 AC |
| Sale Type | Investment | Building Size | 5,976 SF |
| Cap Rate | 8.39% | No. Stories | 3 |
| No. Units | 4 | Year Built | 2006 |
| Property Type | Multifamily | Parking Ratio | 0.67/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | RM-5 - Residential Multi-Unit District | ||
| Price | $1,049,000 |
| Price Per Unit | $262,250 |
| Sale Type | Investment |
| Cap Rate | 8.39% |
| No. Units | 4 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.09 AC |
| Building Size | 5,976 SF |
| No. Stories | 3 |
| Year Built | 2006 |
| Parking Ratio | 0.67/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | RM-5 - Residential Multi-Unit District |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 3+2 | 4 | - | 1,300 |
1 1
Walk Score®
Very Walkable (73)
Transit Score®
Excellent Transit (73)
Bike Score®
Very Bikeable (70)
1 of 70
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5644 S Prairie Ave
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