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6348 S Ada St 13 Unit Apartment Building $975,000 ($75,000/Unit) 10.08% Cap Rate Chicago, IL 60636
INVESTMENT HIGHLIGHTS
- Eight (8) 2Bd/1Ba & Five (5) 1Bd/1Ba
- Seven (7) Recently Renovated Units
- Significant Rental Upside
- Brand New Peerless Boiler (2023)
- Value-Add Opportunity
EXECUTIVE SUMMARY
Kiser Group is pleased to exclusively offer for purchase 6348 S. Ada, a thirteen (13) unit walk-up in the West Englewood neighborhood of Chicago's South Side. The building sits directly across from Ogden Park - a 60 acre space which boasts a pool, basketball and tennis courts, baseball diamond and a playground. Additionally, the building is ideally situated just four (4) blocks away from Ashland/63rd 'El' train station.
6348 S. Ada is comprised of five (5) 1b/1ba units and (8) 2b/1ba units. Seven (7) of these units have been recently renovated to include updated kitchens and baths with hardwood floors throughout. Additional improvements to the building consist of, but are not limited to, a new Peerless boiler, modern 100 gallon hot water tank, and updated electric with breaker boxes in unit.
6348 S. Ada presents an investor a unique opportunity of acquiring cash flowing building with a significant value-add component. At list price, the building performs at a 9.23% cap rate. However, solely by raising current rents to market rate levels by way of steady rent increases there is an opportunity to achieve a 10.95% cap rate.
6348 S. Ada is comprised of five (5) 1b/1ba units and (8) 2b/1ba units. Seven (7) of these units have been recently renovated to include updated kitchens and baths with hardwood floors throughout. Additional improvements to the building consist of, but are not limited to, a new Peerless boiler, modern 100 gallon hot water tank, and updated electric with breaker boxes in unit.
6348 S. Ada presents an investor a unique opportunity of acquiring cash flowing building with a significant value-add component. At list price, the building performs at a 9.23% cap rate. However, solely by raising current rents to market rate levels by way of steady rent increases there is an opportunity to achieve a 10.95% cap rate.
PROPERTY FACTS
| Price | $975,000 | Building Class | C |
| Price Per Unit | $75,000 | Lot Size | 0.17 AC |
| Sale Type | Investment | Building Size | 15,837 SF |
| Cap Rate | 10.08% | Average Occupancy | 100% |
| No. Units | 13 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1911 |
| Property Subtype | Apartment | Parking Ratio | 0.13/1,000 SF |
| Apartment Style | Low-Rise | Opportunity Zone |
Yes
|
| Zoning | R3 | ||
| Price | $975,000 |
| Price Per Unit | $75,000 |
| Sale Type | Investment |
| Cap Rate | 10.08% |
| No. Units | 13 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.17 AC |
| Building Size | 15,837 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1911 |
| Parking Ratio | 0.13/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | R3 |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 4 | - | 700 |
| 2+1 | 8 | - | 900 |
| 3+1 | 1 | - | 900 |
1 1
Walk Score®
Very Walkable (70)
PROPERTY TAXES
| Parcel Number | 20-20-104-022-0000 | Improvements Assessment | $57,789 |
| Land Assessment | $4,500 | Total Assessment | $62,289 |
PROPERTY TAXES
Parcel Number
20-20-104-022-0000
Land Assessment
$4,500
Improvements Assessment
$57,789
Total Assessment
$62,289
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6348 S Ada St
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