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735 E 88th St 6 Unit Apartment Building $497,500 ($82,917/Unit) 11.82% Cap Rate Chicago, IL 60619
Executive Summary
OWNER FINANCING POTENTIALLY AVAILABLE - SUBJECT TO TERMS AND STRUCTURE
33 Realty is pleased to present for sale 735 E 88th, a six-unit multi-family investment property in the Chatham neighborhood of Chicago.
The property is composed of six four-room 1-Bed/1-Bath apartments and a three-car garage that features updated electric, updated rear porch, central boiler heat (~8 years old), common hot water, newer windows, hardwood floors throughout, multiple units with updated kitchen and baths, and is located in a low-density pocket of south Chatham.
735 E 88th provides an excellent opportunity for an investor to re-lease the property to local subsidies that are currently offering $1300 to $1400 for one-bedroom residences with heat and hot water included. Upon stabilization, 735 E 88th has the potential to realize a 10-12% annual capitalization rate.
33 Realty is pleased to present for sale 735 E 88th, a six-unit multi-family investment property in the Chatham neighborhood of Chicago.
The property is composed of six four-room 1-Bed/1-Bath apartments and a three-car garage that features updated electric, updated rear porch, central boiler heat (~8 years old), common hot water, newer windows, hardwood floors throughout, multiple units with updated kitchen and baths, and is located in a low-density pocket of south Chatham.
735 E 88th provides an excellent opportunity for an investor to re-lease the property to local subsidies that are currently offering $1300 to $1400 for one-bedroom residences with heat and hot water included. Upon stabilization, 735 E 88th has the potential to realize a 10-12% annual capitalization rate.
Financial Summary (Pro Forma - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
-
|
-
|
| Net Operating Income |
$58,794
|
$15.77
|
Financial Summary (Pro Forma - 2026)
| 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 | $58,794 |
| Annual Per SF | $15.77 |
Property Facts
| Price | $497,500 | Apartment Style | Low-Rise |
| Price Per Unit | $82,917 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.10 AC |
| Cap Rate | 11.82% | Building Size | 4,236 SF |
| No. Units | 6 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1988 |
| Property Subtype | Apartment | Parking Ratio | 0.67/1,000 SF |
| Zoning | RS-2 | ||
| Price | $497,500 |
| Price Per Unit | $82,917 |
| Sale Type | Investment |
| Cap Rate | 11.82% |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.10 AC |
| Building Size | 4,236 SF |
| No. Stories | 3 |
| Year Built | 1988 |
| Parking Ratio | 0.67/1,000 SF |
| Zoning | RS-2 |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Refrigerator
- Range
- Wi-Fi
Site Amenities
- 24 Hour Access
- Tenant Controlled HVAC
- Trash Pickup - Curbside
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 6 | $1,300 | - |
1 1
Moderately walkable
70/100
Moderately drivable
70/100
Good public transit
70/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 25-03-211-012-0000 | Improvements Assessment | $21,025 (2025) |
| Land Assessment | $3,375 (2025) | Total Assessment | $24,400 (2025) |
Property Taxes
Parcel Number
25-03-211-012-0000
Land Assessment
$3,375 (2025)
Improvements Assessment
$21,025 (2025)
Total Assessment
$24,400 (2025)
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735 E 88th St
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