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7648 S Phillips Ave 31 Unit Apartment Building $2,300,000 ($74,194/Unit) 10.23% Cap Rate Chicago, IL 60649
Investment Highlights
- VALUE-ADD: Stabilized asset offering strong upside through significant rent growth potential with minimal capital outlay.
- STRATEGIC LOCATION: Within walking distance to public transit (Metra Electric District), Rainbow Beach, South Shore Cultural Center, and several major
- ATTRACTIVE BASIS: Offered at an appealing in-place cap rate (10.23%) and cash-on-cash return (19.35%)
Property Facts
| Price | $2,300,000 | Apartment Style | Mid-Rise |
| Price Per Unit | $74,194 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.34 AC |
| Cap Rate | 10.23% | Building Size | 24,898 SF |
| Gross Rent Multiplier | 4.83 | Average Occupancy | 100% |
| No. Units | 31 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 1925 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | RT-4 - Residential Two-Flat, Townhouse and Multi-Unit District | ||
| Price | $2,300,000 |
| Price Per Unit | $74,194 |
| Sale Type | Investment |
| Cap Rate | 10.23% |
| Gross Rent Multiplier | 4.83 |
| No. Units | 31 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.34 AC |
| Building Size | 24,898 SF |
| Average Occupancy | 100% |
| No. Stories | 4 |
| Year Built | 1925 |
| Opportunity Zone |
Yes |
| Zoning | RT-4 - Residential Two-Flat, Townhouse and Multi-Unit District |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Range
- Tub/Shower
Site Amenities
- 24 Hour Access
- Laundry Facilities
- Tenant Controlled HVAC
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 6 | - | 400 - 500 |
| 1+1 | 13 | - | - |
| 2+1 | 9 | - | - |
| 2+2 | 3 | - | - |
1 1
Walk Score®
Very Walkable (77)
Transit Score®
Excellent Transit (70)
Property Taxes
| Parcel Number | 21-30-307-022-0000 | Improvements Assessment | $201,760 |
| Land Assessment | $18,240 | Total Assessment | $220,000 |
Property Taxes
Parcel Number
21-30-307-022-0000
Land Assessment
$18,240
Improvements Assessment
$201,760
Total Assessment
$220,000
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7648 S Phillips Ave
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