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8222 S Martin Luther King Dr 21 Unit Apartment Building $1,050,000 ($50,000/Unit) 7.52% Cap Rate Chicago, IL 60619
INVESTMENT HIGHLIGHTS
- Value add opportunity through cosmetic updates and adjusting to market rents
- Beautiful courtyard for tenants' enjoyment
- Ability to achieve 11%+ cap rate with light cosmetic renovation
- Convenient location with proximity to both I-90 and Metra Electric
EXECUTIVE SUMMARY
Interra Realty has been exclusively engaged to market 8222 S. Martin Luther King Dr for sale. The subject investment property is a 21 unit multifamily asset in the Chatham submarket on Chicago’s south side. The property is a midcentury walk-up featuring ample courtyard space and parking for tenant convenience.
The unit mix at the property is comprised of 7 ground floor office units and 14 one-bedroom apartments. The property presents a new investor significant value add opportunity through updating finishes in existing apartments and adjusting rents to market rate.
The unit mix at the property is comprised of 7 ground floor office units and 14 one-bedroom apartments. The property presents a new investor significant value add opportunity through updating finishes in existing apartments and adjusting rents to market rate.
PROPERTY FACTS Under Contract
| Price | $1,050,000 | Apartment Style | Low-Rise |
| Price Per Unit | $50,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.31 AC |
| Cap Rate | 7.52% | Building Size | 13,422 SF |
| No. Units | 21 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1965 |
| Property Subtype | Apartment | Parking Ratio | 0.9/1,000 SF |
| Zoning | CE | ||
| Price | $1,050,000 |
| Price Per Unit | $50,000 |
| Sale Type | Investment |
| Cap Rate | 7.52% |
| No. Units | 21 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.31 AC |
| Building Size | 13,422 SF |
| No. Stories | 3 |
| Year Built | 1965 |
| Parking Ratio | 0.9/1,000 SF |
| Zoning | CE |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 21 | - | - |
1 1
Walk Score®
Very Walkable (77)
PROPERTY TAXES
| Parcel Number | 20-34-123-040-0000 | Improvements Assessment | $34,300 |
| Land Assessment | $13,500 | Total Assessment | $47,800 |
PROPERTY TAXES
Parcel Number
20-34-123-040-0000
Land Assessment
$13,500
Improvements Assessment
$34,300
Total Assessment
$47,800
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8222 S Martin Luther King Dr
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