Two Buildings, 26-Units, 10.08% CAP 2 Multifamily Properties Offered at $2,800,000 in Chicago, IL
INVESTMENT HIGHLIGHTS
- (21) 2 bedroom, (5) 3 bedroom
- Parking/Laundry On-site
- Updated Electric/Plumbing
- CAP Rate - 10.08%
- Roof - Tear off (2023)
- 92% Occupancy
EXECUTIVE SUMMARY
CRER is pleased to present a two building, 26-unit portfolio located in Chicago’s Auburn Gresham neighborhood. The two properties, located side by side, include a desirable unit mix consisting of (21) 2 bedroom and (5) 3 bedroom units. Each apartment includes spacious floor plans with updated kitchen and baths throughout.
Capital improvements to the portfolio consist of updated electric/plumbing, tear-off roof (2023), and on-site laundry and parking. The current average rent is $1,602 and approximately 85% of the total rent roll is paid by various government subsidies. This is a great opportunity for an investor to acquire a fully stabilized portfolio at a double digit cap rate and a cash on cash return of just under 20%.
Capital improvements to the portfolio consist of updated electric/plumbing, tear-off roof (2023), and on-site laundry and parking. The current average rent is $1,602 and approximately 85% of the total rent roll is paid by various government subsidies. This is a great opportunity for an investor to acquire a fully stabilized portfolio at a double digit cap rate and a cash on cash return of just under 20%.
PROPERTY FACTS
| Price | $2,800,000 |
| Price / SF | $123.62 / SF |
| Sale Condition | Bulk/Portfolio Sale |
| Cap Rate | 10.08% |
| Sale Type | Investment |
| Status | Active |
| Number of Properties | 2 |
| Individually For Sale | 0 |
| Total Building Size | 22,650 SF |
| Total Land Area | 0.64 AC |
PROPERTIES
| PROPERTY NAME / ADDRESS | PROPERTY TYPE | SIZE | YEAR BUILT | INDIVIDUAL PRICE |
|---|---|---|---|---|
| 1649 W 83rd St, Chicago, IL 60620 | Multifamily | 11,650 SF | 1927 | - |
| 8301 S Paulina St, Chicago, IL 60620 | Multifamily | 11,000 SF | 1927 | - |
1 of 1
