11136 S Vernon Ave
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11136 S Vernon Ave
6 Unit Apartment Building $720,000 ($120,000/Unit) 10.05% Cap Rate Chicago, IL 60628
Executive Summary
The multifamily property located at 11136 S Vernon Ave, Chicago, IL 60628, presents an exceptional investment opportunity in the thriving South Side market of Chicago. Originally built in 1923 and recently renovated within the past two years, this three-story Class C building spans 6,500 square feet and is competitively priced at $111 per square foot. The purchase price is $720,000.
Currently generating a robust monthly gross income of $7,950, with potential increases to $8,800, the property offers clear financial upside. The initial net operating income (NOI) of $72,388 provides a strong cap rate of 10.05% and a gross rent multiplier (GRM) of 7.55. With projected rent escalations, the NOI is expected to rise to $81,458, enhancing the cap rate to 11.31% and lowering the GRM to 6.82, further solidifying the property’s profitability.
Strategically located in the dynamic Roseland neighborhood, this asset benefits from proximity to key amenities and services, making it highly desirable for renters. The surrounding area boasts a population of 130,488 within a three-mile radius, an average household income of $64,361, and a median home value of $145,440—factors that further strengthen the investment appeal.
With recent renovations, competitive pricing, significant rental growth potential, and attractive financing options, this multifamily property is a perfect addition to any real estate portfolio. It offers both stability and the potential for increased returns.
Currently generating a robust monthly gross income of $7,950, with potential increases to $8,800, the property offers clear financial upside. The initial net operating income (NOI) of $72,388 provides a strong cap rate of 10.05% and a gross rent multiplier (GRM) of 7.55. With projected rent escalations, the NOI is expected to rise to $81,458, enhancing the cap rate to 11.31% and lowering the GRM to 6.82, further solidifying the property’s profitability.
Strategically located in the dynamic Roseland neighborhood, this asset benefits from proximity to key amenities and services, making it highly desirable for renters. The surrounding area boasts a population of 130,488 within a three-mile radius, an average household income of $64,361, and a median home value of $145,440—factors that further strengthen the investment appeal.
With recent renovations, competitive pricing, significant rental growth potential, and attractive financing options, this multifamily property is a perfect addition to any real estate portfolio. It offers both stability and the potential for increased returns.
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- Offering Memorandum
Property Facts
| Price | $720,000 | Apartment Style | Low Rise |
| Price Per Unit | $120,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.07 AC |
| Cap Rate | 10.05% | Building Size | 6,500 SF |
| Gross Rent Multiplier | 7.55 | No. Stories | 3 |
| No. Units | 6 | Year Built/Renovated | 1923/2024 |
| Property Type | Multifamily | Opportunity Zone |
Yes
|
| Property Subtype | Apartment |
| Price | $720,000 |
| Price Per Unit | $120,000 |
| Sale Type | Investment |
| Cap Rate | 10.05% |
| Gross Rent Multiplier | 7.55 |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.07 AC |
| Building Size | 6,500 SF |
| No. Stories | 3 |
| Year Built/Renovated | 1923/2024 |
| Opportunity Zone |
Yes |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 6 | - | - |
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PROPERTY TAXES
| Parcel Number | 25-22-200-027-0000 | Improvements Assessment | $28,413 |
| Land Assessment | $3,187 | Total Assessment | $31,600 |
PROPERTY TAXES
Parcel Number
25-22-200-027-0000
Land Assessment
$3,187
Improvements Assessment
$28,413
Total Assessment
$31,600
zoning
| Zoning Code | R |
| R |
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11136 S Vernon Ave
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