1244 N Cleaver
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1244 N Cleaver
6 Unit Apartment Building $1,450,000 ($241,667/Unit) 6.44% Cap Rate Chicago, IL 60642
Investment Highlights
- Appealed property taxes with the Board of Review and the assessed value for 2023 has been reduced from $120,621 (2022) to $96,056.
- Unfinished Attic. Potential to duplex up.
- Assumable loan allows for additional cash flow year 1 with a rate of 4.65% and maturity date of 8/1/2025 with a balance of $815,000. Loan is with FNMA
Executive Summary
1244 N. Cleaver is a six (6) unit turnkey property situated in the vibrant West Town/Noble Square area. All units are updated units with in-unit W/D, radiant heat flooring, split mini AC and tankless water heaters, sleek kitchens featuring stainless steel appliances and granite countertops. Highlights include potential to Duplex up on top floor, reduced property taxes and an assumable loan with favorable terms to enhance cash flow from day one. Two (2) parking spaces in the rear of the building generate additional income. This property is strategically located near transportation hubs and highways, offering both appeal and convenience. Don't miss out-schedule your showing today!
Financial Summary (Pro forma - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$132,420
|
$36.78
|
| Other Income |
$4,440
|
$1.23
|
| Vacancy Loss |
$5,296
|
$1.47
|
| Effective Gross Income |
$131,564
|
$36.55
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$38,202
|
$10.61
|
| Net Operating Income |
$93,362
|
$25.93
|
Financial Summary (Pro forma - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $132,420 |
| Annual Per SF | $36.78 |
| Other Income | |
|---|---|
| Annual | $4,440 |
| Annual Per SF | $1.23 |
| Vacancy Loss | |
|---|---|
| Annual | $5,296 |
| Annual Per SF | $1.47 |
| Effective Gross Income | |
|---|---|
| Annual | $131,564 |
| Annual Per SF | $36.55 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $38,202 |
| Annual Per SF | $10.61 |
| Net Operating Income | |
|---|---|
| Annual | $93,362 |
| Annual Per SF | $25.93 |
Property Facts
| Price | $1,450,000 | Apartment Style | Low Rise |
| Price Per Unit | $241,667 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.07 AC |
| Cap Rate | 6.44% | Building Size | 3,600 SF |
| Gross Rent Multiplier | 11.6 | No. Stories | 3 |
| No. Units | 6 | Year Built/Renovated | 1886/2015 |
| Property Type | Multifamily | Parking Ratio | 0.56/1,000 SF |
| Property Subtype | Apartment |
| Price | $1,450,000 |
| Price Per Unit | $241,667 |
| Sale Type | Investment |
| Cap Rate | 6.44% |
| Gross Rent Multiplier | 11.6 |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.07 AC |
| Building Size | 3,600 SF |
| No. Stories | 3 |
| Year Built/Renovated | 1886/2015 |
| Parking Ratio | 0.56/1,000 SF |
Unit Amenities
- Air Conditioning
- Dishwasher
- Washer/Dryer
- Heating
- Granite Countertops
- Hardwood Floors
- Stainless Steel Appliances
Site Amenities
- Courtyard
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 6 | $1,828 | 700 - 750 |
1 of 1
Walk Score ®
Walker's Paradise (96)
Transit Score ®
Excellent Transit (76)
Bike Score ®
Biker's Paradise (96)
PROPERTY TAXES
| Parcel Number | 17-05-123-022-0000 | Improvements Assessment | $77,306 (2023) |
| Land Assessment | $18,750 (2023) | Total Assessment | $96,056 (2023) |
PROPERTY TAXES
Parcel Number
17-05-123-022-0000
Land Assessment
$18,750 (2023)
Improvements Assessment
$77,306 (2023)
Total Assessment
$96,056 (2023)
zoning
| Zoning Code | RT-4 (Residential Two-Flat, Townhouse and Multi-Unit District) |
| RT-4 (Residential Two-Flat, Townhouse and Multi-Unit District) |
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Peak Realty
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