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Turnkey 18 Unit Building in North Lawndale 1256 S Independence Blvd

18 Unit Apartment Building $1,799,000 ($99,944/Unit) 10.95% Cap Rate Chicago, IL 60623

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Executive Summary

CASh ONLY. SOLD AS-IS, with Violations. Estimated cost to complete violations $50,000 This is a fantastic opportunity to acquire a partially gut-rehabbed building located on Independence Boulevard right in the up-and-coming neighborhood of North Lawndale. This 18-unit building offers a great unit mix of 2,3 and 4-bedroom units. All units are individually metered and offer very spacious layouts. The building has 12 units of 2BR/1BA, 3 units of 3BR/1BA and 3 units of 4BR/1BA. The basement has a coin laundry room with 3 washers and 3 dryers. Security cameras have been installed around the building. 8 units have been upgraded in the last year. Each unit has its own gas meter, water heater, and electric meter. For investors looking for a value add, there is space to add 6 more garden units. The current monthly rent roll is over $22,000 with 90% occupancy.

Financial Summary (Actual - 2023) Click Here to Access	Annual	Annual Per SF
Gross Rental Income	$99,999	$9.99
Other Income	-	-
Vacancy Loss	-	-
Effective Gross Income	$99,999	$9.99
Taxes	-	-
Operating Expenses	-	-
Total Expenses	$99,999	$9.99
Net Operating Income	$99,999	$9.99

Financial Summary (Actual - 2023) Click Here to Access

Gross Rental Income
Annual	$99,999
Annual Per SF	$9.99

Other Income
Annual	-
Annual Per SF	-

Vacancy Loss
Annual	-
Annual Per SF	-

Effective Gross Income
Annual	$99,999
Annual Per SF	$9.99

Taxes
Annual	-
Annual Per SF	-

Operating Expenses
Annual	-
Annual Per SF	-

Total Expenses
Annual	$99,999
Annual Per SF	$9.99

Net Operating Income
Annual	$99,999
Annual Per SF	$9.99

Property Facts

Price	$1,799,000	Building Class	C
Price Per Unit	$99,944	Lot Size	0.21 AC
Sale Type	Investment	Building Size	18,000 SF
Cap Rate	10.95%	Average Occupancy	90%
No. Units	18	No. Stories	3
Property Type	Multifamily	Year Built/Renovated	1909/2023
Property Subtype	Apartment	Parking Ratio	0.78/1,000 SF
Apartment Style	Low Rise	Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.

Price	$1,799,000
Price Per Unit	$99,944
Sale Type	Investment
Cap Rate	10.95%
No. Units	18
Property Type	Multifamily
Property Subtype	Apartment
Apartment Style	Low Rise
Building Class	C
Lot Size	0.21 AC
Building Size	18,000 SF
Average Occupancy	90%
No. Stories	3
Year Built/Renovated	1909/2023
Parking Ratio	0.78/1,000 SF
Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.