156-158 N Central Ave
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156-158 N Central Ave
33 Unit Apartment Building $1,450,000 ($43,939/Unit) 9% Cap Rate Chicago, IL 60644
Investment Highlights
- Thirty Three (33) Unit Cash Flowing Property
- Competitive Rate of Return with Rental Upside
- Professionally Managed High Occupancy Property
Executive Summary
Interra Realty has been exclusively engaged to market for sale 156-158 N. Central Ave. The subject property is a thirty three (33) unit multifamily property located in the Austin neighborhood of Chicago’s West Side. The walk up property is comprised of twenty five (25) studio units and eight (8) 1BD/1BA units.
Apartments in 156-158 N. Central Ave are heated through a central steam boiler system. Hot water is delivered via two (2) 100 Gallon hot water tanks. Additional facilities include an onsite laundry center with two (2) washers and two (2) dryers.
A new investor has the opportunity to acquire a stabilized asset offering above market cash flow at acquisition price. Additional value can be created by implementing a rental increase program as units turn over.
Apartments in 156-158 N. Central Ave are heated through a central steam boiler system. Hot water is delivered via two (2) 100 Gallon hot water tanks. Additional facilities include an onsite laundry center with two (2) washers and two (2) dryers.
A new investor has the opportunity to acquire a stabilized asset offering above market cash flow at acquisition price. Additional value can be created by implementing a rental increase program as units turn over.
Data Room Click Here to Access
- Offering Memorandum
Financial Summary (Actual - 2023) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| 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 | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts Under Contract
| Price | $1,450,000 | Property Subtype | Apartment |
| Price Per Unit | $43,939 | Apartment Style | Mid Rise |
| Sale Type | Investment | Building Class | B |
| Cap Rate | 9% | Lot Size | 0.21 AC |
| Gross Rent Multiplier | 5.4 | Building Size | 27,133 SF |
| No. Units | 33 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 1926 |
| Price | $1,450,000 |
| Price Per Unit | $43,939 |
| Sale Type | Investment |
| Cap Rate | 9% |
| Gross Rent Multiplier | 5.4 |
| No. Units | 33 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid Rise |
| Building Class | B |
| Lot Size | 0.21 AC |
| Building Size | 27,133 SF |
| No. Stories | 4 |
| Year Built | 1926 |
Unit Amenities
- Air Conditioning
- Microwave
- Heating
- Refrigerator
- Tub/Shower
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 25 | $650.00 | - |
| 1+1 | 8 | $800.00 | - |
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Walk Score ®
Very Walkable (77)
PROPERTY TAXES
| Parcel Number | 16-08-417-015-0000 | Total Assessment | $194,700 (2024) |
| Land Assessment | $10,680 (2024) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $184,020 (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
16-08-417-015-0000
Land Assessment
$10,680 (2024)
Improvements Assessment
$184,020 (2024)
Total Assessment
$194,700 (2024)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2023
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156-158 N Central Ave
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