1616 N Western Ave
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1616 N Western Ave
10 Unit Apartment Building $4,350,000 ($435,000/Unit) 6.35% Cap Rate Chicago, IL 60647
Executive Summary
Introducing a prime investment opportunity in Bucktown, this newer 10-unit building is a testament to modern luxury and urban convenience. Each extra-wide condo-quality apartment boasts high ceilings, balconies, hardwood floors, granite countertops, and 42-inch cabinets with stainless steel appliances, creating a sophisticated living experience. Oversized windows flood each unit with natural light, enhancing the spacious rooms and elegant interiors. The building includes eight storage units and nine attached garage spots, ensuring ample convenience for residents. Currently, the property is fully occupied with long-term, high-quality tenants, offering stability and immediate rental income. There is significant potential to increase rental rates, supported by the upscale design and desirable location. Featuring eight upscale residential units and two commercial spaces, each with separate tax IDs, this property offers versatility and investment security. Situated near the Blue Line and Western Avenue CTA stop, residents enjoy easy transit access, while the vibrant neighborhood boasts trendy restaurants, fashionable boutiques, art galleries, and music venues, enriching the local lifestyle and attracting a dynamic tenant base.
Data Room Click Here to Access
- Operating and Financials
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
---|---|---|
Gross Rental Income | $352,584 | $18.98 |
Other Income | - | - |
Vacancy Loss | - | - |
Effective Gross Income | $352,584 | $18.98 |
Taxes | $48,684 | $2.62 |
Operating Expenses | $27,685 | $1.49 |
Total Expenses | $76,369 | $4.11 |
Net Operating Income | $276,215 | $14.87 |
Financial Summary (Actual - 2023)
Gross Rental Income | |
---|---|
Annual | $352,584 |
Annual Per SF | $18.98 |
Other Income | |
---|---|
Annual | - |
Annual Per SF | - |
Vacancy Loss | |
---|---|
Annual | - |
Annual Per SF | - |
Effective Gross Income | |
---|---|
Annual | $352,584 |
Annual Per SF | $18.98 |
Taxes | |
---|---|
Annual | $48,684 |
Annual Per SF | $2.62 |
Operating Expenses | |
---|---|
Annual | $27,685 |
Annual Per SF | $1.49 |
Total Expenses | |
---|---|
Annual | $76,369 |
Annual Per SF | $4.11 |
Net Operating Income | |
---|---|
Annual | $276,215 |
Annual Per SF | $14.87 |
Property Facts
Unit Amenities
- Storage Space
- Views
Site Amenities
- Controlled Access
- Elevator
Unit Mix Information
Description | No. Units | Avg. Rent/Mo | SF |
---|---|---|---|
1+1.5 | 2 | - | 1,200 - 1,300 |
2+2 | 4 | - | 1,700 - 1,800 |
3+2.5 | 1 | - | 2,000 |
3+3 | 1 | - | 2,200 |
Walk Score ®
Walker's Paradise (94)
Transit Score ®
Excellent Transit (73)
Bike Score ®
Biker's Paradise (93)
zoning
Zoning Code | B3-2 |
B3-2 |
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1616 N Western Ave
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