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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

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

Price $4,350,000
Price Per Unit $435,000
Sale Type Investment
Cap Rate 6.35%
No. Units 10
Property Type Multifamily
Property Subtype
Apartment
  • General Retail Storefront Retail/Residential
  • Multifamily Dormitory
Apartment Style Mid Rise
Building Class B
Lot Size 0.18 AC
Building Size 18,576 SF
Average Occupancy 100%
No. Stories 4
Year Built 2013
Parking Ratio 0.49/1,000 SF

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)
What is a Walk Score®, Transit Score® & Bike Score®?
Walk Score® measures the walkability of any address.
Transit Score® measures access to public transit.
Bike Score® measures bikeability of a location.
What is a Walk Score®
, Transit Score® & Bike Score?
Walk Score® measures the walkability
of any address. Transit Score®
measures access to public transit. Bike Score®
measures bikeability of a location.®

zoning

Zoning Code B3-2
B3-2
  • Listing ID: 32196974

  • Date on Market: 6/20/2024

  • Last Updated:

  • Address: 1616 N Western Ave, Chicago, IL 60647

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