Mixed-Use Building | 1645 N Clybourn Ave
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Mixed-Use Building 1645 N Clybourn Ave
4 Unit Apartment Building $1,588,000 ($397,000/Unit) 6% Cap Rate Chicago, IL 60614
Investment Highlights
- 6% existing cap building with excellent condition in the best neibourhood of Chicago, 7% easy pro forma cap.
- The retail business renewed another 5 year lease until 10/31/29.
- A size-able building out basement with bathroom and an office space can be value added.
- Seller finance is available
Executive Summary
4 Units plus a sizable built-out basement (with bathroom) mix-used building for sale in Lincoln Park. 100% occupied with high-credit tenants. 6% existing cap with a 7% pro-forma cap. The retail tenant just renewed another 5-year lease until 10/31/29. This building is located on the famous Clybourn Ave. 3 min walking distance from the Apple flagship Store, there are only 2 Apple flagship stores in the city of Chicago. All units including the storefront are in good condition and rehabbed within the last 10 years, they all have central heat, air / separate utilities individual balconies, and locker rooms in the basement. 4 parking spaces are in the back of the building and the common roof deck with a view of the skyline.
Ample national retail brands, grocery stores, and restaurants are nearby which makes this building always easy to rent.
Ample national retail brands, grocery stores, and restaurants are nearby which makes this building always easy to rent.
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$132,108
|
$24.45
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$132,108
|
$24.45
|
| Taxes |
$29,837
|
$5.52
|
| Operating Expenses |
$6,949
|
$1.29
|
| Total Expenses |
$36,786
|
$6.81
|
| Net Operating Income |
$95,322
|
$17.64
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $132,108 |
| Annual Per SF | $24.45 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $132,108 |
| Annual Per SF | $24.45 |
| Taxes | |
|---|---|
| Annual | $29,837 |
| Annual Per SF | $5.52 |
| Operating Expenses | |
|---|---|
| Annual | $6,949 |
| Annual Per SF | $1.29 |
| Total Expenses | |
|---|---|
| Annual | $36,786 |
| Annual Per SF | $6.81 |
| Net Operating Income | |
|---|---|
| Annual | $95,322 |
| Annual Per SF | $17.64 |
Property Facts
| Price | $1,588,000 | Building Class | C |
| Price Per Unit | $397,000 | Lot Size | 0.05 AC |
| Sale Type | Investment | Building Size | 5,403 SF |
| Cap Rate | 6% | Average Occupancy | 100% |
| No. Units | 4 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1998/2020 |
| Property Subtype | Apartment | Parking Ratio | 0.74/1,000 SF |
| Apartment Style | Low Rise |
| Price | $1,588,000 |
| Price Per Unit | $397,000 |
| Sale Type | Investment |
| Cap Rate | 6% |
| No. Units | 4 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.05 AC |
| Building Size | 5,403 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built/Renovated | 1998/2020 |
| Parking Ratio | 0.74/1,000 SF |
Unit Amenities
- Air Conditioning
- Washer/Dryer
- Basement
- Deck
- Office
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 2 | - | 736 |
| 3+2.5 | 1 | - | 1,454 |
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Walk Score ®
Walker's Paradise (95)
Transit Score ®
Excellent Transit (78)
Bike Score ®
Very Bikeable (87)
PROPERTY TAXES
| Parcel Number | 14-32-425-031-0000 | Total Assessment | $145,000 |
| Land Assessment | $25,525 | Annual Taxes | $29,837 ($5.52/SF) |
| Improvements Assessment | $119,475 | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
14-32-425-031-0000
Land Assessment
$25,525
Improvements Assessment
$119,475
Total Assessment
$145,000
Annual Taxes
$29,837 ($5.52/SF)
Tax Year
2023
zoning
| Zoning Code | B1-3 |
| B1-3 |
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Mixed-Use Building | 1645 N Clybourn Ave
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