1712-1716 W 87th St 11 Unit Apartment Building $875,000 ($79,545/Unit) 10% Cap Rate Chicago, IL 60620
INVESTMENT HIGHLIGHTS
- Desirable Unit Mix: (7) 1 BD/1 BA & (4) 2 BD/1 BA
- Significant Value Add Opportunity through continued renovation/modernization of remaining units
- Professionally managed
- 4/11 units have been renovated with updated kitchens, baths, and flooring.
- Parking lot located in rear of property/Laundry room on site
- Located off main commercial thoroughfare
EXECUTIVE SUMMARY
Interra Realty has been exclusively engaged to present for sale 1712-16 W. 87th St. The subject property is an 11 unit apartment building located in
Chicago's Auburn Gresham neighborhood featuring (7) 1 BD/1 BA units and (4) 2 BD/1 BA units.
Current ownership has renovated 4/11 units featuring new kitchens and baths with modern finishes. There is an onsite parking lot in the rear of
the property and an onsite laundry room for tenant convenience. There is a significant value add component by bringing rents to market levels
through the continued renovation of the remaining 7 units.
A qualified investor has the opportunity to acquire a well managed, well maintained asset located on a commercial thoroughfare with the ability
to increase NOI.
Chicago's Auburn Gresham neighborhood featuring (7) 1 BD/1 BA units and (4) 2 BD/1 BA units.
Current ownership has renovated 4/11 units featuring new kitchens and baths with modern finishes. There is an onsite parking lot in the rear of
the property and an onsite laundry room for tenant convenience. There is a significant value add component by bringing rents to market levels
through the continued renovation of the remaining 7 units.
A qualified investor has the opportunity to acquire a well managed, well maintained asset located on a commercial thoroughfare with the ability
to increase NOI.
PROPERTY FACTS
| Price | $875,000 |
| Price Per Unit | $79,545 |
| Sale Type | Investment |
| Cap Rate | 10% |
| No. Units | 11 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.22 AC |
| Building Size | 8,100 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1967/2005 |
| Parking Ratio | 1.48/1,000 SF |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 7 | - | 650 |
| 2+1 | 4 | - | 800 |
1 of 1
Walk Score®
Very Walkable (81)
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $50,263 | |
| Land Assessment | $8,439 | Total Assessment | $58,702 |
ZONING
| Zoning Code | B1-1 |
