2054 W Chase Ave
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2054 W Chase Ave
6 Unit Apartment Building $1,725,000 ($287,500/Unit) 6.22% Cap Rate Chicago, IL 60645
Investment Highlights
- Condo Quality Finishes w/ In-Unit Laundry
- Four Garages & 2 Outdoor Spaces
- Very Strong Historical Occupancy
- 2007 Construction w/ Very Attractive Unit Mix
- Fireplaces & Balconies
- Professionally Managed
Executive Summary
Marcus & Millichap is pleased to present this multi-family real estate opportunity in the Rogers Park neighborhood of Chicago. The subject property of 2054 West Chase Avenue is located 11.5 miles north of Chicago's downtown loop area, 1.2 miles west of Lake Michigan, 0.8 miles west of the CTA's Jarvis Red Line train station, and 0.1 miles north of the CTA's Damen Avenue & Rogers Avenue bus 290 stop. The unit mix for the subject property consists of two two-bedroom one-bathroom units that measure 1,000 square feet, two three-bedroom two-bathroom units that measure 1,800 square feet, one three-bedroom two and a half bathroom unit that measures 2,000 square feet, and one four-bedroom three-bathroom unit that measures 2,200 square feet. Additionally, there are four garages and two outdoor parking spaces, accommodating parking for each unit.
An investor can take full advantage of this real estate opportunity by capitalizing on the prime location of this asset plus the ability to raise current rents to conform with the rental market.
An investor can take full advantage of this real estate opportunity by capitalizing on the prime location of this asset plus the ability to raise current rents to conform with the rental market.
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$161,280
|
$15.22
|
| Other Income |
$230
|
$0.02
|
| Vacancy Loss |
$4,838
|
$0.46
|
| Effective Gross Income |
$156,672
|
$14.78
|
| Taxes |
$19,824
|
$1.87
|
| Operating Expenses |
$30,826
|
$2.91
|
| Total Expenses |
$50,650
|
$4.78
|
| Net Operating Income |
$106,022
|
$10.00
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $161,280 |
| Annual Per SF | $15.22 |
| Other Income | |
|---|---|
| Annual | $230 |
| Annual Per SF | $0.02 |
| Vacancy Loss | |
|---|---|
| Annual | $4,838 |
| Annual Per SF | $0.46 |
| Effective Gross Income | |
|---|---|
| Annual | $156,672 |
| Annual Per SF | $14.78 |
| Taxes | |
|---|---|
| Annual | $19,824 |
| Annual Per SF | $1.87 |
| Operating Expenses | |
|---|---|
| Annual | $30,826 |
| Annual Per SF | $2.91 |
| Total Expenses | |
|---|---|
| Annual | $50,650 |
| Annual Per SF | $4.78 |
| Net Operating Income | |
|---|---|
| Annual | $106,022 |
| Annual Per SF | $10.00 |
Property Facts Under Contract
| Price | $1,725,000 | Apartment Style | Low Rise |
| Price Per Unit | $287,500 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.16 AC |
| Cap Rate | 6.22% | Building Size | 10,600 SF |
| Gross Rent Multiplier | 10.7 | Average Occupancy | 100% |
| No. Units | 6 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 2007 |
| Property Subtype | Apartment | Parking Ratio | 0.57/1,000 SF |
| Price | $1,725,000 |
| Price Per Unit | $287,500 |
| Sale Type | Investment |
| Cap Rate | 6.22% |
| Gross Rent Multiplier | 10.7 |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.16 AC |
| Building Size | 10,600 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 2007 |
| Parking Ratio | 0.57/1,000 SF |
Unit Amenities
- Air Conditioning
- Balcony
- Dishwasher
- Fireplace
- Washer/Dryer
- Ceiling Fans
- Granite Countertops
- Hardwood Floors
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 4+3 | 1 | $2,890 | 2,200 |
| 3+2.5 | 1 | $2,590 | 2,000 |
| 3+2 | 2 | $2,273 | 1,800 |
| 2+1 | 2 | $1,805 | 1,000 |
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Walk Score ®
Very Walkable (76)
Transit Score ®
Excellent Transit (71)
Bike Score ®
Very Bikeable (80)
PROPERTY TAXES
| Parcel Number | 11-30-317-024-0000 | Total Assessment | $95,212 |
| Land Assessment | $12,487 | Annual Taxes | $19,824 ($1.87/SF) |
| Improvements Assessment | $82,725 | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
11-30-317-024-0000
Land Assessment
$12,487
Improvements Assessment
$82,725
Total Assessment
$95,212
Annual Taxes
$19,824 ($1.87/SF)
Tax Year
2023
zoning
| Zoning Code | 10 |
| 10 |
-
James Ziegler -
Marcus & Millichap
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2054 W Chase Ave
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