3572 W Cortland Ave
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3572 W Cortland Ave
9 Unit Apartment Building $1,875,000 ($208,333/Unit) 6.52% Cap Rate Chicago, IL 60647
Investment Highlights
- Phenomenal location in Logan Square neighborhood
- Renovated asset with updated electric, plumbing, windows, room and individual furnaces
- Excellent Unit Mix with one, two & three bedroom units
- Six parking spaces in the rear
Executive Summary
Introducing 3572-74 W. Cortland St., a fully rehabbed 9- unit multi-family property located in the Logan Square neighborhood. Professionally managed this stabilized investment property offers great in-place cash flow and future upside.
The building has an excellent unit mix of seven (7) 2-bed / 1-bath apartments, one (1) 3-bed / 2-bath apartments, and one (1) 1-bed / 1-bath garden apartment. All units have been fully renovated combining modern conveniences with historic charm. Each unit features updated kitchens and bathrooms complete with granite counter-tops and stainless steel appliances. In addition to its cosmetic finishes, the building received numerous capital improvements including: tenant paid heat and electric, a new roof, and updated electric & plumbing.
3572-74 W. Cortland St. presents an opportunity to acquire a renovated asset with great in-place cash flow in the Logan Square neighborhood. An investor can unlock greater returns by gradually increasing rents to higher market levels over time, providing a solid cash-on-cash return for years to come.
The building has an excellent unit mix of seven (7) 2-bed / 1-bath apartments, one (1) 3-bed / 2-bath apartments, and one (1) 1-bed / 1-bath garden apartment. All units have been fully renovated combining modern conveniences with historic charm. Each unit features updated kitchens and bathrooms complete with granite counter-tops and stainless steel appliances. In addition to its cosmetic finishes, the building received numerous capital improvements including: tenant paid heat and electric, a new roof, and updated electric & plumbing.
3572-74 W. Cortland St. presents an opportunity to acquire a renovated asset with great in-place cash flow in the Logan Square neighborhood. An investor can unlock greater returns by gradually increasing rents to higher market levels over time, providing a solid cash-on-cash return for years to come.
Financial Summary (Actual - 2023) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2023) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts Under Contract
| Price | $1,875,000 | Apartment Style | Mid Rise |
| Price Per Unit | $208,333 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.16 AC |
| Cap Rate | 6.52% | Building Size | 10,287 SF |
| Gross Rent Multiplier | 10.12 | No. Stories | 4 |
| No. Units | 9 | Year Built/Renovated | 1910/2018 |
| Property Type | Multifamily | Parking Ratio | 0.58/1,000 SF |
| Property Subtype | Apartment |
| Price | $1,875,000 |
| Price Per Unit | $208,333 |
| Sale Type | Investment |
| Cap Rate | 6.52% |
| Gross Rent Multiplier | 10.12 |
| No. Units | 9 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid Rise |
| Building Class | C |
| Lot Size | 0.16 AC |
| Building Size | 10,287 SF |
| No. Stories | 4 |
| Year Built/Renovated | 1910/2018 |
| Parking Ratio | 0.58/1,000 SF |
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Tub/Shower
Site Amenities
- Public Transportation
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 1 | $1,400 | - |
| 2+1 | 7 | $1,700 | - |
| 3+2 | 1 | $2,000 | - |
1 of 1
Walk Score ®
Very Walkable (86)
Bike Score ®
Biker's Paradise (98)
PROPERTY TAXES
| Parcel Number | 13-35-400-033-0000 | Total Assessment | $65,148 |
| Land Assessment | $3,241 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $61,907 | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
13-35-400-033-0000
Land Assessment
$3,241
Improvements Assessment
$61,907
Total Assessment
$65,148
Annual Taxes
($1) ($0.00/SF)
Tax Year
2023
zoning
| Zoning Code | RS-3 (Residential Single-Unit District) |
| RS-3 (Residential Single-Unit District) |
-
Harrison Cohen -
Alexander Summers -
Triton Realty Group, LLC
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3572 W Cortland Ave
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