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38 N Central Ave
Chicago, IL 60644

Multifamily Property For Sale · 39 Units

PROPERTY FACTS

No. Units 39
Property Type Multifamily
Property Subtype Apartment
Apartment Style Low Rise
Building Class C
Lot Size 0.31 AC
Building Size 24,350 SF
Average Occupancy 100%
No. Stories 4
Year Built 1966
Parking Ratio 1.07/1,000 SF

UNIT AMENITIES

  • Air Conditioning
  • Cable Ready
  • Heating
  • Kitchen
  • Hardwood Floors
  • High Speed Internet Access
  • Refrigerator
  • Oven

SITE AMENITIES

  • Laundry Facilities
  • Security System

ABOUT 38 N CENTRAL AVE , CHICAGO, IL 60644

The building has a history of high occupancy with many long term residents residing on the premises for several years. One of the studio apartments on the first floor of the complex close to the atrium is currently being used as a management office. Current ownership is installing new circuit breakers in each unit. The building is serviced by a Peerless hot water boiler and a 250 gallon standard steel hot water tank in the basement. In 2017 a roof overlay was completed. Residents of 38 N. Central have access to two washers and dryers in the basement. Currently, the property has multiple security cameras that are fully operational. The majority of the units are in vintage condition. 38 N. Central presents a new investor the opportunity to acquire a fully leased multifamily asset with the opportunity to create value by renovating units and raising rents to market levels to achieve maximum levels of return. Other opportunities to increase revenue consist of updating the washer/dryer facility and utilizing the 16 covered parking spaces under the building.

UNIT MIX INFORMATION

DESCRIPTION NO. UNITS AVG. RENT/MO SF
Studios 17 $700.00 -
1+1 22 $720.00 -

PROPERTY TAXES

ZONING

Zoning Code RM-5, Chicago (Multi-Family)
  • Listing ID: 18740210

  • Date on Market: 3/4/2020

  • Last Updated:

  • Address: 38 N Central Ave, Chicago, IL 60644