4500-4506 W Fullerton Ave
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4500-4506 W Fullerton Ave
32 Unit Apartment Building $6,250,000 ($195,313/Unit) Chicago, IL 60639
Investment Highlights
- New 1600 Amp Electrical Service
- Copper Plumbing Throughout
- Updated Masonry and Tuckpointing (2024)
- Individual and In-Unit Furnaces
- New Silver Coated Roof (2023)
- Assumable Loan: $4,155,000 remaining balance, 4.02% Interest Rate, April 2032 Maturity Date
Executive Summary
Kiser Group is pleased to exclusively offer for purchase 4500 W Fullerton, a renovated, turnkey, thirty-six (36) unit walkup located in Chicago's historic Hermosa neighborhood. The property is located just west of the rapidly appreciating Logan Square, and along Fullerton Ave, which provides tenants an abundance of retail options and public transit. It is a mixed-use, courtyard building that offers thirty-two (32) residential units and four (4) ground-floor commercial spaces, on the Fullerton side of the building.
4500 Fullerton offers an incredibly desirable unit composition and is currently comprised of twelve (12) 1Bd/1ba units, twelve (12) 2Bd/1ba units, and eight (8) 3Bd/1ba units. Additionally, all the units have been cosmetically updated and feature modern kitchens and bathrooms. The building features a 1600 amp electrical service and most of the plumbing has been upgraded to copper. Each apartment is separately metered and has individual heating. In addition to the apartments, there are four retail spaces located on Fullerton which is a major thoroughfare. Furthermore, there's a wall advertising sign facing Fullerton that's being used to generate additional income.
4500 W. Fullerton presents an investor with a unique opportunity to acquire a strong, stabilized cash-flowing asset with an in-place cap rate of over 6% from day one. Additionally, through improved leasing, management, and raising rents to levels already being achieved in the building, a new investor can realize a cap rate of 7.91% and cash returns of over 11%. Furthermore, the building has an assumable loan available through Fannie Mae for the right buyer: Loan Balance of $4,155,000, Interest Rate of 4.02%, and Maturity Date of April 2023.
-Desirable Unit Mix: Twelve (12) 1BD/1BA, Twelve (12) 2BD/1BA, Eight (8) 3BD/1BA and Four (4) Commercial Units
- Individual Furnaces in Each Unit
- Two (2) 100G Hot Water Tanks
- New 1600 Amp Electrical Service
- Copper Plumbing Throughout
- Silver Coated Roof (2023)
- Abundance of Masonry and Tuckpointing (2024)
- On Site Laundry Facility
- Central Air for Retail Units (2024)
- Assumable Loan: $4,155,000, 4.02% interest rate, 10-year term, interest only for 5 years
4500 Fullerton offers an incredibly desirable unit composition and is currently comprised of twelve (12) 1Bd/1ba units, twelve (12) 2Bd/1ba units, and eight (8) 3Bd/1ba units. Additionally, all the units have been cosmetically updated and feature modern kitchens and bathrooms. The building features a 1600 amp electrical service and most of the plumbing has been upgraded to copper. Each apartment is separately metered and has individual heating. In addition to the apartments, there are four retail spaces located on Fullerton which is a major thoroughfare. Furthermore, there's a wall advertising sign facing Fullerton that's being used to generate additional income.
4500 W. Fullerton presents an investor with a unique opportunity to acquire a strong, stabilized cash-flowing asset with an in-place cap rate of over 6% from day one. Additionally, through improved leasing, management, and raising rents to levels already being achieved in the building, a new investor can realize a cap rate of 7.91% and cash returns of over 11%. Furthermore, the building has an assumable loan available through Fannie Mae for the right buyer: Loan Balance of $4,155,000, Interest Rate of 4.02%, and Maturity Date of April 2023.
-Desirable Unit Mix: Twelve (12) 1BD/1BA, Twelve (12) 2BD/1BA, Eight (8) 3BD/1BA and Four (4) Commercial Units
- Individual Furnaces in Each Unit
- Two (2) 100G Hot Water Tanks
- New 1600 Amp Electrical Service
- Copper Plumbing Throughout
- Silver Coated Roof (2023)
- Abundance of Masonry and Tuckpointing (2024)
- On Site Laundry Facility
- Central Air for Retail Units (2024)
- Assumable Loan: $4,155,000, 4.02% interest rate, 10-year term, interest only for 5 years
Property Facts
| Price | $6,250,000 | Building Class | C |
| Price Per Unit | $195,313 | Lot Size | 0.31 AC |
| Sale Type | Investment | Building Size | 36,381 SF |
| No. Units | 32 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built/Renovated | 1928/2016 |
| Apartment Style | Low Rise |
| Price | $6,250,000 |
| Price Per Unit | $195,313 |
| Sale Type | Investment |
| No. Units | 32 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.31 AC |
| Building Size | 36,381 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built/Renovated | 1928/2016 |
Unit Amenities
- Air Conditioning
- Microwave
- Heating
- Refrigerator
- Tub/Shower
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 4 | - | 1,000 |
| 1+1 | 12 | - | 650 - 750 |
| 2+1 | 8 | - | 825 |
| 3+1 | 8 | - | 950 |
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Walk Score ®
Very Walkable (82)
PROPERTY TAXES
| Parcel Number | 13-27-326-027-0000 | Improvements Assessment | $343,903 |
| Land Assessment | $25,025 | Total Assessment | $368,928 |
PROPERTY TAXES
Parcel Number
13-27-326-027-0000
Land Assessment
$25,025
Improvements Assessment
$343,903
Total Assessment
$368,928
zoning
| Zoning Code | B1-1 (Retail storefronts on low-traffic streets.) |
| B1-1 (Retail storefronts on low-traffic streets.) |
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Noah Clark -
Jack Petrando -
Kiser Group
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4500-4506 W Fullerton Ave
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