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5650 W Diversey Ave

6 Unit Apartment Building $739,000 ($123,167/Unit) 6.68% Cap Rate Chicago, IL 60639

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Executive Summary

Investment opportunity to own an all brick 6 Unit Mixed-Use building in Chicago's Belmont-Cragin neighborhood. This property features 4 - 2bd/1ba units, 1 - 1bd/1ba unit, and a local bar on the main level. The 3 rear residential units have been completely gut rehabbed in 2015 and are condo quality including hardwood floors, stainless steel appliances, and granite counters. The 2 front residential units had some updates. All 6 units have their individual HVAC and the 2 rear units have their individual hot water heaters. The roof was updated in 2015. The current rent is WELL BELOW market value and are all month to month. (With the market value, the Total Annual Income before expenses should be around $90,000 off rent alone). Additional income from coin laundry. Explore the possibilities of being a Chicago commercial property owner.

Financial Summary (Actual - 2023)	Annual	Annual Per SF
Gross Rental Income	$66,000	$17.45
Other Income	$2,000	$0.53
Vacancy Loss	-	-
Effective Gross Income	$68,000	$17.98
Taxes	$7,320	$1.94
Operating Expenses	$11,280	$2.98
Total Expenses	$18,600	$4.92
Net Operating Income	$49,400	$13.06

Financial Summary (Actual - 2023)

Gross Rental Income
Annual	$66,000
Annual Per SF	$17.45

Other Income
Annual	$2,000
Annual Per SF	$0.53

Vacancy Loss
Annual	-
Annual Per SF	-

Effective Gross Income
Annual	$68,000
Annual Per SF	$17.98

Taxes
Annual	$7,320
Annual Per SF	$1.94

Operating Expenses
Annual	$11,280
Annual Per SF	$2.98

Total Expenses
Annual	$18,600
Annual Per SF	$4.92

Net Operating Income
Annual	$49,400
Annual Per SF	$13.06

Property Facts

Price	$739,000	Building Class	C
Price Per Unit	$123,167	Lot Size	0.07 AC
Sale Type	Investment or Owner User	Building Size	3,782 SF
Cap Rate	6.68%	Average Occupancy	100%
No. Units	6	No. Stories	3
Property Type	Multifamily	Year Built	1930
Property Subtype	Apartment General Retail Bar General Retail Storefront Retail/Office Office Office Residential

Price	$739,000
Price Per Unit	$123,167
Sale Type	Investment or Owner User
Cap Rate	6.68%
No. Units	6
Property Type	Multifamily
Property Subtype	Apartment General Retail Bar General Retail Storefront Retail/Office Office Office Residential
Building Class	C
Lot Size	0.07 AC
Building Size	3,782 SF
Average Occupancy	100%
No. Stories	3
Year Built	1930