6617-6623 S Ashland Ave
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6617-6623 S Ashland Ave
14 Unit Apartment Building $450,000 ($32,143/Unit) Chicago, IL 60636
Investment Highlights
- Projected ARV of $1.85mm and NOI of ~ $200,000
- Bus Stop at Building and EL Stop nearby
- New Roof, Ready for MEP
- First Floor Commercial Opportunity
- On-site Parking
- Opportunity Zone & Enterprise Zone
Executive Summary
Fantastic opportunity to own this flex-use building located in an Opportunity Zone. With a projected NOI of almost $200k/yr, this property consists of ten residential units and four commercial units. The rare gated courtyard design of the property provides an insulated, safe environment for the residents. The four commercial units, with fantastic visibility and access to Ashland Ave are the perfect size for entrepreneurs to get their new businesses off the ground with a bang. The spaces are open, airy and offer flexible layouts that serve a wide range of businesses.
The makeup of the residential units is four 1 bedroom units and six 2 bedroom units, each with 1 bathroom. They are all great sized units (850+ sf) with big windows and lots of natural light. This is a two story building, convenient for the all tenant types, and also convenient for finishing the rehab (residential plumbing can be PVC, for example). The 4 commercial units will be very easy to fill given their size. They are perfect for NNN tenants like a quick serve restaurant (sandwich shop), barber shop, nail salon, tax/insurance shop etc.
The property has been fully demo’d, a new full tear-off roof has been installed, most masonry work is completed and is fully framed out and ready for MEP.
Plans have been approved with the city and permits are imminent.
The makeup of the residential units is four 1 bedroom units and six 2 bedroom units, each with 1 bathroom. They are all great sized units (850+ sf) with big windows and lots of natural light. This is a two story building, convenient for the all tenant types, and also convenient for finishing the rehab (residential plumbing can be PVC, for example). The 4 commercial units will be very easy to fill given their size. They are perfect for NNN tenants like a quick serve restaurant (sandwich shop), barber shop, nail salon, tax/insurance shop etc.
The property has been fully demo’d, a new full tear-off roof has been installed, most masonry work is completed and is fully framed out and ready for MEP.
Plans have been approved with the city and permits are imminent.
Data Room Click Here to Access
- Operating and Financials
Financial Summary (Pro forma - 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 (Pro forma - 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
| Price | $450,000 | Lot Size | 0.26 AC |
| Price Per Unit | $32,143 | Construction Status | Under Renovation |
| Sale Type | Investment | Building Size | 11,000 SF |
| No. Units | 14 | Average Occupancy | 0% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built/Renovated | 1900/2023 |
| Apartment Style | Low Rise | Parking Ratio | 0.91/1,000 SF |
| Building Class | C | Opportunity Zone |
Yes
|
| Price | $450,000 |
| Price Per Unit | $32,143 |
| Sale Type | Investment |
| No. Units | 14 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.26 AC |
| Construction Status | Under Renovation |
| Building Size | 11,000 SF |
| Average Occupancy | 0% |
| No. Stories | 2 |
| Year Built/Renovated | 1900/2023 |
| Parking Ratio | 0.91/1,000 SF |
| Opportunity Zone |
Yes |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 4 | $6,938 | 850 |
| 2+1 | 6 | $1,565 | 900 |
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Bike Score ®
Very Bikeable (75)
PROPERTY TAXES
| Parcel Number | 20-20-116-005-0000 | Total Assessment | $168,700 (2024) |
| Land Assessment | $18,396 (2024) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $150,304 (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
20-20-116-005-0000
Land Assessment
$18,396 (2024)
Improvements Assessment
$150,304 (2024)
Total Assessment
$168,700 (2024)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2023
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6617-6623 S Ashland Ave
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