7240 W Devon Ave
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7240 W Devon Ave
13 Unit Apartment Building $4,000,000 ($307,692/Unit) 6.05% Cap Rate Chicago, IL 60631
Investment Highlights
- Rarely Available Newer Construction Asset in Edison Park
- High-End Apartments in Low Supply Submarket
- Commercial Anchored by Dunkin' Donuts and Office for Franchisee
- Strong Parking Ratio with Additional Leased Lot
Executive Summary
Interra Realty has been exclusively engaged to market 7240 W. Devon Avenue for sale. The subject investment property is a newer construction
mixed-use asset in a prime Edison Park location. The property features 10 high-end apartments over three street-level commercial spaces.
The residential units feature high ceilings, quality finishes, in-unit laundry and individual HVAC and hot water heaters. They are serviced by a
passenger elevator and share a large community balcony. The commercial tenants are Dunkin' Donuts, the office space for the franchisee, and a
residential real estate office. Commercial tenants benefit from strong parking ratio and a leased lot provides abundant parking for residential
tenants.
The offering presents investors with the rare opportunity to acquire a high-quality mixed-use asset in the low velocity Edison Park Neighborhood.
mixed-use asset in a prime Edison Park location. The property features 10 high-end apartments over three street-level commercial spaces.
The residential units feature high ceilings, quality finishes, in-unit laundry and individual HVAC and hot water heaters. They are serviced by a
passenger elevator and share a large community balcony. The commercial tenants are Dunkin' Donuts, the office space for the franchisee, and a
residential real estate office. Commercial tenants benefit from strong parking ratio and a leased lot provides abundant parking for residential
tenants.
The offering presents investors with the rare opportunity to acquire a high-quality mixed-use asset in the low velocity Edison Park Neighborhood.
Property Facts
| Price | $4,000,000 | Property Subtype | Apartment |
| Price Per Unit | $307,692 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.44 AC |
| Cap Rate | 6.05% | Building Size | 13,820 SF |
| Gross Rent Multiplier | 10.7 | No. Stories | 3 |
| No. Units | 13 | Year Built | 1970 |
| Property Type | Multifamily |
| Price | $4,000,000 |
| Price Per Unit | $307,692 |
| Sale Type | Investment |
| Cap Rate | 6.05% |
| Gross Rent Multiplier | 10.7 |
| No. Units | 13 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | B |
| Lot Size | 0.44 AC |
| Building Size | 13,820 SF |
| No. Stories | 3 |
| Year Built | 1970 |
Unit Amenities
- Air Conditioning
- Dishwasher
- Kitchen
- Granite Countertops
- Hardwood Floors
Site Amenities
- Controlled Access
- Breakfast/Coffee Concierge
- Elevator
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 1 | $1,030 | 700 |
| 1+1 | 3 | $1,800 | 700 |
| 2+2 | 6 | $2,175 | 1,100 |
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Walk Score ®
Very Walkable (70)
PROPERTY TAXES
| Parcel Number | 09-36-425-049-0000 | Improvements Assessment | $119,370 |
| Land Assessment | $48,930 | Total Assessment | $168,300 |
PROPERTY TAXES
Parcel Number
09-36-425-049-0000
Land Assessment
$48,930
Improvements Assessment
$119,370
Total Assessment
$168,300
zoning
| Zoning Code | B3-1.5 |
| B3-1.5 |
-
Joe Smazal -
Colin O'Malley -
Mark Dykstra -
Interra Realty
(312) 477-0194
x423
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7240 W Devon Ave
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