7327 N Honore St. | 7325 N Honore St
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7327 N Honore St. 7325 N Honore St
30 Unit Apartment Building $4,717,000 ($157,233/Unit) 6.43% Cap Rate Chicago, IL 60626
Investment Highlights
- Lots of natural light
- Common laundry area
- Large living rooms
- Central HVAC/Heating, hardwood flooring, updated with new stainless steel appliances and granite countertops in the kitchen
- Excellent transit living in this area, with several nearby transit stops
- Walking distance to the blue line, coffee shops, restaurants and bars and grocery stores.
Executive Summary
The building comprises 30 approved units. Sellers are extremely motivated and incentives may be offered to buyers. Presently, we have 29 occupied units, resulting in a 0% vacancy rate. There is one value-add unit zoned and permitted for construction, with a potential size ranging between 1,000 and 2,000 SqFt. We plan to develop this unit into a reasonably sized space. In 2023, general renovation works were completed, and the majority of units were rebuilt. The average rent at the building has increased over the past year, with currently no vacancy. This presents an armchair investment opportunity.
Financial Summary (Pro forma - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$537,240
|
$24.87
|
| Other Income |
$14,400
|
$0.67
|
| Vacancy Loss |
$26,862
|
$1.24
|
| Effective Gross Income |
$524,778
|
$24.30
|
| Taxes |
$66,000
|
$3.06
|
| Operating Expenses |
$105,108
|
$4.87
|
| Total Expenses |
$171,108
|
$7.92
|
| Net Operating Income |
$353,670
|
$16.37
|
Financial Summary (Pro forma - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $537,240 |
| Annual Per SF | $24.87 |
| Other Income | |
|---|---|
| Annual | $14,400 |
| Annual Per SF | $0.67 |
| Vacancy Loss | |
|---|---|
| Annual | $26,862 |
| Annual Per SF | $1.24 |
| Effective Gross Income | |
|---|---|
| Annual | $524,778 |
| Annual Per SF | $24.30 |
| Taxes | |
|---|---|
| Annual | $66,000 |
| Annual Per SF | $3.06 |
| Operating Expenses | |
|---|---|
| Annual | $105,108 |
| Annual Per SF | $4.87 |
| Total Expenses | |
|---|---|
| Annual | $171,108 |
| Annual Per SF | $7.92 |
| Net Operating Income | |
|---|---|
| Annual | $353,670 |
| Annual Per SF | $16.37 |
Property Facts
| Price | $4,717,000 | Property Subtype | Apartment |
| Price Per Unit | $157,233 | Apartment Style | Low Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 6.43% | Lot Size | 0.25 AC |
| Gross Rent Multiplier | 10 | Building Size | 21,600 SF |
| No. Units | 30 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1931/2023 |
| Price | $4,717,000 |
| Price Per Unit | $157,233 |
| Sale Type | Investment |
| Cap Rate | 6.43% |
| Gross Rent Multiplier | 10 |
| No. Units | 30 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.25 AC |
| Building Size | 21,600 SF |
| No. Stories | 3 |
| Year Built/Renovated | 1931/2023 |
Unit Amenities
- Air Conditioning
- Cable Ready
- Dishwasher
- Microwave
- Security System
- Kitchen
- Granite Countertops
- Hardwood Floors
- High Speed Internet Access
- Refrigerator
- Oven
- Stainless Steel Appliances
- Range
- Tub/Shower
- Dining Room
- Double Pane Windows
- Framed Mirrors
- Lawn
- Office
- Smoke Free
- Window Coverings
Site Amenities
- 24 Hour Access
- Fenced Lot
- Laundry Facilities
- Security System
- Gated
- Laundry Service
- Recycling
- Trash Pickup - Curbside
- Wi-Fi
- Community-Wide WiFi
- Private Bathroom
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 9 | $1,525 | 725 - 750 |
| 1+1 | 21 | $1,425 | 600 - 725 |
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Walk Score ®
Walker's Paradise (90)
Transit Score ®
Excellent Transit (78)
Bike Score ®
Biker's Paradise (90)
PROPERTY TAXES
| Parcel Number | 11-30-420-006-0000 | Total Assessment | $273,600 |
| Land Assessment | $23,085 | Annual Taxes | $66,000 ($3.06/SF) |
| Improvements Assessment | $250,515 | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
11-30-420-006-0000
Land Assessment
$23,085
Improvements Assessment
$250,515
Total Assessment
$273,600
Annual Taxes
$66,000 ($3.06/SF)
Tax Year
2024
zoning
| Zoning Code | RT-4 (Residential Two-Flat, Townhouse and Multi-Unit District) |
| RT-4 (Residential Two-Flat, Townhouse and Multi-Unit District) |
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7327 N Honore St. | 7325 N Honore St
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