949-953 E 86th St
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949-953 E 86th St
15 Unit Apartment Building $2,497,000 ($166,467/Unit) 8.04% Cap Rate Chicago, IL 60619
Investment Highlights
- Exceptional opportunity 15 unit, 8 garage, fully occupied (one unit under renovation)
- Stable tenants with multi-year leases remaining (18.1 mo avg)--some to 2028, provide value-add NPV boost
- Inflation hedge with annual subsidized rent increases, 20yr same owner, 7 space value-add fee parking
- $201k NOI, 8% CAP, $24k monthly cash flow from eight 2bed, seven 1bed, eight single garages, coin laundry
- 5.3 year average tenant-tenure, desirable units, EZ transportation, apartment wait list
- East Chatham, 72 "Good" mobility, quiet, tree-lined, adjacent Metra (87th St/Woodruff), 1 mi to I-94, 1 mi to CTA Red Line
Executive Summary
Exceptional opportunity 15 unit, 8 garage, fully occupied (one unit under renov.) | $201k NOI, 8% CAP | Stable tenants with multi-year leases remaining (18.1mo avg)--some to 2028, provide value-add NPV boost | $24k monthly cash flow from eight 2bed, seven 1bed, eight single garages, coin laundry | 7 space value-add fee parking | 5.3 yr avg tenant-tenure, desirable units, EZ transportation, apartment wait list | Inflation hedge with annual subsidized rent increases | 20yr same owner | East Chatham, 72 "Good" mobility, quiet, tree-lined, adjacent Metra (87th St/Woodruff), 1 mi to I-94, 1 mi to CTA Red Line | Zero-deferred maintenance: high-efficiency boiler (2024), garage roof (2024), security cameras/system (2023), tuckpointing (2021), coin laundry (2021), garage doors (2021), crawlspace drain tile (2021), 50yr HD roof (2018)--warranty through 2028, low-E aluminum windows, R-40 attic insulation
Financial Summary (Actual - 2023) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| 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 (Actual - 2023) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| 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 | $2,497,000 | Apartment Style | Low Rise |
| Price Per Unit | $166,467 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.35 AC |
| Cap Rate | 8.04% | Building Size | 12,744 SF |
| Gross Rent Multiplier | 8.6 | Average Occupancy | 100% |
| No. Units | 15 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1965/2021 |
| Property Subtype | Apartment | Parking Ratio | 1.18/1,000 SF |
| Price | $2,497,000 |
| Price Per Unit | $166,467 |
| Sale Type | Investment |
| Cap Rate | 8.04% |
| Gross Rent Multiplier | 8.6 |
| No. Units | 15 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.35 AC |
| Building Size | 12,744 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built/Renovated | 1965/2021 |
| Parking Ratio | 1.18/1,000 SF |
Amenities
- Smoke Detector
Unit Amenities
- Cable Ready
- Microwave
- Security System
- Ceiling Fans
- Tile Floors
- Eat-in Kitchen
- Kitchen
- Hardwood Floors
- Refrigerator
- Oven
- Range
- Tub/Shower
- Walk-In Closets
- Yard
- Double Pane Windows
- Handrails
- Lawn
- Linen Closet
- Window Coverings
Site Amenities
- 24 Hour Access
- Controlled Access
- Fenced Lot
- Laundry Facilities
- Security System
- Gas Range
- Public Transportation
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 8 | $1,459 | - |
| 1+1 | 7 | $1,278 | - |
Walk Score ®
Very Walkable (77)
PROPERTY TAXES
| Parcel Number | 20-35-317-024-0000 | Total Assessment | $50,228 |
| Land Assessment | $13,834 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $36,394 | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
20-35-317-024-0000
Land Assessment
$13,834
Improvements Assessment
$36,394
Total Assessment
$50,228
Annual Taxes
($1) ($0.00/SF)
Tax Year
2023
zoning
| Zoning Code | RS-3, Chicago |
| RS-3, Chicago |
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Jim Pappas - Pappas Realty Group, Ltd.
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949-953 E 86th St
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