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$ 975,000
$ 1,100,000 11.4%
Est. payment | /mo
$ 975,000
$ 1,100,000 11.4%
Est. payment | /mo
Key Details
Sold Price $975,000
Property Type Multi-Family
Sub Type Multi Family 5+
Listing Status Sold
Purchase Type For Sale
MLS Listing ID 12112087
Sold Date 12/19/24
Year Built 1930
Annual Tax Amount $12,341
Tax Year 2022
Lot Dimensions 6300
Property Sub-Type Multi Family 5+
Property Description
The multifamily property located at 8554-8556 S Maryland Ave, Chicago, IL 60619, presents a compelling investment opportunity in the Chatham submarket. Built in 1930, this Class C property spans four stories and encompasses a total gross building area of 18,000 square feet, translating to a price of $61 per square foot. The property is offered at a purchase price of $1,100,000, with a cost per unit of $68,750 for the 16 one-bedroom, one-bathroom units. Currently, the units are rented at an average of $782 per month, with pro forma projections suggesting increases to $895 within 3 to 6 months and $939 within 6 to 12 months. This rent escalation potential is a key factor in the financial attractiveness of the property. The initial net operating income (NOI) stands at $73,438, resulting in a cap rate of 6.68% and a gross rent multiplier (GRM) of 7.15. With the projected rent increases, the NOI is expected to rise to $89,343 within 3 to 6 months, improving the cap rate to 8.12% and the GRM to 6.40. Further improvements within 6 to 12 months could see the NOI reaching $95,047, with an enhanced cap rate of 8.64% and a GRM of 6.10. The property is strategically located in the vibrant Chatham neighborhood of Chicago, within close proximity to essential amenities and services. Demographic data within a three-mile radius indicates a population of 294,461, an average household income of $54,280, and a median home value of $161,157, underscoring the potential for strong rental demand. Overall, this investment opportunity combines attractive pricing, potential for significant rental income growth, and favorable financing terms, making it a promising addition to any real estate portfolio.
Location
State IL
County Cook
Area Chi - Chatham
Interior
Fireplace N
Building
Level or Stories 4
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Listed by Anthony Hardy • Keller Williams ONEChicago
Bought with Travis Montgomery • Keller Williams ONEChicago
Bought with Travis Montgomery • Keller Williams ONEChicago