- List Price $1,850,000
- Price / Unit $205,555
- Property Type Multifamily
- Units 9
- Current Rents $183,912
- Pro Forma Rents $222,660
- In Place NOI $100,548
- Projected NOI $137,359
- Target CAP Rate 5.4%
- Market CAP Rate 4.5%
- Today's Market Value $2,230,000
- Value w/Market Rents $3,052,000
*Today’s Market Value & Value w/Market Rents is a theoretical value calculation derived by NOI and CAP rate. It does not take any other property factors into account.
- 21
- 9
- 3800
- 1914
- 100%
- 3
- Forced Air
- Window Units
- Common, Paid
21
9
3800
- 1914
- 100%
- 21
- 3
- Forced Air
- Forced Air
- Common, Paid
About the property
The building contains 9 spacious units consisting of three 3-bedroom/1 bath units and six 2-bedroom/1 bath units. Each unit has been meticulously updated to modern design, boasting features such as FRESH PAINT, RENOVATED BATHROOMS, CERAMIC TILE AND BEAUTIFULLY STAINED WOOD FLOORING. Each apartment also has rear balcony access. Furthermore, each unit has it’s own gas & electricity meter with tenant paying expenses for each thus making this building more efficient from a cost perspective. This building has been cared for, is CHA compliant, is already a cash cow with room to increase income.
The major VALUE ADD POTENTIAL with the building is that Each unit is separately pinned as they are individual condominiums. If the right buyer were to de-convert the units into 1 pin, the cost savings on taxes per year alone over $20,000 (in comparison to other buildings that have sold nearby) thus VASTLY INCREASE NOI & OVERALL VALUE SUBSTANTIALLY!! Seller has successfully de-converted another asset in the same manner.
About the neighbourhood
- Wicker Park is a vibrant and popular neighborhood located in the West Side of Chicago, Illinois. This beautiful area is skown for its unique blend of art, culture, and a diverse community as well as its artistic and creative atmosphere. The neighborhood is home to numerous art galleries, theaters, and music venues, making it a hub for local artists and musicians. You'll often find street art, murals, and public art installations throughout the area.Considered by many as a foodie's paradise, Wicker Park is lined with a wide range of dining options, from trendy coffee shops and gourmet bakeries to bars and restaurants offering diverse cuisines. The neighborhood's nightlife scene is bustling, with numerous bars, clubs, and live music venues, making it a popular spot for those seeking entertainment after dark.Wicker Park is very well-connected to the rest of Chicago via public transportation, including the CTA's Blue Line, which provides easy access to the city's downtown and other neighborhoods.
Municipality - Investor Guide
Chicago
| Transfer Stamps | Pre Sale Inspection | Yearly Rental Inspection | |
|---|---|---|---|
| Buyer: Y | Cost: Yes | Required: No | Required: Yes |
| Seller: Y | Cost: Yes | Cost: $0 | Cost: Varies |
| Notes | |||
| All rental buildings with 4 or more units must be registered with the city; Inspection may occur upon notice from Building Department. Call City to confirm if inspection is needed prior to closing. | |||
For a list of all Municipality requirements visit our Municipality Requirements Page
Property Documents
Property Financials
View current and future return metrics based on customizable inputs. "Annual Net Income", "Monthly Cash Flow", "Cash on Cash Return", "Equity Value", and "Equity Multiple" are based off of the "Year 2 Pro Forma" column inputs.
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Mortgage Calculator
- Down Payment
- Loan Amount
- Monthly Mortgage Payment
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Utility Table
Total Yearly Utitlity Cost: $7,800.00
*This Utility Table does not include snow removal or lawn care costs, if any. For more details on snow/lawn expenses, see the "Expenses" attachment located under the "Property Documents" section.
Property Taxes
| 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|
| Tax Amount | $0.00 | $21,194.48 | $38,535.41 | $31,783.83 |
| YOY Tax Change ($) | -$21,194.48 | -$17,340.93 | +$6,751.58 | +$3,118.47 |
| YOY Tax Change (%) | -100.00% | -45.00% | +21.24% | +10.88% |
| Current Assessed Value | $207,674 | Source - Public Record For more information on assessments, property taxes, and tax appeals visit: Property Taxes | Assessed - Land | $27,352 | Assessed - Improved | $180,322 |
For more information on assessments, property taxes, and tax appeals visit: Property Taxes
Walkscore
Nearby
- Arts & Entertainment
-
Richard's Fabulous Finds (0.11 mi)
-
Black Box Acting (0.12 mi)
-
Illumination Art & Design (0.14 mi)
- Education
-
KizSundays (0.1 mi)
-
Black Box Acting (0.12 mi)
-
Naveen's Cuisine (0.14 mi)
- Food
-
1492 Cuban Fusion (0.11 mi)
-
Bárbaro Taquería (0.12 mi)
-
Cafe Pachuca (0.13 mi)
- Health & Medical
-
Glamour Dungeon (0.1 mi)
-
KizSundays (0.1 mi)
-
The Surgeon of Fades (0.15 mi)
Contact Information
- List Price $1,850,000
- Property Type Multifamily
- Current Rents $183,912
- In Place NOI $100,548
- Target CAP Rate 5.4%
- Today's Market Value $2,230,000
- Price / Unit $205,555
- Units 9
- Pro Forma Rents $222,660
- Projected NOI $137,359
- Market CAP Rate 4.5%
- Value w/Market Rents $3,052,000
*Today’s Market Value & Value w/Market Rents is a theoretical value calculation derived by NOI and CAP rate. It does not take any other property factors into account.
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