- List Price $2,900,000
- Price / Unit $96,666
- Property Type Multifamily
- Units 30
- Current Rents $325,584
- Pro Forma Rents $383,428
- In Place NOI $176,834
- Projected NOI $228,928
- Target CAP Rate 6.1%
- Market CAP Rate 5%
- Today's Market Value $3,500,000
- Value w/Market Rents $4,500,000
*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.
- 2
- 30
- 20000
- 1927
- 100%
- 2
- 4
- Boiler Heat
- Window Units
- None
2
30
20000
- 1927
- 100%
- 2
- 4
- Boiler Heat
- Boiler Heat
- None
About the property
Beautiful 30-unit architectural brick apartment building in the Chicago suburb of Berwyn. The building consists of 28 Studios and 2 One-Bedroom units. The studios are large and could easily be converted to all one-bedroom units as a relatively simple value-add play. It is located only 1.5 blocks from the Berwyn Metra station and is adjacent to a lively retail district. The property has had a new roof installed and the brick has been tuckpointed within the past 5 years.
About the neighbourhood
- With a population of over 56,000, the City of Berwyn lies only 10 miles southwest of the Chicago Loop. A historic town in its own right, Berwyn was reported to have the highest concentration of financial institutions in the world in the 1990's. Today it's economy is primarily propped up by retail via Cermak Plaza, popular music venues and the Loyola MacNeal Hospital campus. Its proximity to downtown Chicago makes Berwyn an attractive option for those seeking a suburban lifestyle while still remaining close to the city.
Property Documents
Property Financials
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Walkscore
Nearby
- Arts & Entertainment
-
Baila Conmigo Dance With Me (0.12 mi)
-
The Outtaspace (0.14 mi)
-
Berwyn Development Corporation (0.13 mi)
- Education
-
CORE Learning Center (0.11 mi)
-
St Leonard School (0.33 mi)
-
Palos Driving School of Riverside (0.39 mi)
- Food
-
La Malquerida Latin Fusion (0.03 mi)
-
Taz Deli (0.05 mi)
-
Media Noche Cafe (0.07 mi)
- Health & Medical
-
Balance Body Therapy (0.05 mi)
-
Destani Nejat MD (0.05 mi)
-
Primary Care Associates (0.05 mi)
Contact Information
- List Price $2,900,000
- Property Type Multifamily
- Current Rents $325,584
- In Place NOI $176,834
- Target CAP Rate 6.1%
- Today's Market Value $3,500,000
- Price / Unit $96,666
- Units 30
- Pro Forma Rents $383,428
- Projected NOI $228,928
- Market CAP Rate 5%
- Value w/Market Rents $4,500,000
*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.
