- List Price $4,825,000
- Price / Unit $166,379
- Property Type Multifamily
- Units 28
- Current Rents $476,100
- Pro Forma Rents $597,900
- In Place NOI $344,036
- Projected NOI $458,573
- Target CAP Rate 7%
- Market CAP Rate 5%
- Today's Market Value $6,880,000
- Value w/Market Rents $9,171,460
*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.
- 38
- 29
- 21600
- 1931
- 100%
- 10
- 3
- Forced Air
- Window Units
- Common, Paid
38
29
21600
- 1931
- 100%
- 38
- 3
- Forced Air
- Forced Air
- Common, Paid
About the property
Located in the heart of vibrant Rogers Park, this well-maintained 29-unit U-shaped building offers a prime opportunity for investors seeking a solid asset in one of Chicago’s most diverse and growing neighborhoods. The property features all-brick construction in excellent condition, ensuring durability and reduced long-term maintenance costs.
Key Features:
- Plumbing Upgrades: All waste and sewer lines have been replaced, with 75% of the building’s plumbing converted to copper for reliability and efficiency.
- Modern Utilities: Each unit is equipped with individual gas meters, while the landlord covers gas for common area heating. The building also boasts central HVAC systems for heating and in every unit with each unit having an individual furnace.
- Interior Finishes: Enjoy hardwood floors and stylish quartz countertops throughout the units, adding a modern, upscale feel.
- Updated Units: Currently, 23 of the 29 units are fully updated, providing tenants with contemporary amenities, while the remaining units offer the potential for value-add upgrades.
-
Newer Roof: TPO roof installed in 2023
-
Newer Windows: Windows installed in 2017
This property combines historic charm with modern conveniences, making it an excellent investment in a desirable and appreciating market.
Don’t miss out on this opportunity to own a turnkey multifamily asset in one of Chicago’s most dynamic neighborhoods!
About the neighbourhood
- Rogers Park, located on Chicago's far North Side, offers a unique opportunity for real estate investors seeking long-term growth and stable returns. Known for its diverse community, proximity to Lake Michigan, and access to public transportation, this neighborhood is a mix of urban living and suburban charm. With Loyola University nearby, student housing remains a consistent demand driver, while the area's affordable property values provide room for appreciation. Investors can benefit from a blend of single-family homes, vintage multifamily buildings, and newer developments. Rogers Park is an up-and-coming area that continues to attract renters and homeowners alike, offering strong cash flow potential and a promising market for real estate growth.
Municipality - Investor Guide
Chicago
| Transfer Stamps | Pre Sale Inspection | Yearly Rental Inspection | |
|---|---|---|---|
| Buyer: Y | Cost: $7.50 / $1000 | Required: No | Required: Yes |
| Seller: Y | Cost: $3.00 / $1000 | 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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This column shows the current financial state of the subject property. Some of these inputs may be estimations.
Year 2 Pro Forma
This column is based off of market rents and assumes proper property performance.
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Mortgage Calculator
- Down Payment
- Loan Amount
- Monthly Mortgage Payment
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Utility Table
Total Yearly Utitlity Cost: $28,150.00
*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
| 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|
| Tax Amount | $28,119.91 | $51,127.11 | $26,164.01 | $23,596.94 |
| YOY Tax Change ($) | -$23,007.20 | +$24,963.10 | +$2,567.07 | +$396.83 |
| YOY Tax Change (%) | -45.00% | +95.41% | +10.88% | +1.71% |
| Current Assessed Value | $235,887 | Source - Public Record For more information on assessments, property taxes, and tax appeals visit: Property Taxes | Assessed - Land | $15,134 | Assessed - Improved | $220,753 |
For more information on assessments, property taxes, and tax appeals visit: Property Taxes
Walkscore
Nearby
- Arts & Entertainment
-
Mado's African Hair Braiding Salon (0.21 mi)
-
Skard IV Lyfe (0.21 mi)
-
Lee Nails (0.25 mi)
- Education
-
Chicago Mathematics & Science Academy Charter School (0.1 mi)
-
Chicago Allied Healthcare CPR and Consulting (0.14 mi)
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Schools Public (0.18 mi)
- Food
-
Tortas Salome (0.1 mi)
-
Parkside Gyros (0.1 mi)
-
La Casa Vieja (0.1 mi)
- Health & Medical
-
New Image Hair Salon (0.08 mi)
-
Care Clinical Lab (0.09 mi)
-
Walgreens (0.12 mi)
Contact Information
- List Price $4,825,000
- Property Type Multifamily
- Current Rents $476,100
- In Place NOI $344,036
- Target CAP Rate 7%
- Today's Market Value $6,880,000
- Price / Unit $166,379
- Units 28
- Pro Forma Rents $597,900
- Projected NOI $458,573
- Market CAP Rate 5%
- Value w/Market Rents $9,171,460
*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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