5957 S Indiana Avenue , Chicago, IL 60637
Chicago, IL 60637
Description
Pleased to present a multifamily property located at 5957 S. Indiana Ave in the vibrant Washington Park neighborhood of Chicago. This 31-unit building is strategically positioned to capitalize on the strong rental market in the area, offering an attractive opportunity for investors. Current Purchase Price: 2,480,000 Current Cap Rate: 7.58 Pro Forma Cap Rate (6-12 months): 11.02 Pro Forma Cap Rate (12-18 months): 12.07 Value-Add Opportunity: The property presents a compelling value-add opportunity through rent increases to market levels. Current ownership has already implemented rental increases across 35percent of the units, with an additional 23percent scheduled for increases between May and September 2024. This strategy is expected to drive the overall cash-on-cash return from the current 9.73 to 20.83 within the next 6-12 months, and up to 23.87 in the next 12-18 months. Regulatory Agreement: The property is subject to a regulatory agreement that will run until 2030, requiring an investor to rent 29 of the 31 units to tenants with incomes no more than 60percent of the area median income, at rent levels restricted to those income limits. No Major Capital Expenditures Needed: The property is well-maintained, and no major capital expenditures are required, allowing new ownership to focus on rent optimization and revenue growth. Financing Advantage: Investors can benefit from a 2-year interest-only multifamily loan, providing financial flexibility to maximize returns during the rent increase phase. Unit Mix: 3 Bedroom - 1 Bathroom: 8 Units 2 Bedroom - 1 Bathroom: 18 Units 1 Bedroom - 1 Bathroom: 5 Units The property is located in the Washington Park neighborhood, a thriving area with easy access to public transportation, parks, educational institutions, and a wide range of retail and dining options. This prime location enhances the property's attractiveness to a diverse tenant base, including small families, professionals, and singles.
Details
| MLS# | 12162009 |
|---|---|
| Listing Type | For Sale |
| Style | Town House |
| Sub-Type | Resale |
| Status | Active Under Contract |
| Year | 1913 |
| Days On Site | 133 |
| Listing Provided By | Keller Williams ONEChicago | Anthony Hardy |
Features
| Story(s) | 3 |
|---|---|
| Units | 31 |
| Acreage | 21437.00 |
Market Activity 60637
Request a showing
Request a showing
Contact
Learn More About This Property
| State | IL |
|---|---|
| County | Cook |
| City | Chicago |
| Zip Code | 60637 |
| Area | CHI Washington Park |
| Listing VS Median (in 60637) | |
Price: $2,480,000 low | high Med: $43,375 On Site: 133 low | high Med: 38.000000 | |
