Property Description

Fully leased East Rogers Park investment opportunity with projected annual income of approximately $211,200, projected NOI of approximately $151,424 and an approximate 6.81 cap rate at the $2,225,000 asking price. The recently renovated 2-bedroom is now leased at $2,550/month including $100/month for parking ($2,450 apartment rent + $100 parking). Its renovation brings it to a condition comparable to eight of the other units. The four other occupied 2-bedroom apartment rents are $1,700, $2,000, $2,000 and $2,100; one of the $2,000 units also has a separate $100/month parking charge. The newly achieved $2,450 apartment rent strongly indicates that several existing rents remain materially below the rent level now demonstrated at the property. The other 9 occupied units remain month-to-month. Importantly, the current pro forma uses rents actually in place today and includes no additional rent increases on those units; any future rent growth is additional upside. Well-maintained and substantially updated vintage 10-unit property consisting of a classic front 8-flat plus a rear 2-unit coach house. Unit mix includes 5 two-bedroom/1-bath apartments, 3 one-bedroom/1-bath apartments and 2 studio/1-bath units. Nine of the ten kitchens have been renovated with newer cabinetry and stainless-steel appliances; seven have granite countertops. Tenants pay their own gas heat and electricity, and 7 of the 10 units have central air. Additional features include replacement windows, lovingly preserved original architectural character, large decks, a beautiful backyard, basement coin laundry with 3 washers and 3 dryers, and remote-controlled gated parking with 3 legal spaces, including one tandem space, accommodating 4 cars total. Approximately 3 blocks from Lake Michigan with convenient access to public transportation, shopping, dining and neighborhood amenities.

Property Features