$1,175,000
8321 S Drexel AVE Chicago, IL 60619
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$1,175,000
Est. payment /mo
Active Under Contract
8321 S Drexel AVE Chicago, IL 60619
UPDATED:
10/21/2024 04:02 PM
Key Details
Property Type Multi-Family
Sub Type Multi Family 5+
Listing Status Active Under Contract
Purchase Type For Sale
MLS Listing ID 12119410
Year Built 1926
Annual Tax Amount $10,979
Tax Year 2023
Lot Dimensions 9450
Property Description
Property Overview: Units: 12 two-bedroom, one-bathroom units HVAC: Individually metered for heating and cooling HUD Fair Market Rent (2024): $1,410 for the 60619 zip code Investment Potential: Pro Forma Net Operating Income: $128,885, representing a cap rate of 10.97% and a GRM of 6.28 Neighborhood Insights: Chatham is renowned for its stable residential character and vibrant local economy. This community is experiencing economic growth and increased housing demand, making it an attractive area for real estate investment. The property's location within this thriving neighborhood enhances its appeal and potential for long-term appreciation. Detailed Unit Breakdown: Unit Mix: 12 two-bedroom/one-bathroom units Economic Performance: Purchase Price: $1,175,000 Current Cap Rate: 8.72% This strong cap rate indicates a favorable yield compared to typical residential investment properties in the area. Current Net Operating Income (NOI): $102,475 annually Reflects efficient management and strong profitability. Current Gross Rent Multiplier (GRM): 7.22 Demonstrates significant rental income potential relative to market value. The property at 8321 S. Drexel Ave. represents a unique and promising investment opportunity in the Chicago real estate market. With a strategic location in the growing Chatham neighborhood and solid financial performance, this asset offers an ideal blend of risk mitigation and potential for high returns. The individually metered HVAC systems enhance tenant satisfaction and operational efficiency. This investment is an excellent choice for investors focused on long-term wealth accumulation in the multifamily housing sector.
Location
State IL
County Cook
Area Chi - Chatham
Interior
Fireplace N
Building
Dwelling Type Multi Family 5+
Level or Stories 3
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Listed by Anthony Hardy • Keller Williams ONEChicago
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