Straightforward value-add investment opportunity in East Garfield Park. Two-story building with 3-bed/1-bath units on each floor. Both units are rented to reliable tenants who intend to renew their leases. The building also includes a 2-bed/1-bath fully finished garden unit and a two-car garage. The property currently generates positive NOI from its 1st and 2nd floor units alone. An investor can lease the garden unit and garage spaces to significantly increase cash flow. The listing broker projects a stabilized cap rate of 8.45% based on reasonable market rents. The cap rate estimate includes a conservative CapEx reserve. All units were remodeled in 2020 with updated kitchens and bathrooms. New flooring was also installed: laminate in above-ground units and ceramic tile in the garden unit. The property is in a desirable part of town near Western and Madison. Neighbors are excellent: adjacent to a longstanding church and LEARN charter school - one of Chicago's best K-8 public schools. The Illinois Medical District is a major nearby employer, featuring RUSH, UIC, and Cook County hospitals. The green line is an accessible 4-min drive for intercity transportation. Large multifamily developments indicate future price appreciation in the area. The city of Chicago recently commissioned a 63-unit apartment project a few blocks north on Kedzie - Hub 32. New construction and redevelopment are widespread in the neighborhood. Special financing is available to buyers who plan to occupy one of the units. Terms are highly competitive: 5.625% interest rate conventional loan, 10% down payment with no PMI, and a $7, 500 closing cost credit. Rent roll and pro forma financial statements are available to serious buyers.
