955 86Th St, Chicago, IL 60619
15 Unit Apartment Building | $2,777,000 ($185,133/Unit) | 7.23% Cap Rate | Chicago, IL 60619
For Sale
Active
Asking Price $2,777,000
- Property Type
-
Multifamily
- Square Feet
- 12,744 SF
Listing Contacts
Jim Pappas
- Property Info
Property Overview
Exceptional opportunity, unique 15-unit multifamily plus 8-car garage, stabilized, solid, cash-cow gem ready for the next armchair investor. 100% occupied, stable tenant base with multi-year leases remaining (36mo and 48mo)--some to May 2027 | Cash Flow $23,046/mo, increases to $24,226/mo by Sept 1st with scheduled rent increases | 2023 Actual Rental Income $245,818, 2023, Actual NOI $200,856, 7.2% Cap, low taxes & expenses--high-efficiency mechanicals | 19.3 months average remaining on leases across 15 units provides considerable NPV boost due to added-value of premium rents remaining on lease terms | Superb turn-key investment opportunity with stellar revenue and asset mix: eight (8) 2bd/1ba with large eat-in kitchens and walk-in closets, seven (7) 1bd/1ba, eight (8) single garages | Convenient 1st floor coin laundry (2 washers/3 dryers) earns $365/mo | Potential value-add fee parking: seven (7) new spaces on south end of lot (70ft x 20ft) at $79/mo = $553/mo or $6600/yr additional income opportunity | Seasoned/high tenant retention: 5.9 year average tenant-tenure across 15 units---safe, desirable, functional units with modern floor plans, fenced yard, close to all public transit, tenants pay only electric. Maintained waiting list for apartments and garages | Self-managed by same owner for 20 years---selling to do 1031 exchange. | Owner strategy maximizes rental income, NOI, and cash flow stability through long term leases, minimal turnover, and careful tenant selection. Perfect inflation hedge---government subsidy annual rent increases have kept up with inflation | Email LA for Rent Roll and Financials | Located in Chicago’s East Chatham neighborhood: 72 “Good” mobility score, tree-lined, quiet, residential, cul-de-sac street, commuter-friendly, adjacent to Metra train station (87th St/Woodruff), 1mi to I-94 and CTA Red “El” Line, 1.5mi to Home Depot-anchored shopping center, and half block to Arthur Ashe Elementary | Save big on utilities with new computer-controlled, high-efficiency, dual boilers and Stainless Steel DHW storage tank | Individual circuit breakers and owned Fridges/stoves/vented microhoods/ceiling fans/blinds in all units. | All units renovated within past five years | Zero-deferred maintenance. | Capital improvements: high-efficiency boiler and controller (2024), garage roof repair & sliver coat (2024), security system: lock-up & boiler rm (2023), 11 Wi-fi security cameras and 3 Mesh Routers (2023), tuckpointing (2021), five coin laundry (2021), overhead garage doors (2021), crawlspace drainage tile/sump-pump system (2021), 50yr HD roof shingles (tear-off) & gutters/downspouts (2018), all low-E aluminum windows/doors, R-40 attic insulation, and 2in copper water main (2010), updated copper plumbing throughout, and as needed, etc. | Act fast if this cashflow machine is what you’ve been looking for.
Property Details
- Class
- C
- Year Built
- 1965
- Stories
- 3
- Lot Size (sq. ft)
- 15,246 SF
- Units
- 15
Highlights
- Cash Flow $23,046/mo, increases to $24,226/mo by Sept 1st with scheduled rent increases
- 100% occupied, stable tenant base with multi-year leases remaining (36mo and 48mo)--some to May 2027
- 2023 Actual Rental Income $245,818, 2023, Actual NOI $200,856, 7.2% Cap
- 19.3 months average remaining on leases across 15 units provides considerable NPV boost due to added-value of premium rents remaining on lease terms
- Superb turn-key investment opportunity with stellar revenue and asset mix: eight (8) 2bd/1ba with large eat-in kitchens and walk-in closets, seven (7
- High tenant retention: 5.9 year average tenant-tenure across 15 units---safe, desirable, functional units with modern floor plans, fenced yard, close
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