12059 State St
16 Unit Apartment Building | $800,000 ($50,000/Unit) | 9.59% Cap Rate | Chicago, IL 60628
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $800,000
- Property Type
-
Multifamily
- Square Feet
- 9,000 SF
Listing Contacts
John George
Verified Profile
Joe Bianchi
Verified Profile
Justin Turner
Verified Profile
- Property Info
Property Overview
Kiser Group is pleased to exclusively present for purchase 12059 S. State St, a sixteen (16) unit building in Chicago's historic Pullman Neighborhood. This particular pocket of the neighborhood surrounds the property with single-family homes, making it a comfortable living situation for tenants. Located directly across from State Street Metra Station, the property provides quick and easy transit via public transportation to Chicago's Downtown.
12059 S. State St is conveniently comprised of twelve (12) 1Bd/1Ba and four (4) 2Bd/1Ba units. Highlights include relatively new mechanical systems, sixteen (16) parking spaces, and an immediate gut rehab opportunity. A potential new owner has the potential to benefit from the additional income streams of both the parking spaces and laundry hookups as well.
12059 S. State St presents an investor with the opportunity to fully gut renovate the property and establish market rate rents through a value-add approach to new ownership. In doing so, its new owner will realize a cap rate over 17% and a cash return of 46.40%.
12059 S. State St is conveniently comprised of twelve (12) 1Bd/1Ba and four (4) 2Bd/1Ba units. Highlights include relatively new mechanical systems, sixteen (16) parking spaces, and an immediate gut rehab opportunity. A potential new owner has the potential to benefit from the additional income streams of both the parking spaces and laundry hookups as well.
12059 S. State St presents an investor with the opportunity to fully gut renovate the property and establish market rate rents through a value-add approach to new ownership. In doing so, its new owner will realize a cap rate over 17% and a cash return of 46.40%.
Property Details
- Class
- C
- Year Built
- 1960
- Stories
- 2
- Lot Size (sq. ft)
- 16,553 SF
- Units
- 16
Highlights
- Unit Mix - Four (4) 2Bd/1Ba & Twelve (12) 1Bd/1Ba
- Sixteen (16) Parking Spaces
- High Vacancy - Renovation Ready
- Heavy Value-Add Opportunity
- Pullman Neighborhood - Steps from State St Metra Line
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