100% Leased Student Housing & NNN Commercial
12 Unit Apartment Building | $4,950,000 ($412,500/Unit) | 6.90% Cap Rate | Chicago, IL 60660
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $4,950,000
- Property Type
-
Multifamily
- Square Feet
- 16,864 SF
Listing Contacts
Andy Friedman
Verified Profile
Jake Parker
Verified Profile
- Property Info
Property Overview
Kiser Group is pleased to present 1244 W Devon for sale. 1244 W Devon is an eleven unit mixed-use building located two blocks from the Loyola University Campus. Built in 2016, along with 1325 W Devon, the building has historical vacancy of zero due to the extremely high demand from students. The commercial space is occupied by GoPuff on a full NNN lease. While the current tenant base is almost exclusively students, units are rented out conventionally. New ownership can increase rent by implementing true student housing management and signing per-bed leases.
The rental units at the Devon Collection are the most in-demand unit types in a post-COVID world. All units are large, have multiple bathrooms, in-unit laundry, in-unit HVAC, and modern finishes. Due to the proximity of Loyola University, nearly all units are leased by students and have parents as lease co-signors.
1244 W Devon can be sold alone or in a package with 1325 W Devon.
The rental units at the Devon Collection are the most in-demand unit types in a post-COVID world. All units are large, have multiple bathrooms, in-unit laundry, in-unit HVAC, and modern finishes. Due to the proximity of Loyola University, nearly all units are leased by students and have parents as lease co-signors.
1244 W Devon can be sold alone or in a package with 1325 W Devon.
Property Details
- Class
- A
- Year Built
- 2016
- Stories
- 3
- Property Subtype
- Storefront Retail/Residential, Dormitory
- Units
- 12
Highlights
- Student housing with current and historical 100% occupancy
- Fully occupied commercial spaces with NNN leases
- Minimal amount of similar rental product in submarket
- Turnkey and cash flowing
- Can be sold alone or in a package with 1325 W Devon
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