Commercial: Multi Family 5+ - MLS# 12588866
Tools & Resources:
Description
The property features a well-balanced unit mix consisting of twenty-eight (28) studio apartments and twelve (12) one-bedroom/one-bathroom units. The majority of apartments offer upgraded interiors complemented by vintage character, with finishes that include granite or quartz countertops, raised-panel cabinetry, and hardwood or vinyl flooring. Common area amenities include a secured building entrance, an on-site laundry facility, and a dedicated mail and package room. Current in-place rents are approximately 15% below market compared to nearby properties with similar finishes, presenting an opportunity for new ownership to implement a more proactive management strategy and capture meaningful rental upside.
Features
- Property Type: Commercial
- Sub Type: Multi Family 5+
- Listing Status: Active Under Contract
- County/Area: Cook County
- Zip Code: 60626
- Year Built: 1928
- Stories: 4
- Units: 40 units
- Zoning: MULTI
- # Of Dryers: 4
- # Of Ranges: 40
- # Of Refrigs: 40
- # Of Washers: 4
- Approximate Age: Older
- Built Before 1978 (Y/N): Yes
- Cap Rate: 6.69
- Construction Materials: Brick
- Directions: East on Morse, South on Ashland
- Electric: Circuit Breakers, Service - 201 to 600 Amps
- Electric Expense: 5390
- Electric Expense Source: Actual
- Expense Year: 2025
- Foundation Details: Concrete Perimeter
- Fuel Expense: 17883
- Fuel Expense Source: Actual
- Gross Income: 483816
- Gross Rent Multiplier: 9.92
- Gross Scheduled Income: 486823
- Heat/Ventilation: Central Bldg Heat
- Information: List Broker Must Accompany, 48-Hr Notice Required, No Sign on Property
- Insurance Expense: 15093
- Insurance Expense Source: Actual
- Janitor Expense: 3000
- Known Encumbrances: None Known
- Land Amenities: Curbs and Gutters, Sidewalks
- Location: Free Standing/Urban
- Lot Size Square Feet: 17200
- Main Type: Commercial Sale
- Maintenance Expense: 12000
- Manager Expense: 18471
- Manager Expense Source: AC
- Operating Expense: 165395
- Other Expense: 5955
- Other Expense Source: Actual
- Ownership Type: Limited Liability Corp
- Repairs-Decor Expense Source: Owner Projection
- Roof Structure: Flat
- Tax Annual Amount: 59113
- Tax Year: 2024
- Tenant Pays: Electricity
- Total Annual Expense Source: Actual
- Total Monthly Income: 40318
- Township: Rogers Park
- Trash Expense: 7256
- Trash Expense Source: Actual
- Type Multi-Family: Flats
- Water Expense Source: Actual
- Water Sewer Expense: 15097
- Water Source: Municipal Water
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