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108 North Hamlin Avenue Chicago, IL 60624

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For Sale
$795,000

Six residential units with value-add potential on Chicago's West Side.

Type:MF
Property size:
8,700 SF
Added:
Dec 22, 2025
Days on Market:
107
Last Refresh:
Apr 3 at 4:59 am

Property Features for 108 North Hamlin Avenue

General Information

Standard status
Active
Size
8,700 SF
Property subtype
MF

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Listing Contact
Anthony Hardy

Listing agent Anthony Hardy License #475139834

Listing office Keller Williams ONEChicago

Listing date Dec 22, 2025

Source Realnex

Displayed information is deemed reliable but is not guaranteed and should be independently verified.

All listing content including descriptions, pricing, images are the copyrighted material of Keller Williams ONEChicago


Overview

Chicago 6-Unit Deconversion Opportunity

Located on Chicago’s West Side, this 6-unit condominium building at 108 N. Hamlin Avenue offers an opportunity to acquire and deconvert. The property comprises 8,700 square feet across six oversized residential units. The asset is in a partially stabilized condition, with one vacant unit and one owner-occupied unit, allowing immediate control over two units at closing. The remaining four units are leased, generating in-place cash flow with upside through mark-to-market rent increases. Current average rents of approximately $1.07 per square foot trail pro forma market rents of $1.25 per square foot, supporting income growth without major capital expenditures. On an in-place basis, the property generates a current NOI of $68,596, equating to an 8.63% cap rate at the asking price. Upon stabilization and rent normalization, pro forma NOI increases to $85,793, driving a 10.79% pro forma cap rate. Expense ratios remain conservative at 28%–32%, reflecting efficient operations and limited exposure to volatility. The investment benefits from a favorable price per unit of $132,500 and price per square foot of $91, positioning the asset well below replacement cost. Under the illustrated financing scenario at 75% LTV, investors can achieve an estimated cash-on-cash return of 21.58% post-stabilization, supported by a strong 1.60 DSCR. The property offers investors yield, downside protection, and scalable NOI growth in a supply-constrained urban submarket.
Location Intelligence

Current Use by Public Records

eductaion High School

Suggested Use

Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

Zoning and permitted uses should be independently verified with local authorities.

Location Insight

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  • Local Demand
City
Chicago
County
Cook
State
Illinois
Longitude
-87.7213651
Latitude
41.8854262

FAQs

What type of property is this?
Apartment building - Six residential units with value-add potential on Chicago's West Side.
Where is this apartment building located?
The property is located at 108 North Hamlin Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: High Pro Forma Cap Rate: Potential 10.79% cap rate upon stabilization.; Immediate Unit Control: Vacant and owner‑occupied units provide immediate control over two units at closing.; Value‑Add Opportunity: Significant upside through rent normalization.
More about this property
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