108 North Hamlin Avenue Chicago, IL 60624

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.