4832 Montrose Ave Chicago, IL 60641

Property Details for 4832 Montrose Ave

Year built

1917

Property type

Commercial real estate

APN

13-16-229-032-0000

Description

This stabilized, 15-unit apartment building presents a compelling investment opportunity in Chicago's Jefferson Park neighborhood. Located at 4832 W Montrose Ave, this three-story brick building boasts 9,243 square feet of net rentable space on a 6,716 square foot lot. The property features fifteen one-bedroom, one-bathroom units, all currently occupied at 100% occupancy. Recent capital improvements include a new central boiler (2023), newer rear porches, and significant upgrades to plumbing, electrical, masonry, and tuckpointing. Units feature spacious layouts, original hardwood flooring, and original trim. On-site laundry facilities provide added convenience for tenants and contribute to the building's strong net operating income (NOI) of $100,282, resulting in a current cap rate of 5.00%. A pro-forma NOI of $130,720 projects a 7.00% cap rate, indicating significant value-add potential through lease renewals and market rate adjustments. The property is zoned RS-3 and benefits from its location near major highways (I-90 & I-94), public transportation, and retail amenities. The asking price is $2,150,000, or $143,333.33 per unit. Built in 1917, this property offers a blend of classic charm and modern updates, making it an attractive investment for discerning buyers. No owner financing is available.