8321 Drexel Ave Chicago, IL 60619

Property Details for 8321 Drexel Ave

Year built

1926

Property size

9,600 SF

Property type

Commercial real estate

APN

20-35-302-006-0000

Description

This 12-unit apartment building, located at 8321 S Drexel Ave in Chicago's Chatham neighborhood, presents a compelling value-add investment opportunity. The property boasts 9,600 square feet across four stories, built in 1926, and features 12 two-bedroom, one-bathroom units. Currently operating at 92% occupancy, the building generates a Net Operating Income (NOI) of $102,475, representing an 8.72% cap rate. A pro-forma analysis projects a significantly improved NOI of $128,885, resulting in a 10.97% cap rate. The asking price is $1,175,000, translating to $97,917 per unit and $122.40 per square foot. The property includes 10 parking spaces and is zoned RS-3. Individually metered heating and cooling systems enhance both tenant satisfaction and operational efficiency. The Chatham neighborhood is known for its stable residential character and growing local economy, offering strong potential for long-term appreciation. This multifamily property offers a blend of immediate income generation and significant upside potential, making it an attractive investment for those seeking strong returns in the Chicago market. The property's strong financial performance, coupled with its location in a thriving neighborhood, makes it an ideal investment for long-term wealth accumulation in the multifamily sector. The Cook County APN is 20-35-302-006-0000.