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    6520 Gunnison St Harwood Heights, IL 60706

    Sponsored
    For Sale
    $899,900

    3-Unit Building, High Potential

    Property size:
    4,646 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional three-unit apartment building presents a compelling value-add investment opportunity in Harwood Heights, Illinois. Situated on a 7,125 square foot corner lot directly across from Ridgemoor Country Club, this 4,646 square foot, all-brick building offers significant upside potential. Built in 1985 and renovated in 2010, the property boasts 100% occupancy with long-term tenants, currently generating a NOI of $25,102, representing a 2.79% cap rate. However, a pro-forma analysis projects a significantly improved NOI of $36,098 and a 4.01% cap rate, reflecting the potential for substantial rent increases. Each of the three units features three bedrooms and 1.1 bathrooms, a living room, dining area, and an eat-in kitchen. Upper units include private balconies. Appliances (refrigerator, stove with hood, and dishwasher) are included, while tenants provide their own washer/dryer. Individual gas and electric meters ensure efficient utility management, with tenants responsible for all utilities except water, which is included in the rent. This turnkey investment is easily managed and offers a rare combination of location, strong cash flow, and significant growth potential. The asking price is $899,900, translating to $299,967 per unit. The property's Cook County APN is 13074220310000.

    Property Features for 6520 Gunnison St

    General Information

    Property type
    Multifamily properties
    Square Feet
    4,646 SF

    Building Details

    Year Built/Renovated
    1985/2010
    Buildings
    1
    Stories
    2
    Units
    3

    HighLights

    • $899,900 asking price for this value‑add multifamily investment property.
    • Three‑unit apartment building with 4,646 square feet on a 7,125 square foot lot.
    • Currently 100% occupied with a $25,102 NOI and a pro‑forma NOI of $36,098, resulting in a 2.79% cap rate and a 4.01% pro‑forma cap rate.
    • Each unit features three bedrooms and 1.1 bathrooms.
    • Located across from Ridgemoor Country Club in Harwood Heights, IL.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Harwood Heights
    County
    Cook
    State
    Illinois
    Longitude
    -87.7913581
    Latitude
    41.9686264

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    FAQs

    What type of property is this?
    Multifamily property - 3-Unit Building, High Potential
    Where is this multifamily property located?
    The property is located at 6520 Gunnison St Harwood Heights, IL.
    What is the asking price?
    The asking price for this property is $899,900.
    What are key features of this property?
    This property features: $899,900 asking price for this value-add multifamily investment property.; Three-unit apartment building with 4,646 square feet on a 7,125 square foot lot.; Currently 100% occupied with a $25,102 NOI and a pro-forma NOI of $36,098, resulting in a 2.79% cap rate and a 4.01% pro-forma cap rate.
    Request Owner's contact information
    6520 Gunnison St Harwood Heights, IL 60706
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    Harwood Heights, IL 60706
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    6520 Gunnison St Harwood Heights, IL 60706
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