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    3100 Douglas Blvd Chicago, IL 60623

    Sponsored
    For Sale
    $1,720,000

    15-Unit Building, High Pro-Forma Cap Rate

    Property size:
    17,658 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    398
    This 15-unit apartment building at 3100 W. Douglass Blvd., Chicago, IL 60623, presents a compelling investment opportunity. The property, built in 1913 and renovated in 2006 and 2024, boasts 17,658 square feet on a 10,870 square foot lot, with 16,410 square feet of net rentable space. The unit mix includes nine 2-bedroom/1-bathroom units, three 3-bedroom/1-bathroom units, and three 5-bedroom/2-bathroom units, all generously sized. Currently operating at 93% occupancy, the property generates a NOI of $69,026, but a pro-forma NOI of $143,084 is achievable based on market rents and recent improvements. These improvements include a new boiler installed in 2023, resulting in efficient natural gas usage, and a significant reduction in 2024 property taxes (payable 2025) to $16,916. The building is zoned R-3 and benefits from ample street parking on Douglass Blvd and Albany St. Its prime location overlooks Douglas Park, offering residents access to various recreational amenities. The lower garden level is currently unused, presenting a potential value-add opportunity, such as the installation of a coin-operated laundry facility. The asking price is $1,720,000, representing a price per square foot of $97.41 and a price per unit of $114,666.67. The current cap rate is 4.01%, with a highly achievable pro-forma cap rate of 8.32%.

    Property Features for 3100 Douglas Blvd

    General Information

    Property type
    Multifamily properties
    Square Feet
    17,658 SF
    Class
    C

    Building Details

    Year Built/Renovated
    1913/2006
    Buildings
    1
    Stories
    3
    Units
    15

    HighLights

    • Pro Forma 8.3% Cap Rate achievable; based on market rents, reduced 2025 property taxes, and efficient new 2023 boiler.
    • 2025 property taxes reduced to $16,916.
    • Unutilized lower garden level offers value‑add potential, such as a coin‑operated laundry.
    Property Profile Location Intelligence

    Current Use by Public Records

    3100 W Douglas ... Apartment Building

    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
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.7032627
    Latitude
    41.8631531

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    FAQs

    What type of property is this?
    Multifamily property - 15-Unit Building, High Pro-Forma Cap Rate
    Where is this multifamily property located?
    The property is located at 3100 Douglas Blvd Chicago, IL.
    What is the asking price?
    The asking price for this property is $1,720,000.
    What are key features of this property?
    This property features: Pro Forma 8.3% Cap Rate achievable; based on market rents, reduced 2025 property taxes, and efficient new 2023 boiler.; 2025 property taxes reduced to $16,916.; Unutilized lower garden level offers value-add potential, such as a coin-operated laundry.
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    3100 Douglas Blvd Chicago, IL 60623
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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
    3100 Douglas Blvd Chicago, IL 60623
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