611 151St St, Phoenix, IL 60426

This 16-unit apartment building in Phoenix, IL, presents a compelling value-add investment opportunity. Located at 611 E 151st St, 60426, Cook County, this brick and flexicore constructed property boasts 8,400 square feet of net rentable space, currently operating at 100% occupancy. The building comprises eight studio and eight one-bedroom units, with four units recently remodeled, commanding rents exceeding those of unrenovated units by over $150. The property features four newer Peerless hot-water boilers and individual tenant-provided sleeve A/C units. Recent improvements include freshly painted hallways. The asking price is $895,000, representing $55,937.50 per unit. The current NOI is $74,551, yielding an 8.33% cap rate. A pro-forma NOI of $89,854 projects a 10.04% cap rate, reflecting the potential for increased returns through further renovations and market-rate rent adjustments. The property's proximity to the city's fire and police stations adds to its appeal. This well-maintained asset offers significant upside potential for investors seeking to capitalize on the proven value-add strategy. The property's APN is 29-16-102-005-0000. Built in 1968, this property offers a strong foundation for future growth and profitability.