5647 Wellington Ave Chicago, IL 60634

Property Details for 5647 Wellington Ave

Property size

8,400 SF

Property type

Apartment buildings

Description

This exceptional 12-unit apartment building, located at 5647 W. Wellington Ave in Chicago's Belmont Cragin neighborhood, presents a compelling investment opportunity. The three-story walk-up building boasts 8,400 square feet and features twelve spacious one-bedroom, one-bathroom units, all recently updated with modern kitchens and bathrooms. The property has been meticulously maintained, showcasing recent capital improvements including a newer boiler with R&D controls, a new water heater, recent tuckpointing, newer windows, updated copper plumbing (horizontals), and new porches. Adding to its appeal, the building includes four on-site garage parking spaces. Currently generating a cap rate exceeding 6.2%, this cash-flowing asset offers significant potential for increased returns. Through strategic leasing, management improvements, and rent adjustments to market levels already seen within the building, a new owner can achieve a projected cap rate of 7.43% and nearly 8.5% cash-on-cash returns. The asking price for this well-maintained property is $1,350,000. This is a rare opportunity to acquire a stable, high-performing multifamily asset in a desirable Chicago location. The property's strong financials, coupled with its recent upgrades and prime location, make it an ideal investment for discerning buyers seeking immediate cash flow and long-term appreciation. The building's excellent condition and consistent occupancy further enhance its investment appeal.