1438 St Louis Ave Chicago, IL 60623

Property Details for 1438 St Louis Ave

Year built

1912

Property size

6,849 SF

Property type

Apartment buildings

Description

This exceptional 7-unit apartment building, located at 1438 S St Louis Ave in Chicago's North Lawndale neighborhood (zip code 60623), presents a compelling investment opportunity. Built in 1912 and extensively renovated in 2023, this three-story building boasts 6,849 square feet on a 4,083 square foot lot. The property features a mix of seven units: three spacious three-bedroom apartments and four stylish two-bedroom apartments. Currently listed at $670,000, this translates to a price per unit of $95,714.29 and a price per square foot of $97.82. The property's strong financial performance is evident in its current NOI of $90,060, resulting in a 13.44% cap rate. Pro-forma NOI is projected at $81,956, yielding a 12.23% pro-forma cap rate. The property is zoned RT-4. This multifamily investment is situated in a rapidly developing area, promising significant appreciation potential. The recent renovations ensure high-quality units that attract desirable tenants, contributing to consistent cash flow and a strong return on investment. This is a rare opportunity to acquire a well-maintained, income-producing asset in a revitalizing Chicago neighborhood. The property's current appraisal is $775,000, indicating substantial built-in equity.