2217 Madison St, Chicago, IL 60612

This exceptional 46-unit Class A apartment building, constructed in 2020, presents a compelling stabilized multifamily investment opportunity in Chicago's Near West Side. Boasting 40,500 net rentable square feet across four stories, the property features a mix of one- and two-bedroom units, each equipped with stainless steel appliances, quartz countertops, in-unit laundry, and custom closets. The building includes 46 attached parking spaces and a common rooftop deck. With a current NOI of $862,411 and a pro-forma NOI of $988,243, this property offers a 6.2% cap rate and a pro-forma cap rate of 7.1%. The 100% occupancy rate underscores the strong demand in this rapidly developing neighborhood, conveniently located near the United Center, the Medical District, and the soon-to-open Green Line station. The property sits on a 21,384 square foot lot and benefits from excellent access to major transportation arteries, including the Dan Ryan, Eisenhower, and Blue Line stations. The asking price is $13,999,000, translating to $304,326.09 per unit. This is a turnkey investment with significant upside potential in a high-growth area. Annual property taxes are $194,500, and annual expenses total $142,596. The building is owned by an LLC.