1244 Devon Ave Chicago, IL 60660

Property Details for 1244 Devon Ave

Year built

2016

Property size

21,080 SF

Property type

Apartment buildings

Description

This exceptional 11-unit apartment building, located at 1244 W Devon Ave in Chicago, IL, presents a compelling investment opportunity. Built in 2016 and boasting 21,080 square feet, the property enjoys a prime location just two blocks from Loyola University's campus. Currently operating at 100% occupancy, the building features a mix of residential and commercial spaces. The commercial space is fully leased under a triple-net (NNN) lease, providing stable and predictable income. The residential units are highly sought-after, featuring spacious layouts, multiple bathrooms, in-unit laundry, in-unit HVAC systems, and modern finishes. The strong demand, driven by the proximity to Loyola University, ensures consistent occupancy and rental income. The current tenant base primarily consists of students, many with parent co-signors, offering a stable and reliable revenue stream. The property's limited comparable rental product in the submarket further enhances its investment potential. This turnkey, cash-flowing investment is ideal for those seeking a stable and high-return property in a desirable Chicago location. The building's history of zero vacancy underscores its exceptional appeal and potential for future growth. The current rental strategy is conventional, but new ownership could potentially increase revenue by implementing a student housing management approach and utilizing per-bed leasing. This property represents a rare opportunity to acquire a well-maintained, high-performing asset in a thriving Chicago neighborhood. The Cook County location and 60660 zip code further solidify its desirability.