949 86Th St Chicago, IL 60619

Property Details for 949 86Th St

Year built

1965

Lot size

0.35 lot acres

Property size

12,744 SF

Property type

Apartment buildings

Description

Exceptional opportunity to acquire a fully occupied, 15-unit apartment building in Chicago's East Chatham neighborhood. This stabilized Class B multifamily property boasts 12,744 square feet and features eight single-car garages. Built in 1965 and extensively renovated in 2021, the property offers a strong cash flow with a current NOI of $200,856 and an 8.04% cap rate. The asking price is $2,497,000, representing a price per unit of $166,467 and a price per square foot of $195.94. The property sits on a 0.35-acre lot and is zoned RS-3. All 15 units are currently occupied, with a significant portion of leases extending to 2028, providing a substantial net present value boost. Recent capital improvements include a new high-efficiency boiler system, garage roof recoating, a security system upgrade, and extensive renovations to all units within the past five years. The property also benefits from a convenient first-floor coin-operated laundry facility. The building is well-maintained, with a low deferred maintenance profile and a history of high tenant retention. Its location offers easy access to public transportation, including the Metra train station and CTA Red Line, as well as nearby shopping and schools. The property presents a compelling investment opportunity with significant upside potential. Further value-add opportunities exist through the potential development of additional parking spaces.