821 49Th St Chicago, IL 60615

Property Details for 821 49Th St

Year built

1916

Property size

40,006 SF

Property type

Apartment buildings

Description

This exceptional 48-unit apartment building, located at 821 E 49th St, Chicago, IL 60615, presents a compelling investment opportunity. The property, situated in the highly desirable Hyde Park-Kenwood neighborhood, boasts a strong NOI of $441,336 and a 7.12% cap rate, making it an attractive addition to any portfolio. The building comprises a diverse unit mix: 12 studios, 24 one-bedroom/one-bath, six two-bedroom/one-bath, and six three-bedroom/two-bath apartments, catering to a wide range of tenants. Recently renovated between 2022 and 2023, the property features a new roof, updated mechanical systems, and numerous interior cosmetic improvements, minimizing deferred maintenance. On-site laundry and individually metered utilities add to its appeal. The building's location offers residents easy access to restaurants, shopping, public transportation, and Lake Michigan. A significant advantage is the existing HUD Section 8 rental assistance program, with a contract extending to 2038, ensuring consistent rental income (approximately 80% subsidized). This turnkey investment offers both immediate returns and potential for future rent increases, subject to HUD approvals, due to the property's prime location and high demand. The asking price is $6,200,000, with a price per unit of $129,166.67 and a price per square foot of $154.98. The total square footage is 40,006. This is a rare opportunity to acquire a well-maintained, high-performing multifamily asset in a prime Chicago location.