5957 Indiana Ave Chicago, IL 60637

Property Details for 5957 Indiana Ave

Year built

1913

Property size

33,831 SF

Property type

Apartment buildings

Description

This 31-unit apartment building presents a compelling value-add opportunity in Chicago's Washington Park neighborhood. Located at 5957 S. Indiana Ave, this three-story, 33,831 square foot building (built in 1913, renovated in 2014) offers a current NOI of $187,972 and a 7.58% cap rate, with a pro-forma NOI projected at $299,261 and a pro-forma cap rate of 12.07%. The property boasts a 90% occupancy rate and is currently priced at $2,480,000 ($80,000 per unit and $73.31 per square foot). The unit mix includes eight 3-bedroom/1-bathroom, eighteen 2-bedroom/1-bathroom, and five 1-bedroom/1-bathroom units. A regulatory agreement, in effect until 2030, requires 29 of the 31 units to be rented to tenants with incomes no more than 60% of the area median income, at rent levels restricted to those income limits. Current ownership has already implemented rental increases on 35% of units, with an additional 23% scheduled for increases between May and September 2024. No major capital expenditures are needed. The property is zoned RM-5 and its Cook County APN is 20-15-303-022-0000. This prime location offers easy access to public transportation, parks, and various amenities, attracting a diverse tenant base. The property's strong fundamentals and value-add potential make it an attractive investment. Financing options include a potential 2-year interest-only multifamily loan.