101609 Home Sfr Chicago Il Hazel Crest, IL 60429
- Residential income homes
- 21,031 SF
Current Use by Public Records
- Residential income homes
Property Details for 101609 Home Sfr Chicago Il
- Year built
- 1946
- Property size
- 21,031 SF
- Property type
- Residential income homes
Description
This fee-simple multifamily investment comprises twelve single-family rental homes totaling 21,031 square feet on a 131,116 square foot lot in the Chicago, IL area (Hazel Crest, Cook County, zip code 60429). Built in 1946, the portfolio boasts a current NOI of $157,256 and a pro-forma NOI of $159,664, representing an 8.08% cap rate and a pro-forma cap rate of 8.20%. Currently operating at 75% occupancy, the portfolio presents a significant value-add opportunity due to rents being 15% below market rates. The average unit size is 1,753 square feet, and the asking price is $1,946,000, or $162,167 per unit and $92.53 per square foot. The homes feature a mix of 3, 4, and 5-bedroom units, and benefit from long-term tenants. This stabilized, cash-flowing investment offers potential for increased NOI through rent growth and future appreciation in a market with limited housing supply and projected rental demand increases. The portfolio's strong fundamentals and location in a historically robust rental market make it an attractive investment opportunity.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Hazel Crest
- County
- Cook
- State
- Illinois
- Longitude
- -87.6926
- Latitude
- 41.5731
