7327 Honore St Chicago, IL 60626

Property Details for 7327 Honore St

Year built

1931

Lot size

0.25 lot acres

Property size

21,600 SF

Property type

Apartment buildings

Description

This exceptional 30-unit apartment building in Chicago's desirable 60626 zip code presents a compelling investment opportunity. Boasting a 100% occupancy rate and a substantial NOI of $307,058, this Class B property offers a current cap rate of 6.43% and a pro-forma cap rate of 7.41%. The building, constructed in 1931 and extensively renovated in 2023, features 21,600 square feet across three stories, situated on a 0.25-acre lot. Zoned RT-4, it includes 29 currently occupied units and one permitted value-add unit with potential for 1,000-2,000 square feet of additional space. The average rent has increased recently, reflecting strong market demand. The asking price is $4,772,750, translating to $159,091.67 per unit and $220.96 per square foot. This property offers a blend of immediate income and significant upside potential, making it an ideal addition to any portfolio. The pro-forma NOI of $353,670 further underscores the potential for increased profitability. This is a turnkey investment with a proven track record of success and a clear path to future growth. The recent renovations ensure long-term value and minimize immediate capital expenditure needs. Don't miss this chance to acquire a well-maintained, high-performing multifamily asset in a thriving Chicago neighborhood.