7327 Honore St Chicago, IL 60626
- Apartment buildings
- 21,600 SF
- 0.25 lot acres
Current Use by Public Records
- Apartment buildings
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.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Chicago
- County
- Cook
- State
- Illinois
- Longitude
- -87.6764
- Latitude
- 42.0146