4901 St Louis Ave Chicago, IL 60625
- Dormitories
- 35,759 SF
- 0.36 lot acres
Current Use by Public Records
- Isalis / Gift Shop / Boutique
- Party City / Balloon Store / Candy Store
- Skunk Funk / Wholesaler / Clothing Store
- Carl's Trading Co / Hat Shop
- Bushka's Kitchen LLC / Outdoor Clothing And Equipment Shop
Property Details for 4901 St Louis Ave
- Year built
- 1929
- Lot size
- 0.36 lot acres
- Property size
- 35,759 SF
- Property type
- Dormitories
- Property subtype
- Student housing
Description
This exceptional investment opportunity presents a stabilized 52-unit multifamily portfolio ideally situated in two high-demand Chicago rental locations: Albany Park and near Loyola University. The portfolio comprises two buildings, totaling 35,759 square feet on a combined 0.36 acres. Built in 1929, both properties boast recently tuck-pointed exteriors and updated electrical systems, including newer service panels. Each building offers convenient in-unit laundry facilities and bike storage, enhancing tenant appeal. The unit mix is highly desirable, including a combination of studios, one-bedroom, and two-bedroom apartments. Common areas have undergone recent renovations. The portfolio currently generates a NOI of $573,215, representing a 6.44% cap rate, with a pro-forma NOI of $649,754 and a pro-forma cap rate of 7.30%. The asking price is $8,900,000, translating to $171,153.85 per unit and $248.89 per square foot. This presents a compelling investment with significant potential for rent growth in a prime location near multiple college campuses and secured outdoor tenant common areas. The buildings feature baseboard and boiler heating systems. Roof condition is unknown for both buildings. This is a ground lease-free opportunity.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Chicago
- County
- Cook
- State
- Illinois
- Longitude
- -87.7155
- Latitude
- 41.9704
