1455 Hamlin Ave Chicago, IL 60623
- Commercial real estate
- 6,250 SF
Current Use by Public Records
- Commercial real estate
Property Details for 1455 Hamlin Ave
- Year built
- 1905
- Property size
- 6,250 SF
- Property type
- Commercial real estate
- APN
- 16-23-118-010-0000
Description
This 6-unit apartment building, located at 1455 S Hamlin Ave in Chicago, IL, presents a compelling value-add investment opportunity. Built in 1905 and extensively renovated in 2015, this three-story, 6,250 square foot building sits on a 3,920 square foot lot (APN: 16-23-118-010-0000) and boasts a current 100% occupancy rate. The property features a strong current NOI of $53,962, translating to an 11.24% cap rate, with a pro-forma NOI of $72,146 and a pro-forma cap rate of 15.03%. Recent improvements include a new roof (2015), new gas-forced air units (2017), new concrete basements (2017), new steel porches (2016, repainted 2021), tuckpointing (2016), updated electrical and plumbing systems, and a new back yard fence (2021) and updated water pipe insulation (2021). The asking price is $480,000, or $80,000 per unit. Situated in the Douglas Park/North Lawndale neighborhood, the property benefits from convenient access to I-290, downtown Chicago (12-minute drive), groceries, schools, and public transportation. The property is zoned RT-4. Tenants are responsible for gas, heat, and electricity. This is a rare opportunity to acquire a well-maintained, high-performing multifamily asset in a desirable Chicago location with significant upside potential.
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
- Chicago
- County
- Cook
- State
- Illinois
- Longitude
- -87.7198658
- Latitude
- 41.8611609
