923 Loomis St Chicago, IL 60607

Property Details for 923 Loomis St

Year built

1889

Property type

Apartment buildings

Description

This exceptional Class A, 15-unit apartment building, located at 919-927 S Loomis St in Chicago's vibrant Little Italy neighborhood, presents a compelling value-add opportunity. The property boasts a strong 7.12% cap rate, with a pro-forma cap rate projected at 8.08%, reflecting significant upside potential. The building, constructed in 1889, comprises three stories and sits on a 6,250 sq ft lot. It features a desirable unit mix of eight two-bedroom/one-bathroom and two three-bedroom/one-bathroom residential units, along with five ground-level retail spaces offering high 12-foot ceilings, central air conditioning, and duplex down storage rooms and bathrooms. Below-market rents in ten residential units offer immediate value-add potential. Recent improvements include a roof tear-off, new sewer lines, and a new deck. The building also includes a convenient basement coin laundry. Situated within walking distance of the Pink and Blue Line trains, and surrounded by numerous boutiques, restaurants, and nightlife on Taylor Street, the property benefits from exceptional tenant demand due to its proximity to UIC, the Illinois Medical District, and Pilsen. A successful 2024 tax appeal resulted in a $18,000 reduction in assessed value. The property's current NOI is $213,343, with a pro-forma NOI of $242,143. The asking price is $2,995,000, representing a price per unit of $199,667. This is a rare opportunity to acquire a well-located, multifamily asset with significant upside in a high-demand area. The permitted zoning is C1-1.