9826 Sayre Ave Chicago Ridge, IL 60415

Property Details for 9826 Sayre Ave

Lot size

0.45 lot acres

Property size

24,831 SF

Property type

Commercial real estate

Description

This exceptional mixed-use property, located at 9826 Sayre Ave in Chicago Ridge, IL, presents a compelling value-add opportunity. The fully occupied 24,831 square foot building boasts 18 units: eight one-bedroom/one-bathroom and ten two-bedroom/one-bathroom apartments. Six units have been recently renovated, offering immediate upside potential for increased rental income. The property features a desirable unit mix, spacious layouts with exposed brick interiors, baseboard heating and AC sleeve units, and private patios or balconies. Residents enjoy convenient amenities including an on-site laundry facility with owned washers and dryers, ample storage, and 24 numbered parking spaces plus additional off-street parking. Significant recent capital improvements include a high-efficiency boiler system, enhancing operational efficiency and reducing future maintenance costs. Safety and security are prioritized with a monitored fire alarm system, proximity to a fire hydrant, and a recently installed HD video security system. Situated on a 0.454-acre lot, this property offers a strong 6.56% cap rate with a current NOI of $160,743.80 and an asking price of $2,450,000 ($136,111 per unit and $148.78 per square foot). The strong occupancy and desirable location in Chicago Ridge, just 14 miles southwest of downtown Chicago, provide a stable foundation for future growth and increased cash flow through further unit renovations and market rent adjustments. This is an ideal investment for those seeking a well-maintained, income-producing asset with significant upside potential.