1613 87Th St Chicago, IL 60620
- Mixed-use properties
Current Use by Public Records
- Maxine's Boutiques / Boutique / Shoe Store
- Takada Udlet Salon & Day Spa / Day Spa
Property Details for 1613 87Th St
- Year built
- 1929
- Property type
- Mixed-use properties
Description
This exceptional mixed-use property, located at 1613 W 87th St in Chicago's Auburn Gresham neighborhood, presents a compelling investment opportunity. The building, constructed in 1929, features a two-story structure encompassing ten units: eight one-bedroom apartments and two retail spaces occupied by a single tenant. The apartments boast hardwood and tile flooring, exposed brick, oak cabinets, laminate countertops, and updated bathroom vanities in select units. Each apartment offers ample natural light and closet space. The retail spaces are also well-maintained. The property offers potential for on-site parking in the rear. The building enjoys a strong financial performance, boasting a Net Operating Income (NOI) of $96,845 and a cap rate of 11.07%. The asking price is $875,000. All residential units have electric baseboard heat and individual hot water heaters, minimizing potential maintenance expenses and allowing for tenant-paid utilities. The property benefits from a prime location near Metra train stops, major retailers, and the Beverly Country Club, providing residents with convenient access to amenities and transportation. The Auburn Gresham neighborhood is experiencing increased demand, making this a particularly attractive investment. The current rent roll is fully subsidized, guaranteeing consistent income. Recent leases demonstrate the property's ability to achieve top-of-market rents, ensuring a stable and profitable future.
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
- -87.6637
- Latitude
- 41.7356
