1748 North Ave Chicago, IL 60622
- Mixed-use properties
- 8,600 SF
Current Use by Public Records
- Relax Foot Spa / Massage Therapist
Property Details for 1748 North Ave
- Year built
- 2011
- Property size
- 8,600 SF
- Property type
- Mixed-use properties
- Property subtype
- Apartment buildings
Description
This exceptional 7-unit apartment building, located at 1748 W North Ave in Chicago's desirable Bucktown neighborhood, presents a compelling investment opportunity. Built in 2011, this four-story, 8,600 square foot building boasts a 5.49% cap rate and a strong net operating income (NOI) of $241,353. The property features seven fully occupied, high-end 3-bedroom, 2-bathroom residential units, each with granite countertops, stainless steel appliances, hardwood floors, in-unit laundry, and individual HVAC systems. Tenants pay their own utilities. Two commercial storefronts are also included, with long-term leases extending to 2028, contributing significantly to the property's consistent income stream. Unit 3 offers a full floor with expansive terraces, while Units 4W and 4E provide access to a private roof deck. The building includes 10 parking spaces. The property sits on a 5,952 square foot lot and is zoned C1-2. This stabilized investment, with a price of $4,400,000 ($511.63/sq ft and $628,571.43/unit), offers a rare chance to acquire a well-maintained, high-performing asset in a prime Chicago location. The projected monthly gross income is $29,641. All units have similar high-end finishes. This is a turnkey investment ready for immediate cash flow.
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
- -87.672
- Latitude
- 41.9106
