3100 Douglas Blvd Chicago, IL 60623
- Commercial real estate
- 17,658 SF
Current Use by Public Records
- 3100 W Douglas Blvd. Historic Apartments / Apartment Building
Property Details for 3100 Douglas Blvd
- Year built
- 1913
- Property size
- 17,658 SF
- Property type
- Commercial real estate
- APN
- 16241030390000
Description
This 15-unit apartment building at 3100 W. Douglass Blvd., Chicago, IL 60623, presents a compelling investment opportunity. The property, built in 1913 and renovated in 2006 and 2024, boasts 17,658 square feet on a 10,870 square foot lot, with 16,410 square feet of net rentable space. The unit mix includes nine 2-bedroom/1-bathroom units, three 3-bedroom/1-bathroom units, and three 5-bedroom/2-bathroom units, all generously sized. Currently operating at 93% occupancy, the property generates a NOI of $69,026, but a pro-forma NOI of $143,084 is achievable based on market rents and recent improvements. These improvements include a new boiler installed in 2023, resulting in efficient natural gas usage, and a significant reduction in 2024 property taxes (payable 2025) to $16,916. The building is zoned R-3 and benefits from ample street parking on Douglass Blvd and Albany St. Its prime location overlooks Douglas Park, offering residents access to various recreational amenities. The lower garden level is currently unused, presenting a potential value-add opportunity, such as the installation of a coin-operated laundry facility. The asking price is $1,720,000, representing a price per square foot of $97.41 and a price per unit of $114,666.67. The current cap rate is 4.01%, with a highly achievable pro-forma cap rate of 8.32%.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Chicago
- County
- Cook
- State
- Illinois
- Longitude
- -87.7032627
- Latitude
- 41.8631531
