1334 Cleaver St Chicago, IL 60642-2370
- Residential income homes
- 4,656 SF
- 0.07 lot acres
Current Use by Public Records
- Residential income homes
Property Details for 1334 Cleaver St
- Year built
- 1995
- Construction
- MASONRY/CONCRETE MASONRY UNITS (CMUS)
- Lot size
- 0.07 lot acres
- Property size
- 4,656 SF
- Property type
- Residential income homes
- Property subtype
- Small apartment buildings
- APN
- 17-05-117-038
- APU
- 1705117038
Description
This exceptional three-unit apartment building in Chicago's desirable Wicker Park neighborhood presents a compelling investment opportunity. The 4,200 square foot property, built in 1995 and renovated in 2016, boasts a 100% occupancy rate and a strong net operating income (NOI) of $74,052, with a pro-forma NOI of $90,798. The building comprises one four-bedroom, three-bathroom duplex and two three-bedroom, two-bathroom apartments, all featuring modern finishes including stainless steel appliances, hardwood floors, and in-unit laundry. Situated on a 3,000 square foot lot, the property includes four parking spaces. Its prime location offers unparalleled connectivity, with proximity to the CTA Blue Line, multiple bus routes (#9, #56, and #70), and the Kennedy Expressway. The vibrant Wicker Park neighborhood, known for its eclectic mix of restaurants, bars, shops, and cultural venues, boasts a strong demographic profile, with an average household income of $158,380 and a median home value of $625,099 within a one-mile radius. The property is zoned RT-4 and has a current asking price of $1,400,000, representing a price per unit of $466,667 and a current cap rate of 5.29%, with a pro-forma cap rate of 6.49%. This well-maintained property offers a stable income stream with significant upside potential for rental increases. The property's location near the intersection of Ashland, Division, and Milwaukee Avenues provides easy access to a variety of national and local retailers. This is a rare opportunity to acquire a stabilized multifamily investment in one of Chicago's most sought-after neighborhoods.
Value Estimations
-
AI approach
- Method
- Estimation
- ML approach
- $420,000
-
Comparable approach
- Method
- Estimation
- AI Estimate
- $639,000
Market price range: $465k - $932k
Get a detailed, property-specific valuation — fast and free
Location Insight
- Map
- Local Demand
- City
- Chicago
- County
- Cook
- State
- Illinois
- Longitude
- -87.6643
- Latitude
- 41.9062
- CBSA code
- 16980
- CBSA name
- CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA
