14100 Atlantic Ave Riverdale, IL 60827

Property Details for 14100 Atlantic Ave

Property size

177,503 SF

Property type

Commercial real estate

Description

This exceptional investment opportunity presents a portfolio of thirteen multifamily buildings totaling 194 units strategically located across desirable neighborhoods in Chicago and Riverdale, Illinois. The portfolio boasts a well-balanced unit mix, including two-bedroom, one-bedroom, studio, and commercial spaces. The properties feature a total of 177,503 square feet, with 154,350 square feet of net rentable space. Significant renovations completed in 2020 encompass updated mechanical systems, tuckpointing, enhanced security features, and cosmetic upgrades to most units. Three buildings have been further improved with individual furnaces and hot water heaters. The portfolio currently enjoys a strong 93% occupancy rate, with 88% of tenants benefiting from subsidized rent, providing a stable and predictable income stream. The asking price is $13,700,000, representing a price per unit of $70,618.56 and a price per square foot of $77.18. The current Net Operating Income (NOI) is $1,158,943, yielding an 8.46% cap rate. A pro-forma NOI of $1,676,369 projects a 12.24% cap rate. Attractive assumable debt is available at a 3.488% interest rate, with a loan-to-value ratio of 65% and six years remaining on the term. This portfolio offers a compelling combination of strong cash flow, significant upside potential, and an attractive financing structure, making it an ideal investment for discerning buyers seeking stable returns in the Chicago metropolitan area. The addresses included are 14100 S Atlantic Ave, Riverdale, IL 60827; 5450 S Indiana Ave, Chicago, IL 60615; 6733 S Perry Ave, Chicago, IL 60621.

Location Insight

City

Riverdale

County

Cook

State

Illinois

Longitude

-87.628304

Latitude

41.6387981