6120 Hamilton Ave Chicago, IL 60659

Property Details for 6120 Hamilton Ave

Year built

1951

Lot size

0.18 lot acres

Property size

13,374 SF

Property type

Commercial real estate

Description

This exceptional multifamily investment opportunity presents two well-maintained apartment buildings located in Chicago's desirable West Ridge neighborhood at 6120-6122 N. Hamilton Ave and 6128-6134 N. Hamilton Ave. The property boasts a total of 15 units, comprising twelve spacious 2-bedroom, 1-bathroom units (800-1000 sq ft) and three 1-bedroom, 1-bathroom units (600-750 sq ft). Many units feature balconies, adding to their appeal. Built in 1951 and extensively renovated in 2019, the property offers a blend of classic charm and modern amenities, including updated kitchens with microwaves, refrigerators, dishwashers, and stoves, and renovated bathrooms. The buildings, totaling 13,374 square feet with 10,800 net rentable square feet, sit on a 0.18-acre lot and include two garage parking spaces, on-site storage, and a convenient laundry room. The property's strong financial performance is reflected in its current NOI of $168,124 and a pro-forma NOI of $190,893, yielding a 5.83% cap rate and a pro-forma cap rate of 6.62%. Its convenient location offers easy access to the Devon and Western Avenue retail corridors and is served by nearby CTA bus lines. This is a turnkey investment opportunity with significant upside potential in a thriving Chicago market. The asking price is $2,882,000, representing a price per unit of $192,133.33 and a price per square foot of $215.49. The property is zoned RS-3.