6250 Winthrop Ave Chicago, IL 60660

Property Details for 6250 Winthrop Ave

Property size

21,932 SF

Property type

Dormitories

Property subtype

Student housing

Description

This exceptional 39-unit multifamily property, located at 6250 N Winthrop Ave in Chicago, IL, presents a compelling investment opportunity. The 21,932 square foot building, constructed in 1929, boasts a mix of 13 one-bedroom units and 26 studio apartments. Situated adjacent to Loyola University, this Class C building offers significant rent growth potential due to its prime location and below-market rents. The property features on-site laundry facilities and has recently undergone exterior tuck-pointing. The current NOI is $325,717, with a cap rate of 4.72%, while the pro-forma NOI is $484,517, resulting in a pro-forma cap rate of 7.02%. The asking price is $6,900,000, translating to a price per square foot of $314.61 and a price per unit of $176,923.08. This turnkey investment is ideal for those seeking a well-maintained property in a desirable area with a strong potential for increased profitability. While the roof age is unknown, the building's recent improvements and strategic location make it a highly attractive asset. The property's tenant mix includes both students and non-students, providing a diversified revenue stream. This is a rare opportunity to acquire a cash-flowing multifamily property with significant upside potential in a thriving Chicago neighborhood.