7233 Wolcott Ave Chicago, IL 60626

Property Details for 7233 Wolcott Ave

Year built

1922

Property type

Commercial real estate

Description

This exceptional 12-unit apartment building presents a compelling investment opportunity in Chicago's desirable Rogers Park neighborhood. The property, located at 7233 N Wolcott Ave, boasts a three-story structure built in 1922, offering twelve spacious one-bedroom units. Each unit features a separate living room, sunroom, dining room, bedroom, and kitchen, providing comfortable living spaces for tenants. The building includes full basements offering ample storage and potential for future expansion. Recent upgrades include newer windows and a hot water tank, enhancing energy efficiency. Residents enjoy enclosed rear porches. The property benefits from a convenient location, within walking distance of both Metra and Red Line stations, providing easy access to public transportation. Nearby parks, including Pottawattamie and Touhy parks, offer ample green space. The location also provides quick access to Evanston and Lake Michigan. Situated in a quiet residential area predominantly comprised of single-family homes and condos, street parking is readily available. The building's current NOI is $76,523, with a pro-forma NOI of $131,363, reflecting significant potential for increased profitability. The asking price is $1,750,000, representing a price per unit of $145,833.33. The current cap rate is 4.37%, while the pro-forma cap rate is 7.51%. Long-term tenants ensure stable occupancy, and the current low rents present a significant opportunity for future rent growth and property appreciation. Tenants are responsible for their own electricity and cooking gas. The property is zoned RT-4. This is a rare opportunity to acquire a well-located multifamily property with substantial upside potential.