7617 Colfax Ave Chicago, IL 60649

Property Details for 7617 Colfax Ave

Property type

Commercial real estate

Description

This stabilized, Class B multifamily property located at 7617 S Colfax Ave, Chicago, IL 60649, presents a compelling investment opportunity. The 10-unit apartment building, built in a California style, boasts a low-maintenance design and underwent full renovations in 2022. Each of the ten units features one bedroom and one bathroom, equipped with modern stainless steel appliances, new flooring, and updated mechanical systems. Individual water tanks and in-unit washer/dryer units are included in each unit, adding to tenant convenience. Tenant-paid electricity and baseboard heating significantly reduce owner expenses. The property also includes a large parking lot adjacent to the building. The building sits on an 8,350 square foot lot and is a two-story structure. The current NOI is $77,388, yielding a 9.80% cap rate, with a pro-forma NOI of $83,112 and a pro-forma cap rate of 10.52%. The asking price is $790,000, or $79,000 per unit. This turnkey property offers a strong return on investment in the desirable South Shore neighborhood of Chicago. The property is currently generating a strong cash flow and is poised for continued growth. This is an excellent opportunity for investors seeking a stable, high-performing asset in a growing market.