8054 S. Ingleside Ave Chicago, IL 60619

Property Details for 8054 S. Ingleside Ave

Property type

Residential income homes

Property subtype

Residential income properties

Description

This exceptional 45-unit multifamily property is situated in Chicago's desirable Chatham neighborhood at 8054 S. Ingleside Ave, 60619. The center-entrance courtyard building boasts a meticulously maintained exterior and sits on a quiet, tree-lined, one-way street. Its convenient location offers easy access to downtown Chicago via the nearby 83rd Street/Avalon Park Metra train station. The property comprises a mix of studio, one-bedroom, and two-bedroom apartments: seven studios (0b/1ba), thirteen one-bedroom units (1b/1ba), and twenty-five two-bedroom units (2b/1ba). All units have undergone tasteful renovations, varying in extent based on tenant occupancy. Significant building improvements include a new Weil and McLean heating system, individual hot water heaters, a recently repaired roof, and brand new, code-compliant porch systems. This investment presents a strong cash-flowing asset with an 11% cap rate and over 20% cash-on-cash return at current market debt rates. Further value-add potential exists through improved leasing and management strategies, and by converting remaining one-bedroom units to two-bedroom units, potentially increasing income by approximately 30%. The property sits on a 0.86-acre lot and offers a total building size of 37,800 square feet. This is a rare opportunity to acquire a stabilized, high-performing multifamily asset in a sought-after Chicago location.