1244 W Devon Ave - Apartments FOR SALE


Chicago, IL 60660
$4,600,000 USD
773-293-5007
1244 W Devon Ave, Chicago, IL for Sale
$4,600,000 USD
Apartments - FOR SALE
1/10
null | 7.74% Cap Rate

1244 W Devon Ave
Chicago, IL 60660


HIGHLIGHTS

  • Student tenants with near zero historical vacancy
  • Fully occupied commercial spaces with NNN leases
  • Minimal amount of similar rental product in submarket
  • Turnkey and cash flowing
  • 1 commercial unit.

OVERVIEW

Kiser Group is pleased to present 1244 W Devon for sale. 1244 W Devon is an eleven unit mixed-use building located two blocks from the Loyola University Campus. Built in 2016, the building has historical vacancy of zero due to the extremely high demand from students. The commercial space is occupied by GoPuff on a full NNN lease. While the current tenant base is almost exclusively students, units are rented out conventionally. New ownership can increase rent by implementing true student housing management and signing per-bed leases. The rental units at the 1244 W Devon are the most in-demand unit types in a post-COVID world. All units are large, have multiple bathrooms, inunit laundry, in-unit HVAC, and modern finishes. Due to the proximity of Loyola University, nearly all units are rented by students and have parents as lease co-signors.

FOR SALE DETAILS

PRICE

$4,600,000 USD

PRICE/SF

$273 USD /SF

# OF UNITS

10

PRICE/UNIT

$460,000

CAP RATE

7.74%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

100% Leased Student Housing & NNN Commercial

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

ADD'L SUBTYPES

Storefront Retail/Residential, Dormitory

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

2016

PARKING SPACES

10

LAND DETAILS

LAND ACRES

-

LAND SF

-

ZONING

-

APN/PARCEL ID

11-32-330-040-0000,11-32-330-041-0000,11-32-330-042-0000,11-32-330-043-0000

ASK ABOUT THIS PROPERTY

Andy FriedmanKiser GroupMore Info
773-293-5007

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Andy FriedmanKiser GroupMore Info
773-293-5007

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.