Kiser Group has been exclusively engaged to market for sale 5647 W. Wellington, a 12-unit, a rare three-story walk-up located in the heart of Chicago's Belmont Cragin neighborhood.
The property features (12) spacious 1-bedroom, 1-bathroom units and has been meticulously maintained by the current owner. Additionally, all the units have been cosmetically updated and contains modern kitchens and bathrooms. Recent capital improvements include a newer boiler with R&D controls, new water heater, recent tuckpointing, newer windows, copper plumbing (horizontals), and new porches. Furthermore, the building is equipped with four (4) on-site garage parking spots.
5647 W. Wellington presents an investor with a unique opportunity to acquire an already cash-flowing asset with an in-place cap rate of over 6.2% from day one. Additionally, through improved leasing, management, and raising rents to levels already being achieved in the building, a new investor can realize a cap rate of 7.43% and cash returns of nearly 8.5%.