6617-6623 S Ashland Ave - Apartments FOR SALE


Chicago, IL 60636- South Chicago
$450,000 USD
773-482-1917
6617-6623 S Ashland Ave, Chicago, IL for Sale
$450,000 USD
Apartments - FOR SALE
1/9
null | Request Cap Rate

6617-6623 S Ashland Ave
Chicago, IL 60636
South Chicago


HIGHLIGHTS

  • Projected ARV of $1.85mm and NOI of ~ $200,000
  • First Floor Commercial Opportunity
  • Bus Stop at Building and EL Stop nearby
  • On-site Parking
  • New Roof, Ready for MEP
  • Opportunity Zone & Enterprise Zone

OVERVIEW

Fantastic opportunity to own this flex-use building located in an Opportunity Zone. With a projected NOI of almost $200k/yr, this property consists of ten residential units and four commercial units. The rare gated courtyard design of the property provides an insulated, safe environment for the residents. The four commercial units, with fantastic visibility and access to Ashland Ave are the perfect size for entrepreneurs to get their new businesses off the ground with a bang. The spaces are open, airy and offer flexible layouts that serve a wide range of businesses. The makeup of the residential units is four 1 bedroom units and six 2 bedroom units, each with 1 bathroom. They are all great sized units (850+ sf) with big windows and lots of natural light. This is a two story building, convenient for the all tenant types, and also convenient for finishing the rehab (residential plumbing can be PVC, for example). The 4 commercial units will be very easy to fill given their size. They are perfect for NNN tenants like a quick serve restaurant (sandwich shop), barber shop, nail salon, tax/insurance shop etc. The property has been fully demo’d, a new full tear-off roof has been installed, most masonry work is completed and is fully framed out and ready for MEP. Plans have been approved with the city and permits are imminent.

FOR SALE DETAILS

PRICE

$450,000 USD

PRICE/SF

$41 USD /SF

# OF UNITS

14

PRICE/UNIT

$32,143

CAP RATE

Request Cap Rate

% LEASED

0%

STATUS

Under Renovation

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1900

PARKING SPACES

10

LAND DETAILS

LAND ACRES

0.26 AC

LAND SF

11,326 SF

ZONING

-

APN/PARCEL ID

20-20-116-005-0000

ASK ABOUT THIS PROPERTY

Tim LorimerCompass Real EstateMore Info
773-482-1917

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

Tim LorimerCompass Real EstateMore Info
773-482-1917

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