$892,000 $4,788 est/mo Sourced by Back At You

8033 S Drexel Avenue,Chicago, IL 60619

Chicago IL, 60619

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Description

The property located at 8031-35 S. Drexel Ave. in the Chatham neighborhood of Chicago, Illinois, represents a significant investment opportunity within the real estate market. This 12-unit residential building, fully renovated in 2014, offers a balanced mix of one and two-bedroom units, all benefiting from a subsidy arrangement with the Chicago Housing Authority (CHA). The property is under a 30-year contract with CHA, ensuring stable and secure revenue until at least 2044. Renovation: Full gut renovation in 2014 Units: 12 total 6 one-bedroom/one-bathroom units 6 two-bedroom/one-bathroom units Subsidy: All rents subsidized by CHA Contract: 30-year agreement with CHA, initial term until 2044 Financial Overview Purchase Price: $892,000 Cap Rate: 8.75% Net Operating Income (NOI): $78,067 Gross Rent Multiplier (GRM): 5.79 Investment Highlights Stable Income Stream: The CHA subsidy and long-term contract offer a secure and predictable income, minimizing vacancy risks and financial fluctuations. Favorable Financial Metrics: With a cap rate of 8.75% and a GRM of 5.79, the property presents a compelling investment opportunity, indicating strong income potential relative to the purchase price. 8031-35 S. Drexel Ave. offers a unique and lucrative investment opportunity in the Chatham neighborhood of Chicago. With all rents subsidized by CHA, a favorable unit mix, and solid financial indicators, this property is well-positioned for investors seeking stable returns and long-term capital growth. The recent renovation and ongoing CHA contract further underscore the attractiveness of this investment, promising a blend of immediate income generation and future value appreciation.

Details

MLS#12028434
Listing TypeFor Sale
StyleTown House
Sub-TypeResale
StatusActive
Year1926
Days On Site43
Listing Provided ByKeller Williams ONEChicago | Anthony Hardy

Features

Story(s)3
Units12
Acreage6250.00

Market Activity 60619

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Learn More About This Property

StateIL
CountyCook
CityChicago
Zip Code60619
AreaCHI Chatham
Listing VS Median (in 60619)
Price:
$892,000
low | high
Med:
$199,900
100% of Average
On Site:
43
low | high
Med:
46.000000
93.478260869565% of Average
Sourced by Back At You
Listing Updated: May 21, 2024 at 8:27:32 PM PDT