Listed by Kiser Group
$975,000
6348 S. Ada Street
Details
Property Type Multifamily
Sub Type Apartment Building
Square Footage 10,700
Units 13
Cap Rate 9.23%
Pro-Forma Cap Rate 10.95%
Acreage 60.000
Investment Type Value Add
Multifamily | 9.23% CAP | 13 Units
Marketing description
Kiser Group is pleased to exclusively offer for purchase 6348 S. Ada, a thirteen (13) unit walk-up in the West Englewood neighborhood of Chicago's South Side. The building sits directly across from Ogden Park - a 60 acre space which boasts a pool, basketball and tennis courts, baseball diamond and a playground. Additionally, the building is ideally situated just four (4) blocks away from Ashland/63rd 'El' train station.
6348 S. Ada is comprised of five (5) 1b/1ba units and (8) 2b/1ba units. Seven (7) of these units have been recently renovated to include updated kitchens and baths with hardwood floors throughout. Additional improvements to the building consist of, but are not limited to, a new Peerless boiler, modern 100 gallon hot water tank, and updated electric with breaker boxes in unit.
6348 S. Ada presents an investor a unique opportunity of acquiring cash flowing building with a significant value-add component. At list price, the building performs at a 9.23% cap rate. However, solely by raising current rents to market rate levels by way of steady rent increases there is an opportunity to achieve a 10.95% cap rate.
Location Description
Englewood
Investment highlights
- Eight (8) 2Bd/1Ba & Five (5) 1Bd/1Ba
- Brand New Peerless Boiler (2023)
- Seven (7) Recently Renovated Units
- Value-Add Opportunity
- Significant Rental Upside
Listing Contacts
Listed by Kiser Group
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