Listed by Marcus & Millichap - Chicago Downtown
$4,755,766
The Cambridge Place
Details
Property Type Multifamily
Sub Type Apartment Building
Square Footage 18,000
Net Rentable (SqFt) 16,800
Units 30
Cap Rate 5.9%
NOI $280,603
Occupancy 100%
Pro-Forma Cap Rate 6.77%
Pro-Forma NOI $322,037
Price per SqFt $264
Class B
Year Built 1963
Year Renovated 2025
Buildings 1
Stories 4
Acreage 0.210
Zoning R-3
Investment Type Stabilized
Ownership Fee Simple
30 Unit Apartment Building with Assumable Debt of 4.17% rate until Dec 2031
Marketing description
Cambridge Apartments is a 30-unit complex with 18 covered parking spaces. Property has a loan assumption of 4.17% until December of 2031! Property was completely renovated in 2005, and significant capital improvements have been made over the last 6 years. Those include all new lobby, laundry room, renovated hallways, new elevator motor, tuck pointing, and new retaining wall on garage. Property consists of 30 1-bedroom units that are roughly 600 SF. Property sits just a few blocks from lake Michigan in a institutional quality location.
Investment highlights
- Assumable 4.17 Percent Mortgage with Maturity in December 2031
- Extensively Renovated and Fully Occupied 30-Unit Multifamily Asset Near Downtown Milwaukee and Lake Michigan
- Significant Capital Improvements Including Lobby, Elevator, and Garage Upgrades
- Strong Historical Occupancy with Rental Upside Through Continued Unit Renovations
Listing Contacts
Listed by Marcus & Millichap - Chicago Downtown
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$280,603.00
$23,383.58/mo
Valuation Metrics
0
DSCR
5.9%
Cap Rate
5.9%
ROI
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