$499,999
15633 Lexington Avenue
Details
APN 29173100140000
Property Type Multifamily
Sub Type Apartment Building, Multi Family 5+
Square Footage 6,948
Units 6
Cap Rate 8.94%
NOI $44,713
Occupancy 100%
Tenancy Multi
Rent Bumps No
Pro-Forma Cap Rate 11.1%
Pro-Forma NOI $55,513
Price per SqFt $58
Class B
Year Built 1922
Year Renovated 2022, 2023
Buildings 1
Stories 3
Lot Size (SqFt) 8,600
Zoning MULTI
Parking Spaces 6 spaces
Parking per 1,000 SqFt 0.86
Investment Type Stabilized
6-Unit Fully Leased | 8.94% Cap Rate | DSCR-Eligible | $499,999 | South Suburban Chicago
Marketing description
Exceptional cash-flowing investment opportunity in the south suburban Chicago market. This fully leased, six-unit brick multi-family property delivers an 8.94% cap rate at $499,999 — a yield that is virtually impossible to replicate in Chicago proper at this price point, where comparable assets trade at $900,000 to $1.2 million.
The building features six fully rehabbed 3-bedroom, 1-bath apartments across three stories of solid brick construction. Units operate on a two-tier rent structure — Units 1 and 2 at $1,200 per month and Units 3 through 6 at $1,100 per month — generating $6,800 per month and $81,600 annually in gross income. All units have been recently renovated with approximately $35,000 in capital improvements including cabinets, flooring, countertops, and fixtures. Net operating income is $44,713 after $36,887 in stabilized annual expenses.
Tenants pay their own electric and heat, keeping landlord utility exposure limited to water and garbage. The property is DSCR loan eligible — the loan qualifies on property income, not personal W-2 documentation.
The property also contains a finished garden-level basement space with a full kitchen, bathroom, and sleeping area. This space is currently occupied. It is NOT recognized as a legal dwelling unit per Cook County Assessor records (Class 211, six apartments). See the Property Disclosure Addendum included in this offering package for full disclosure language and buyer guidance.
Conveniently located with access to Metra and Pace Bus transit serving the south suburban Cook County market. All financial figures are estimates based on seller-provided information and current occupancy. Buyers and their advisors should independently verify all figures prior to closing. Sold As-Is.
Investment highlights
- 8.94% cap rate — approximately 1.6x the Chicago metro multifamily average of 5.6%
- $81,600 gross annual income | $6,800/month — all 6 legal units fully collected
- $44,713 NOI — strong in-place cash flow at current pricing
- Two-tier rent structure: Units 1–2 at $1,200/month | Units 3–6 at $1,100/month
- Six fully rehabbed 3BR/1BA units — no near-term capital expenditure required
- $35,000 in recent capital improvements — cabinets, flooring, countertops, fixtures
- Garden-level basement space — currently occupied, not a legal dwelling unit per Cook County Assessor; see Property Disclosure Addendum for details
- Tenants pay electric and heat — landlord utility exposure is minimal
- DSCR loan eligible — qualify on property income, not personal W-2s
- Estimated DSCR of 1.42 at 25% down / 7.5% rate — exceeds most lender minimums of 1.20-1.25
- 6,948 SF brick construction, 3 stories, built 1922 — solid bones, curb appeal
- 6 parking spaces on-site
- Metra and Pace Bus access — Cook County south suburb, 23 miles from Chicago CBD
- 2023 property taxes: $13,727 — PAID | PIN: 29173100140000
- Sale terms: Cash or Conventional | Sold As-Is
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$44,713.00
$3,726.08/mo
Valuation Metrics
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DSCR
8.94%
Cap Rate
8.94%
ROI
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