Listed by Matthews
$599,000
1824 W 46th St
Details
APN 20-06-413-040-0000
Property Type Multifamily
Sub Type Apartment Building
Square Footage 8,085
Units 6
Cap Rate 5.82%
NOI $34,883
Occupancy 50%
Tenancy Multi
Price per SqFt $74
Year Built 1896
Buildings 1
Zoning RS-3
Investment Type Value Add
Rare Large-Unit Multifamily Opportunity | 6 Units
Investment highlights
- Rare Large-Unit Multifamily Opportunity - Six-unit apartment building totaling approximately 8,085 SF, featuring five oversized 3-bedroom units and one 1-bedroom unit with an average unit size of 1,348 SF.
- Compelling Value-Add Potential - Current rents are below market, providing a clear opportunity to increase revenue through unit renovations and lease turnover.
- Tenant-Paid Utilities - Tenants pay their own gas and electric, while individual HVAC systems and hot water heaters help reduce landlord operating expenses.
- Desirable In-Unit Amenities - Units feature in-unit laundry and spacious floor plans that appeal to families and long-term renters.
- Strong Workforce Housing Demand - Located in Chicago's Back of the Yards neighborhood, a densely populated and predominantly renter-occupied submarket with consistent demand for affordable housing.
- Convenient Access to Retail & Transportation - Positioned near the 47th Street and Ashland Avenue corridors, providing easy access to shopping, dining, public transportation, and employment centers.
- Benefit from Ongoing Neighborhood Investment - Surrounding area continues to attract public and private investment, supporting long-term neighborhood growth and property appreciation.
- Attractive Basis Relative to Replacement Cost - Opportunity to acquire a substantial multifamily asset in an established Chicago neighborhood at a cost difficult to replicate through new construction.
Listing Contacts
Listed by Matthews
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$34,883.00
$2,906.92/mo
Valuation Metrics
0
DSCR
5.82%
Cap Rate
5.82%
ROI
Map
Zoning
RS-3 ResidentialSingle FamilyResidential Single Unit District
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View all 49 uses
View all 49 uses Last updated Apr 28, 2026 For deeper zoning details, reports are available at Zoneomics
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