Listed by 33 Realty LLC, 33 Realty
$12,000,000
5501 W Washington Blvd
Details
APN 16-09-318-008-0000
Property Type Multifamily
Sub Type Apartment Building
Square Footage 105,000
Units 172
Cap Rate 8.49%
NOI $1,018,304
Occupancy 98.8%
Tenancy Multi
Pro-Forma Cap Rate 10.01%
Pro-Forma NOI $1,200,847
Year Built 1928
Stories 7
Lot Size (SqFt) 24,394
Investment Type Value Add
Multifamily | 8.49% CAP | 172 Units
Marketing description
5501 W Washington Blvd is a 172-unit, 105,000 SF multifamily building in Chicago's Austin submarket — a 1928 brick masonry building in a designated Opportunity Zone. Other income includes T-mobile antenna lease revenue of $2,100/month.
A studio-forward mix — 128 studios, 43 one-bedrooms, and one two-bedroom — averaging 403 SF. In-place rents average $957/unit, well below the $1,386 submarket average.
98.8% occupied with significant mark-to-market upside; pro forma rents drive stabilized NOI to $1.2M, with three CTA Green Line stations within one mile.
Investment highlights
- 5501 W Washington Blvd is a 172-unit, 105,000 SF multifamily building in Chicago's Austin submarket — a 1928 brick masonry building in a designated Opportunity Zone. Other income includes T-mobile antenna lease revenue of $2,100/month.
- A studio-forward mix — 128 studios, 43 one-bedrooms, and one two-bedroom — averaging 403 SF. In-place rents average $957/unit, well below the $1,386 submarket average.
- 98.8% occupied with significant mark-to-market upside; pro forma rents drive stabilized NOI to $1.2M, with three CTA Green Line stations within one mile.
- Austin is one of Chicago's largest West Side neighborhoods and a deep affordable-rental submarket. The subject sits within one mile of three CTA Green Line stations — Central (0.5 mi), Laramie (0.8 mi), and Austin (0.9 mi) — offering direct rail access to downtown Chicago and the Loop.
- The property is five minutes from I-290, with Midway Airport within fourteen and O'Hare within twenty-six.
- As a designated federal Opportunity Zone, eligible buyers gain capital-gains deferral and step-up basis benefits — materially expanding the buyer pool at this price point.
Listing Contacts
Listed by 33 Realty LLC, 33 Realty
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$1,018,304.00
$84,858.67/mo
Valuation Metrics
0
DSCR
8.49%
Cap Rate
8.49%
ROI
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