2959 N Major Ave
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2959 N Major Ave
12 Unit Block of Flats £1,041,268 (£86,772/Unit) 6.18% Net Initial Yield Chicago, IL 60634
INVESTMENT HIGHLIGHTS
- Meticulously Maintained
- Updated Kitchens & Baths
- (4) On-Site Garage Parking Spaces
- (12) One-Bed/One Bath Layouts
- Recent Cap Ex Completed: New Porches, Newer Boiler, Recent Tuckpointing & New Windows
EXECUTIVE SUMMARY
Kiser Group has been exclusively engaged to market for sale 5647 W. Wellington, a 12-unit, a rare three-story walk-up located in the heart of Chicago's Belmont Cragin neighborhood.
The property features (12) spacious 1-bedroom, 1-bathroom units and has been meticulously maintained by the current owner. Additionally, all the units have been cosmetically updated and contains modern kitchens and bathrooms. Recent capital improvements include a newer boiler with R&D controls, new water heater, recent tuckpointing, newer windows, copper plumbing (horizontals), and new porches. Furthermore, the building is equipped with four (4) on-site garage parking spots.
5647 W. Wellington presents an investor with a unique opportunity to acquire an already cash-flowing asset with an in-place cap rate of over 6.2% from day one. Additionally, through improved leasing, management, and raising rents to levels already being achieved in the building, a new investor can realize a cap rate of 7.43% and cash returns of nearly 8.5%.
The property features (12) spacious 1-bedroom, 1-bathroom units and has been meticulously maintained by the current owner. Additionally, all the units have been cosmetically updated and contains modern kitchens and bathrooms. Recent capital improvements include a newer boiler with R&D controls, new water heater, recent tuckpointing, newer windows, copper plumbing (horizontals), and new porches. Furthermore, the building is equipped with four (4) on-site garage parking spots.
5647 W. Wellington presents an investor with a unique opportunity to acquire an already cash-flowing asset with an in-place cap rate of over 6.2% from day one. Additionally, through improved leasing, management, and raising rents to levels already being achieved in the building, a new investor can realize a cap rate of 7.43% and cash returns of nearly 8.5%.
PROPERTY FACTS Under Contract
| Price | £1,041,268 | Apartment Style | Low-Rise |
| Price Per Unit | £86,772 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.17 AC |
| Net Initial Yield | 6.18% | Building Size | 12,798 SF |
| No. Units | 12 | Number of Floors | 3 |
| Property Type | Multifamily | Year Built | 1928 |
| Property Subtype | Apartment |
| Price | £1,041,268 |
| Price Per Unit | £86,772 |
| Sale Type | Investment |
| Net Initial Yield | 6.18% |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.17 AC |
| Building Size | 12,798 SF |
| Number of Floors | 3 |
| Year Built | 1928 |
UNIT AMENITIES
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | Avg. Rent.Mo | SF |
|---|---|---|---|
| 1+1 | 12 | - | - |
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Walk Score®
Very Walkable (88)
PROPERTY TAXES
| Parcel Number | 13-29-222-001-0000 | Improvements Assessment | £48,231 |
| Land Assessment | £17,563 | Total Assessment | £65,794 |
PROPERTY TAXES
Parcel Number
13-29-222-001-0000
Land Assessment
£17,563
Improvements Assessment
£48,231
Total Assessment
£65,794
ZONING
| Zoning Code | 10 |
| 10 |
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2959 N Major Ave
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