6229 N Richmond Property | 6229 N Richmond St
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6229 N Richmond Property 6229 N Richmond St
8 Unit Block of Flats £2,272,549 (£284,069/Unit) 5.84% Net Initial Yield Chicago, IL 60659
Investment Highlights
- Parking: 8 spaces
- Expenses: Very low, maximizing cash flow
- Cozy fireplaces and beautiful hardwood floors in living areas
- Unit Quality: All units are extra-large and built to condo quality, with 4 duplexes.
- The property is approved for deconversion during the 2024-2025 period, leading to a reduction in property taxes.
- Luxurious bathrooms with double vanities. Modern kitchens with sleek cabinetry and new stainless steel appliances
Executive Summary
6229 N Richmond St. We have finalized the acquisition of all units in the building, which includes 8 units with 8 parking spaces. All units are extra-large and condo quality, with 4 duplexes. The units rent for well over $2,300 and have very low expenses, making this property a cash cow. Configuration: 4 units with 3 bedrooms and 2 bathrooms, each 1,610 sq. ft., and 4 units with 3 bedrooms and 2.5 bathrooms, each 1,610 sq. ft. Additional features include modern kitchens with sleek cabinetry and new stainless steel appliances, cozy fireplaces, beautiful hardwood floors in the living areas, luxurious bathrooms with double vanities, balconies for outdoor relaxation, and warm, inviting lighting fixtures that create a welcoming ambiance. Deconversion has been approved for the 2024-2025 period, leading to a reduction in property taxes.
Financial Summary (Pro forma - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
£207,256
|
£25.32
|
| Other Income |
£7,536
|
£0.92
|
| Vacancy Loss |
£10,023
|
£1.22
|
| Effective Gross Income |
£204,770
|
£25.02
|
| Taxes |
£24,655
|
£3.01
|
| Operating Expenses |
£29,628
|
£3.62
|
| Total Expenses |
£54,283
|
£6.63
|
| Net Operating Income |
£150,487
|
£18.39
|
Financial Summary (Pro forma - 2024)
| Gross Rental Income | |
|---|---|
| Annual | £207,256 |
| Annual Per SF | £25.32 |
| Other Income | |
|---|---|
| Annual | £7,536 |
| Annual Per SF | £0.92 |
| Vacancy Loss | |
|---|---|
| Annual | £10,023 |
| Annual Per SF | £1.22 |
| Effective Gross Income | |
|---|---|
| Annual | £204,770 |
| Annual Per SF | £25.02 |
| Taxes | |
|---|---|
| Annual | £24,655 |
| Annual Per SF | £3.01 |
| Operating Expenses | |
|---|---|
| Annual | £29,628 |
| Annual Per SF | £3.62 |
| Total Expenses | |
|---|---|
| Annual | £54,283 |
| Annual Per SF | £6.63 |
| Net Operating Income | |
|---|---|
| Annual | £150,487 |
| Annual Per SF | £18.39 |
Property Facts
| Price | £2,272,549 | Apartment Style | Low Rise |
| Price Per Unit | £284,069 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.19 AC |
| Net Initial Yield | 5.84% | Building Size | 8,184 SF |
| Gross Rent Multiplier | 12.5 | Average Occupancy | 100% |
| No. Units | 8 | Number of Floors | 3 |
| Property Type | Residential | Year Built/Renovated | 2008/2012 |
| Property Subtype | Apartment | Parking Ratio | 0.98/1,000 SF |
| Price | £2,272,549 |
| Price Per Unit | £284,069 |
| Sale Type | Investment |
| Net Initial Yield | 5.84% |
| Gross Rent Multiplier | 12.5 |
| No. Units | 8 |
| Property Type | Residential |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.19 AC |
| Building Size | 8,184 SF |
| Average Occupancy | 100% |
| Number of Floors | 3 |
| Year Built/Renovated | 2008/2012 |
| Parking Ratio | 0.98/1,000 SF |
Amenities
- Display Window
Unit Amenities
- Air Conditioning
- Balcony
- Cable Ready
- Dishwasher
- Microwave
- Washer/Dryer
- Security System
- Ceiling Fans
- Double Vanities
- Kitchen
- Granite Countertops
- Wooden Floors
- Oven
- Stainless Steel Appliances
- Tub/Shower
- Walk-In Closets
- Deck
- Dining Room
- Double Pane Windows
- Family Room
- Framed Mirrors
- Lawn
- Linen Cupboard
- Window Coverings
Site Amenities
- 24 Hour Access
- Controlled Access
- Gated
- Smoke Free
Unit Mix Information
| Description | No. Units | Avg. Rent.Mo | SF |
|---|---|---|---|
| 3+2.5 | 4 | £1,923 | 1,610 |
| 3+2 | 4 | £2,041 | 1,610 |
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Walk Score ®
Very Walkable (77)
Bike Score ®
Very Bikeable (81)
zoning
| Zoning Code | RT-4 (Two-flats, townhouses, low-density apartment buildings, single family homes.) |
| RT-4 (Two-flats, townhouses, low-density apartment buildings, single family homes.) |
-
Anastasia Lytvyn -
Mike Kaplun
- Uniconte LLC
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6229 N Richmond Property | 6229 N Richmond St
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