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2038 N Kostner Ave 6 Unit Apartment Building Offered at $1,869,177 CAD at a 7.26% Cap Rate Chicago, IL 60639
Investment Highlights
- Center-Entrance 6-Unit with Large Units
- Gas-Forced Air & Furnaces, Individual Water Heaters
- Strong In-Place Cash Flow
Executive Summary
2038 N Kostner Ave is a center-entrance, six-unit apartment building in Chicago's Hermosa neighborhood. The property sits on a double lot totaling 6,270 SF with
rear courtyard and a 4-car garage.
The unit mix includes (1) 2-Bed/1-Bath garden, (1) 3-Bed/1-Bath garden, (3) 3-Bed/1- Bath units, and (1) 4-Bed/1-Bath unit, The units are large with the above-grade units averaging 1,400 SF and the garden units 900 SF. Systems include individual furnaces with window A/C, separate 100-amp electric panels, and separate hot water tanks per unit. Tenants are responsible for their own heat and hot water costs.
Five of the six units are currently leased to CHA voucher holders. Average rents inplace for the above-grade 3- and 4- bed units are $2,116 and both garden units are leased for $1,550.
The property represents an opportunity for a new buyer to acquire a high-quality building in an appreciating neighborhood with strong cash flow in-place and future
value-add upside. At list price, the building is offered at a 9.27x gross rent multiple or a 7.26% in-place cap rate without any renovation or capital investment. Future
upside can be unlocked through the installation of in-unit laundry and air conditioning at the property.
rear courtyard and a 4-car garage.
The unit mix includes (1) 2-Bed/1-Bath garden, (1) 3-Bed/1-Bath garden, (3) 3-Bed/1- Bath units, and (1) 4-Bed/1-Bath unit, The units are large with the above-grade units averaging 1,400 SF and the garden units 900 SF. Systems include individual furnaces with window A/C, separate 100-amp electric panels, and separate hot water tanks per unit. Tenants are responsible for their own heat and hot water costs.
Five of the six units are currently leased to CHA voucher holders. Average rents inplace for the above-grade 3- and 4- bed units are $2,116 and both garden units are leased for $1,550.
The property represents an opportunity for a new buyer to acquire a high-quality building in an appreciating neighborhood with strong cash flow in-place and future
value-add upside. At list price, the building is offered at a 9.27x gross rent multiple or a 7.26% in-place cap rate without any renovation or capital investment. Future
upside can be unlocked through the installation of in-unit laundry and air conditioning at the property.
Data Room Click Here to Access
Financial Summary (Pro Forma - 2026) Click Here to Access |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro Forma - 2026) Click Here to Access
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 4+1 | 1 | $3,104 CAD | 1,400 |
| 3+1 | 4 | $2,645 CAD | 900 - 1,400 |
| 2+1 | 1 | $2,187 CAD | 900 |
1 1
Exceptionally walkable
100/100
Fairly drivable
50/100
Good public transit
70/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 13-34-129-021-0000 | Total Assessment | $100,160 CAD (2025) |
| Land Assessment | $32,622 CAD (2025) | Annual Taxes | -$1 CAD ($0.00 CAD/SF) |
| Improvements Assessment | $67,537 CAD (2025) | Tax Year | 2026 |
Property Taxes
Parcel Number
13-34-129-021-0000
Land Assessment
$32,622 CAD (2025)
Improvements Assessment
$67,537 CAD (2025)
Total Assessment
$100,160 CAD (2025)
Annual Taxes
-$1 CAD ($0.00 CAD/SF)
Tax Year
2026
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2038 N Kostner Ave
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