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348 W 74th St 38 Unit Apartment Building $3,699,188 CAD ($97,347 CAD/Unit) 10% Cap Rate Chicago, IL 60621
INVESTMENT HIGHLIGHTS
- Recently Updated Units Including Stainless Steel Appliances
- Opportunity To Achieve 11%+ Cap Rate Through Capturing Market Rents
- Approved for AHSAP, lowering the assessed value by 25% starting in 2025
- New Tear O? Roof (2024), New Metal Porches (2024), Electric Panels In Unit
- On-site Laundry For Tenant Convenience & Additional Income
EXECUTIVE SUMMARY
Interra Realty has been exclusively engaged to market 348 W. 74th Street for sale. Located in Chicago's Grand Crossing neighborhood, The subject property is comprised of 38 apartments. The property is an attractive courtyard style apartment building with six separate entrances.
The unit mix at the property is comprised of studios, one-bedroom and two-bedroom layouts. All apartments include new stainless steel appliances and a mixture of hardwood and vinyl flooring, with recent paint and trim work. In addition, every unit has individual electric panels. Further recent improvements include a new tear o? roof (2024), refabricated exterior steel porches (2024), two new hot water storage tanks (2023 & 2024), a fully built out laundry room and updated lobbies and hallways. The property has been approved for AHSAP, reducing the assessed value by 25% starting in 2025.
The property presents qualified investors with a unique opportunity to own a recently stabilized and improved apartment building, that o?ers double digit cash on cash returns. Additionally, there remain a few below market rents that present an new owner with additional value creation by continuing the proven value add concept already in place.
The unit mix at the property is comprised of studios, one-bedroom and two-bedroom layouts. All apartments include new stainless steel appliances and a mixture of hardwood and vinyl flooring, with recent paint and trim work. In addition, every unit has individual electric panels. Further recent improvements include a new tear o? roof (2024), refabricated exterior steel porches (2024), two new hot water storage tanks (2023 & 2024), a fully built out laundry room and updated lobbies and hallways. The property has been approved for AHSAP, reducing the assessed value by 25% starting in 2025.
The property presents qualified investors with a unique opportunity to own a recently stabilized and improved apartment building, that o?ers double digit cash on cash returns. Additionally, there remain a few below market rents that present an new owner with additional value creation by continuing the proven value add concept already in place.
PROPERTY FACTS
| Price | $3,699,188 CAD | Apartment Style | Mid-Rise |
| Price Per Unit | $97,347 CAD | Building Class | B |
| Sale Type | Investment | Lot Size | 0.11 AC |
| Cap Rate | 10% | Building Size | 13,422 SF |
| No. Units | 38 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 1923 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | RT-4 - Residential Two-Flat, Townhouse and Multi-Unit District | ||
| Price | $3,699,188 CAD |
| Price Per Unit | $97,347 CAD |
| Sale Type | Investment |
| Cap Rate | 10% |
| No. Units | 38 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | B |
| Lot Size | 0.11 AC |
| Building Size | 13,422 SF |
| No. Stories | 4 |
| Year Built | 1923 |
| Opportunity Zone |
Yes |
| Zoning | RT-4 - Residential Two-Flat, Townhouse and Multi-Unit District |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Recycling
- Walk-Up
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 8 | - | 600 |
| 1+1 | 27 | - | 625 - 675 |
| 2+2 | 3 | - | 792 |
1 1
Walk Score®
Very Walkable (70)
PROPERTY TAXES
| Parcel Number | 20-28-216-014-0000 | Improvements Assessment | $207,124 CAD |
| Land Assessment | $13,254 CAD | Total Assessment | $220,377 CAD |
PROPERTY TAXES
Parcel Number
20-28-216-014-0000
Land Assessment
$13,254 CAD
Improvements Assessment
$207,124 CAD
Total Assessment
$220,377 CAD
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348 W 74th St
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