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3538 W Grenshaw St
Chicago, IL 60624
Multifamily Property For Sale
·
6 Units
INVESTMENT HIGHLIGHTS
- Unit 1F, 3F, 2R are all eligible for higher voucher after existing lease expires. Update (11/15/25)... Unit 2R = Approved
EXECUTIVE SUMMARY
Six (6) unit brick apartment building located in Homan Square. Each unit is a 2 bed 1 bath, ~1000 square foot unit (identical floorplans), offering scalability in leasing. All six units were rehabbed in the past few years and have been well maintained. Each of the five Section 8 units undergoes annual approval from the city. Mechanical Information: in-unit and separate furnaces + hot water tanks, gas stoves, updated roofing, newer windows. The building is fully occupied and 5/6 tenants are subsidized through Chicago Housing. ~$93,500 annual income
Unit 1F and 3F are eligible for increased voucher rate upon expiration of existing leases (eligibility for 1F: 3/14/2026, eligibility for 3F: 3/31/2026)
Current Leasing info: Unit 1F: 3/15/24 - 3/14/26 ($1300 monthly rent) | Unit 2F: 12/12/21 MTM ($1350 monthly rent) | Unit 3F: 3/14/24 - 3/31/26 ($1270 monthly rent) | Unit :1R 1/1/2010 (MTM $850... Market Tenant, Not CHA) | Unit 2R: 10/23/23 - 10/31/25 ($1671 monthly rent) | Unit 3R: 6/1/2016 (MTM $1350 monthly rent).
Unit 1F, 3F, 2R are all eligible to apply for the 12 month Chicago Housing Authority review process at the end of existing leases (10/31/25, 3/14/26, 3/21/2026)
Unit 2R = Approved for $1671 new voucher as of October 2025
Unit 1F and 3F are eligible for increased voucher rate upon expiration of existing leases (eligibility for 1F: 3/14/2026, eligibility for 3F: 3/31/2026)
Current Leasing info: Unit 1F: 3/15/24 - 3/14/26 ($1300 monthly rent) | Unit 2F: 12/12/21 MTM ($1350 monthly rent) | Unit 3F: 3/14/24 - 3/31/26 ($1270 monthly rent) | Unit :1R 1/1/2010 (MTM $850... Market Tenant, Not CHA) | Unit 2R: 10/23/23 - 10/31/25 ($1671 monthly rent) | Unit 3R: 6/1/2016 (MTM $1350 monthly rent).
Unit 1F, 3F, 2R are all eligible to apply for the 12 month Chicago Housing Authority review process at the end of existing leases (10/31/25, 3/14/26, 3/21/2026)
Unit 2R = Approved for $1671 new voucher as of October 2025
PROPERTY FACTS
| Price Per Unit | $149,435 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.09 AC |
| Cap Rate | 11.92% | Building Size | 6,000 SF |
| Gross Rent Multiplier | 7.3 | Average Occupancy | 100% |
| No. Units | 6 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1912 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Mid-Rise | ||
| Zoning | RT-4 | ||
| Price Per Unit | $149,435 CAD |
| Sale Type | Investment |
| Cap Rate | 11.92% |
| Gross Rent Multiplier | 7.3 |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.09 AC |
| Building Size | 6,000 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1912 |
| Opportunity Zone |
Yes |
| Zoning | RT-4 |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 6 | $1,739 CAD | 1,000 |
PROPERTY TAXES
| Parcel Number | 16-14-422-016-0000 | Improvements Assessment | $44,738 CAD |
| Land Assessment | $7,932 CAD | Total Assessment | $52,670 CAD |
PROPERTY TAXES
Parcel Number
16-14-422-016-0000
Land Assessment
$7,932 CAD
Improvements Assessment
$44,738 CAD
Total Assessment
$52,670 CAD
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