1405-1413 N Central Ave 17 Unité Immeuble d’appartements 1 930 502 $ CAD (113 559 $ CAD/Unité) 8,12% Taux de capitalisation Chicago, IL 60651

Midwest Investment Advisors with KW Commercial and Keller Williams ONEChicago is pleased to present the exclusive offering of Central Avenue Apartments, a 17-unit multifamily property located in the Austin neighborhood of northwest Chicago. This well-maintained property represents an attractive investment with strong in-place income, immediate cash flow, and significant upside potential through strategic unit renovations and rent increases.The property is 100% occupied, offering stability for a new investor, with current rents well below market. With a light value-add program ($5,000 per unit upon turnover), rental income can be pushed to market levels, creating strong returns and long-term appreciation.
Property Details
Address: 1405–13 N. Central Ave., Chicago, IL 60651
Units: 17
Total SF: 10,816
List Price: $1,400,000
Occupancy: 100%
Unit Mix & Rents
Current Average Rent: $997
Pro Forma Average Rent: $1,291
Current Average PSF: $1.70
Pro Forma Average PSF: $2.18
Pro forma figures incorporate a $5,000 per unit renovation budget as leases naturally turn, enabling backfilling at higher market rent levels.
Financial Highlights
Current NOI: $113,627
Pro Forma NOI: $164,313
Current Cap Rate: 8.12%
Pro Forma Cap Rate: 11.14%
Current GRM: 6.88
Pro Forma GRM: 5.60
Price / SF: $129
Price / Unit: $82,353
Investment Highlights
Stabilized Occupancy: 100% leased, offering immediate cash flow.
Value-Add Upside: Below-market rents with ability to push to pro forma levels through unit turnovers and $5k/unit upgrades.
Efficient Size: 17-unit property, manageable for both first-time investors scaling into multifamily or seasoned owners seeking additional cash flow.
Northwest Chicago Location: Situated in the Austin neighborhood, with access to strong tenant demand, local employment centers, and public transportation.
Attractive Financial Metrics: Opportunity to achieve an 11%+ cap rate and reduce GRM below 6 with modest renovations.
Central Avenue Apartments offers investors a stabilized, cash-flowing multifamily asset in one of Chicago’s largest neighborhoods. With immediate income, strong financial performance, and clear value-add potential, this property represents a compelling investment for both local and regional buyers seeking strong returns in the Chicago multifamily market.