$892,000
8033 S Drexel Avenue Chicago, IL 60619
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$892,000
Est. payment /mo
UPDATED:
10/04/2024 03:53 PM
Key Details
Property Type Commercial
Sub Type Multi Family 5+
Listing Status Active Under Contract
Purchase Type For Sale
MLS Listing ID 12028434
Year Built 1926
Annual Tax Amount $8,967
Tax Year 2022
Lot Dimensions 6250
Property Description
The property located at 8031-35 S. Drexel Ave. in the Chatham neighborhood of Chicago, Illinois, represents a significant investment opportunity within the real estate market. This 12-unit residential building, fully renovated in 2014, offers a balanced mix of one and two-bedroom units, all benefiting from a subsidy arrangement with the Chicago Housing Authority (CHA). The property is under a 30-year contract with CHA, ensuring stable and secure revenue until at least 2044. Renovation: Full gut renovation in 2014 Units: 12 total 6 one-bedroom/one-bathroom units 6 two-bedroom/one-bathroom units Subsidy: All rents subsidized by CHA Contract: 30-year agreement with CHA, initial term until 2044 Financial Overview Purchase Price: $892,000 Cap Rate: 8.75% Net Operating Income (NOI): $78,067 Gross Rent Multiplier (GRM): 5.79 Investment Highlights Stable Income Stream: The CHA subsidy and long-term contract offer a secure and predictable income, minimizing vacancy risks and financial fluctuations. Favorable Financial Metrics: With a cap rate of 8.75% and a GRM of 5.79, the property presents a compelling investment opportunity, indicating strong income potential relative to the purchase price. 8031-35 S. Drexel Ave. offers a unique and lucrative investment opportunity in the Chatham neighborhood of Chicago. With all rents subsidized by CHA, a favorable unit mix, and solid financial indicators, this property is well-positioned for investors seeking stable returns and long-term capital growth. The recent renovation and ongoing CHA contract further underscore the attractiveness of this investment, promising a blend of immediate income generation and future value appreciation.
Location
State IL
County Cook
Interior
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Exterior
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Listed by Anthony Hardy • Keller Williams ONEChicago
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Greg Cirone
Managing Broker | License ID: 471003959
Managing Broker License ID: 471003959