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Key Details
Property Type Commercial
Sub Type Multi Family 5+
Listing Status Pending
Purchase Type For Sale
MLS Listing ID 12289427
Year Built 1921
Annual Tax Amount $6,895
Tax Year 2023
Lot Dimensions 201X50
Property Sub-Type Multi Family 5+
Property Description
7-Unit Multifamily Investment in Austin - Value-Add Opportunity! This well-maintained 7-unit brick building, built in 1921, overlooks Levin Park and playground and offers immediate upside with minimal work needed to bring rents to market value. The property includes five 2-bed, 1-bath units, one 1-bed, 1-bath garden unit, and a large studio with condo-quality finishes and a private deck. Each unit has tenant-paid HVAC and hardwood floors. Additional features include a detached 4-car garage, backyard, deck, and a large dry basement for storage. *** With an in-place cap rate of 6.7 and current annual gross income of 69,876, this property has a pro forma cap rate of 12.1 with potential income reaching 102,000. Legacy tenants average rent approx 970/month, while market rents for similar 2-bed units in Austin are 1,474 per MLS. A recent lease (May 2024) at 1,300 (including a garage space) highlights rental upside. *** The vacant studio unit (~1,200 sq. ft.), originally a 2-bed, 1-bath, has been upgraded and includes a private outdoor deck. A new owner can rent it as a studio or convert it back for higher income.*** The building features two separate entryways and staircases for north-side units (420 & 422) and a shared rear staircase on the south side. Immediate cash flow potential exists by renting the vacant studio and reducing insurance costs.*** Ideal for investors looking to expand their portfolio or start in multifamily real estate. Property sold as-is. Proof of funds required.
Location
State IL
County Cook
Interior
Cooling Central Air
Fireplace N
Exterior
View Y/N true
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Listed by Clifton Wilson • Root Realty, Inc.