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$500,000
Est. payment /mo
3,484 Sqft Lot
UPDATED:
01/08/2025 08:05 AM
Key Details
Property Type Commercial
Sub Type Multi Family 5+
Listing Status Active
Purchase Type For Sale
MLS Listing ID 12266620
Year Built 1901
Annual Tax Amount $563
Tax Year 2023
Lot Size 3,484 Sqft
Lot Dimensions 35X150
Property Description
3548 W. 13th Pl, Chicago, IL 60623, is a 6-unit multifamily property offering an exceptional investment opportunity in the vibrant North Lawndale neighborhood. Built in 1901, this Class C property delivers immediate cash flow and value-add potential while benefiting from its prime location within both an Opportunity Zone and Enterprise Zone 1, providing substantial tax incentives for investors. Priced at $500,000, with a price per square foot of $80.00, the property features three 3-bedroom, 1-bathroom units and three 2-bedroom, 1-bathroom units, catering to families and working professionals. This desirable unit mix ensures stable occupancy in a market undergoing revitalization and economic growth. The property generates a current net operating income (NOI) of $56,469, translating to an impressive 11.29% cap rate and a gross rent multiplier (GRM) of 6.13. With financing at a 75% loan-to-value (LTV), 6.25% interest rate, and 30-year amortization, the property achieves a cash-on-cash return north of 23%. Pro forma financials project an NOI of $60,321, boosting the cap rate to 12.06% and the GRM to 5.79, with a cash-on-cash return exceeding 26%. This property combines strong in-place financial performance with upside potential through strategic rent optimization, all while leveraging significant tax benefits. Located at 3548 W. 13th Pl, the property benefits from its proximity to transportation, schools, and amenities, ensuring strong tenant demand and long-term growth opportunities.
Location
State IL
County Cook
Zoning MULTI
Interior
Fireplace N
Exterior
View Y/N true
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Listed by Anthony Hardy • Keller Williams ONEChicago
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Rich Ayers
Team Lead | Realtor | License ID: 470112432
Team Lead | Realtor License ID: 470112432