1040 W. 87th St Chicago, IL 60620

This exceptional 32-unit courtyard building, located at 1040 W. 87th St in Chicago's Auburn Gresham community, presents a compelling investment opportunity. The property boasts 26 one-bedroom/one-bathroom units and 6 studio apartments, all featuring spacious layouts and abundant natural light. Situated on 87th Street, it enjoys a prime location just three blocks from the Gresham Metra Station and is conveniently close to CTA public transportation. Recent capital improvements significantly enhance the property's value and operational efficiency. These include a modern Peerless Boiler with an R&D control system, a newer hot water boiler and tank, a code-compliant porch, and a newer roof. The building currently offers a stabilized, cash-flowing asset with an 8% cap rate and a 9.42% cash-on-cash return. A significant value-add opportunity exists through improved leasing and bringing rents to current market rates, with potential for a 40% increase based on comparable properties. The property sits on a 0.51-acre lot and totals 22,380 square feet. This well-maintained building provides a strong tenant base and immediate cash flow, making it an attractive investment for discerning buyers seeking a stable and potentially high-return asset in a desirable Chicago neighborhood. The building's strong fundamentals and potential for increased profitability make it an ideal addition to any investment portfolio.