312 Central AveChicago, IL 60644

This exceptional value-add opportunity presents a 68-unit apartment building in Chicago's vibrant Austin neighborhood. The four-story building, constructed in 1924, boasts 26,450 square feet of net rentable space situated on an 8,700 square foot lot. Currently configured as 68 studio units, each priced at $25,000, the asking price for the entire property is $1,700,000. The building features a laundry room equipped with three washers and three dryers. Heating is provided by electric baseboard units in the apartments and gas forced air in common areas. Kitchens include a microwave and mini-refrigerator. Note that the elevator is currently out of service. The property is zoned B3-2, offering potential for future development or renovations. This presents a compelling investment prospect with significant upside potential due to its below-replacement cost acquisition price and the opportunity for value enhancement. The property's location in the Austin neighborhood provides convenient access to local amenities and transportation. This is a rare chance to acquire a substantial multifamily asset in a desirable Chicago location.