1455 Hamlin AveChicago, IL 60623

Property Details for 1455 Hamlin Ave

Year built

1905

Property size (Sq ft)

6,250 SF

Property type

Apartment buildings

Description

This 6-unit apartment building, located at 1455 S Hamlin Ave in Chicago, IL, presents a compelling value-add investment opportunity. Built in 1905 and extensively renovated in 2015, this three-story, 6,250 square foot building sits on a 3,920 square foot lot (APN: 16-23-118-010-0000) and boasts a current 100% occupancy rate. The property features a strong current NOI of $53,962, translating to an 11.24% cap rate, with a pro-forma NOI of $72,146 and a pro-forma cap rate of 15.03%. Recent improvements include a new roof (2015), new gas-forced air units (2017), new concrete basements (2017), new steel porches (2016, repainted 2021), tuckpointing (2016), updated electrical and plumbing systems, and a new back yard fence (2021) and updated water pipe insulation (2021). The asking price is $480,000, or $80,000 per unit. Situated in the Douglas Park/North Lawndale neighborhood, the property benefits from convenient access to I-290, downtown Chicago (12-minute drive), groceries, schools, and public transportation. The property is zoned RT-4. Tenants are responsible for gas, heat, and electricity. This is a rare opportunity to acquire a well-maintained, high-performing multifamily asset in a desirable Chicago location with significant upside potential.

Location Insight

City

Chicago

County

Cook

State

Illinois

Latitude

41.8612

Longitude

-87.7199

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