923 Loomis StChicago, IL 60607

Property Details for 923 Loomis St

Year built

1889

Property type

Apartment buildings

Description

This exceptional Class A, 15-unit apartment building, located at 919-927 S Loomis St in Chicago's vibrant Little Italy neighborhood, presents a compelling value-add opportunity. The property boasts a strong 7.12% cap rate, with a pro-forma cap rate projected at 8.08%, reflecting significant upside potential. The building, constructed in 1889, comprises three stories and sits on a 6,250 sq ft lot. It features a desirable unit mix of eight two-bedroom/one-bathroom and two three-bedroom/one-bathroom residential units, along with five ground-level retail spaces offering high 12-foot ceilings, central air conditioning, and duplex down storage rooms and bathrooms. Below-market rents in ten residential units offer immediate value-add potential. Recent improvements include a roof tear-off, new sewer lines, and a new deck. The building also includes a convenient basement coin laundry. Situated within walking distance of the Pink and Blue Line trains, and surrounded by numerous boutiques, restaurants, and nightlife on Taylor Street, the property benefits from exceptional tenant demand due to its proximity to UIC, the Illinois Medical District, and Pilsen. A successful 2024 tax appeal resulted in a $18,000 reduction in assessed value. The property's current NOI is $213,343, with a pro-forma NOI of $242,143. The asking price is $2,995,000, representing a price per unit of $199,667. This is a rare opportunity to acquire a well-located, multifamily asset with significant upside in a high-demand area. The permitted zoning is C1-1.

Location Insight

City

Chicago

County

Cook

State

Illinois

Latitude

41.8694

Longitude

-87.6617

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?

Please email our support team at [email protected] and they will add the team member.

How do I access a private listing?

Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.

How can I contact the broker?

We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.

How do I unsubscribe from emails?

At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].