8001 Maryland AveChicago, IL 60619

Property Details for 8001 Maryland Ave

Year built

1923

Property size (Sq ft)

10,200 SF

Property type

Apartment buildings

Description

This 12-unit apartment building, located at 8001 South Maryland Avenue in Chicago's Chatham neighborhood, offers a compelling investment opportunity. The property boasts 10,200 square feet and comprises six two-bedroom/one-bathroom units and six one-bedroom/one-bathroom units. Built in 1923, the building has undergone significant recent improvements, including a new silver-coated roof, a new hot water tank, updated kitchens and bathrooms featuring hardwood and LVP flooring, and a 400-amp electrical service with in-unit breaker boxes. Individual electric baseboard heating is installed in each unit. The property's convenient location, two blocks from the 79th subway station, provides easy access to public transportation. Currently achieving a 10% cap rate and a 17.25% cash return, the property presents significant upside potential. By raising rents to market levels, the next owner could realize a 12.7% cap rate and over 28% cash return. This stabilized, cash-flowing asset is priced at $949,500. The property's strong cash flow and potential for increased profitability make it an attractive investment for discerning buyers.

Location Insight

City

Chicago

County

Cook

State

Illinois

Latitude

41.7494

Longitude

-87.6036

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