1334 Cleaver StChicago, IL 60642

Property Details for 1334 Cleaver St

Year built

1995

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.07 AC

Property size (Sq ft)

4,656 SF

Property type

Residential income homes

Property subtype

Small apartment buildings

APN

17-05-117-038

APU

1705117038

Description

This exceptional three-unit apartment building in Chicago's desirable Wicker Park neighborhood presents a compelling investment opportunity. The 4,200 square foot property, built in 1995 and renovated in 2016, boasts a 100% occupancy rate and a strong net operating income (NOI) of $74,052, with a pro-forma NOI of $90,798. The building comprises one four-bedroom, three-bathroom duplex and two three-bedroom, two-bathroom apartments, all featuring modern finishes including stainless steel appliances, hardwood floors, and in-unit laundry. Situated on a 3,000 square foot lot, the property includes four parking spaces. Its prime location offers unparalleled connectivity, with proximity to the CTA Blue Line, multiple bus routes (#9, #56, and #70), and the Kennedy Expressway. The vibrant Wicker Park neighborhood, known for its eclectic mix of restaurants, bars, shops, and cultural venues, boasts a strong demographic profile, with an average household income of $158,380 and a median home value of $625,099 within a one-mile radius. The property is zoned RT-4 and has a current asking price of $1,400,000, representing a price per unit of $466,667 and a current cap rate of 5.29%, with a pro-forma cap rate of 6.49%. This well-maintained property offers a stable income stream with significant upside potential for rental increases. The property's location near the intersection of Ashland, Division, and Milwaukee Avenues provides easy access to a variety of national and local retailers. This is a rare opportunity to acquire a stabilized multifamily investment in one of Chicago's most sought-after neighborhoods.

• CAP approach

  CAP return

  Valuation

  6%

  $1,855,419

  6.5%

  $1,712,694

  7%

  $1,590,359

• Comparable approach

  Method

  Valuation

  Relative Method

  $939,988

  Geo Method

  $939,988

• Alternative Use

  Use

  Valuation

  Residential

  $1,712,694

  Hospitality

  $1,568,819

  Educational

  $1,305,239

  Medical

  $1,350,128

  Retail

  $2,030,372

Location Insight

City

Chicago

County

Cook

State

Illinois

Latitude

41.9062

Longitude

-87.6643

CBSA code

16980

CBSA name

CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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