1453 Springfield AveChicago, IL 60623

Property Details for 1453 Springfield Ave

Year built

1888

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.07 AC

Property size (Sq ft)

1,428 SF

Property type

Residential income homes

Property subtype

Small apartment buildings

APN

16-02-110-003

APU

1602110003

Description

This well-maintained, six-unit apartment building in Chicago's North Lawndale neighborhood presents a compelling investment opportunity. The property, located at 1453 S. Springfield Ave, features a mix of three 3-bedroom/1-bathroom units and three 2-bedroom/1-bathroom units, all with individual gas forced-air furnaces. Currently boasting 100% occupancy (five of six units currently rented), this stabilized investment offers a strong NOI of $47,311, with a pro-forma NOI of $52,046, resulting in an 8.16% cap rate and a pro-forma cap rate of 8.97%. Built in 1910 and renovated in 2018, the building sits on a 6,250 sq ft lot and comprises approximately 5,000-6,000 sq ft of space across three stories. The property is zoned RT4 and offers additional income potential through two deconstructible basement units and a large rear parking pad. Tenants are responsible for their own utilities, maximizing the return on investment. Conveniently located near public transportation, including the Pink Line, this property offers easy access to downtown Chicago. The asking price is $580,000, translating to $96,667 per unit and a land value of $92.80/sq ft. This fee-simple ownership presents a rare chance to acquire a high-performing multifamily asset in a desirable Chicago location.

• CAP approach

  CAP return

  Valuation

  6%

  $533,016

  6.5%

  $492,015

  7%

  $456,871

• Comparable approach

  Method

  Valuation

  Relative Method

  $288,295

  Geo Method

  $288,295

• Alternative Use

  Use

  Valuation

  Residential

  $492,015

  Hospitality

  $450,683

  Educational

  $374,963

  Medical

  $387,858

  Retail

  $583,276

Location Insight

City

Chicago

County

Cook

State

Illinois

Latitude

41.9079

Longitude

-87.7237

CBSA code

16980

CBSA name

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

Property Tax & Assessments

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