1335 Taylor StChicago, IL 60607

Property Details for 1335 Taylor St

Year built

2017

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.06 AC

Property size (Sq ft)

5,978 SF

Property type

Residential income properties

Property subtype

Residential income homes

APN

17-17-326-011

APU

1717326011

Description

This exceptional mixed-use property in Chicago's vibrant Taylor Street corridor presents a compelling investment opportunity. The 7,220 square foot building, constructed in 2019, boasts a prime location between the Illinois Medical District and the University of Illinois Chicago. The ground floor is occupied by a national tenant, Insomnia Cookies, under a net lease with a remaining term of 8.5 years (expiring 05/31/2033), ensuring stable, long-term cash flow. Above, three 4-bedroom, 2-bathroom luxury apartments command 100% occupancy, featuring modern amenities like in-unit laundry, granite countertops, individual HVAC systems, and private balconies. The property offers significant value-add potential through rent increases aligned with current market rates, rooftop deck development, and basement storage monetization. The current NOI is $163,750, with a pro-forma NOI of $173,855, yielding a 6.30% cap rate and a pro-forma cap rate of 6.69%. Annual rent bumps are set at 3%. The property benefits from a low expense ratio, with Insomnia Cookies covering 50% of property taxes and building insurance. This Class A asset, zoned B3-3, presents a turnkey investment with strong potential for appreciation, driven by the area's robust economic activity, including the proximity to major hospitals and the University of Illinois Chicago, which has a large student population with limited on-campus housing. The asking price is $2,599,000, or $649,750 per unit, and lease options are available. The property features one four-story building.

• CAP approach

  CAP return

  Valuation

  6%

  $2,382,237

  6.5%

  $2,198,988

  7%

  $2,041,917

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,206,884

  Geo Method

  $1,206,884

• Alternative Use

  Use

  Valuation

  Residential

  $2,198,988

  Hospitality

  $2,014,261

  Educational

  $1,675,842

  Medical

  $1,733,476

  Retail

  $2,606,865

Location Insight

City

Chicago

County

Cook

State

Illinois

Latitude

41.8691

Longitude

-87.6606

CBSA code

16980

CBSA name

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

Property Tax & Assessments

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