5055 Wrightwood AveChicago, IL 60639

Property Details for 5055 Wrightwood Ave

Year built

1929

Lot size

0.18 AC

Property type

Garden apartment buildings

APN

13-28-417-001

APU

1328417001

Description

This 12-unit apartment building, located at 5055 W Wrightwood Ave in Chicago's vibrant Belmont Cragin neighborhood (zip code 60639), offers a compelling investment opportunity. Built in 1927, the 7,400 square foot property boasts a diverse unit mix including two studios, six one-bedroom/one-bathroom units, and four two-bedroom/one-bathroom units. All units feature recently updated kitchens and bathrooms. Significant capital improvements have been made, including the installation of individual HVAC systems for each unit, new vinyl windows, updated copper plumbing, steel porches, and a robust 1200 AMP electrical service. One exterior parking space is also available. The property currently generates a cap rate exceeding 7%, and with a 10% rent increase to market levels, the cap rate is projected to reach 7.35%, offering cash-on-cash returns over 8.4%. This well-maintained building presents a rare chance to acquire a cash-flowing asset with significant upside potential in a desirable Chicago location. The asking price is $1,550,000.

• CAP approach

  CAP return

  Valuation

  6%

  $2,858,056

  6.5%

  $2,638,205

  7%

  $2,449,762

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,545,853

  Geo Method

  $1,545,853

• Alternative Use

  Use

  Valuation

  Residential

  $2,638,205

  Hospitality

  $2,416,582

  Educational

  $2,010,568

  Medical

  $2,079,714

  Retail

  $3,127,550

Location Insight

City

Chicago

County

Cook

State

Illinois

Latitude

41.9276

Longitude

-87.7536

CBSA code

16980

CBSA name

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

Property Tax & Assessments

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