1538 Millard AveChicago, IL 60623

For Sale
$750,000

8-Unit Building, High NOI

Overview

Added:
Dec 11, 2024
Days on market:
93
This exceptional 8-unit apartment building in Chicago's vibrant Cook County (zip code 60623) presents a compelling investment opportunity. Located at 1538 S Millard Ave, this three-story, 5,835 square foot building, constructed in 1909, sits on a 3,125 square foot lot and is zoned RT-4. The property boasts a strong current NOI of $87,080, translating to an 11.61% cap rate and a price per square foot of $128.53. A pro-forma NOI of $79,698 and a pro-forma cap rate of 10.63% are also available. The asking price is $750,000, or $93,750 per unit. Currently, the building enjoys a 95% occupancy rate, with a mix of unit sizes: three 3-bedroom units, four 2-bedroom units, and one 1-bedroom unit. The current monthly rental income is $7,950. This recently renovated property offers modern living spaces and amenities, making it an attractive option for tenants and a strong investment for buyers. The property's strong performance and location make it an ideal addition to any investment portfolio. One unit is currently available for rent.

Highlights

  • $750,000 asking price for an 8-unit apartment building.
  • 5,835 square feet, priced at $128.53 per square foot.
  • 11.61% cap rate (10.63% pro-forma).
  • $87,080 NOI ($79,698 pro-forma).
  • 8 units, averaging $93,750 per unit.
  • Located at 1538 S Millard Ave, Chicago, IL 60623.

Property Details for 1538 Millard Ave

Property type
Multifamily properties, Apartment buildings
Square Feet
5,835 SF
Year Built
1909
Buildings
1
Stories
3
Units
8

Location Insight

City
Chicago
County
Cook
State
Illinois
Latitude
41.8596017
Longitude
-87.7167685
1538 Millard Ave, Chicago, Illinois

FAQs

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1538 Millard Ave
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