636 E 44th ST Active Save Request In-Person Tour Request Virtual Tour
Chicago,IL 60653
Key Details
Property Type Multi-Family
Sub Type Multi Family 5+
Listing Status Active
Purchase Type For Sale
Square Footage 7,425 sqft
Price per Sqft $127
MLS Listing ID 12158894
Maintenance Fees $3,600
Year Built 1873
Annual Tax Amount $7,486
Tax Year 2023
Lot Size 4,791 Sqft
Property Description
636 E. 44th St., is a rarely available six (6) unit center entrance building in Chicago's booming Bronzeville neighborhood. This incredible investment is priced to sell at close to a 8 cap on current numbers with strong income from day one. The property sits on an extra-wide corner lot on the southeast corner of 44th Street and Champlain, overlooking Armstrong Park. Conveniently located near the CTA Green Line at 43rd (10-minute walk), numerous bus stops, nearby I-90, and Lake Shore Drive, renters have easy commuting access to downtown. The property comprises (4) 3-bed / 1-bath and (2) 2-bed / 1-bath apartments, offering a balanced mix to cater to a variety of potential renters. The units feature hardwood floors, updated kitchens & bathrooms, and spacious living/dining rooms. In addition to the cosmetic upgrades, the building has newer hot water tanks, a fully re-built boiler, newer windows, well-maintained roof, upgraded common area, stairwells/entryway and lighting. 636 E. 44th St. presents an investor a unique opportunity of a acquiring a stabilized and strong cash-flowing asset in in one of Chicago's most developing and desirable neighborhoods Bronzeville. Upon acquisition, a new owner may capitalize on an incredibly strong and rapidly growing tenant base and realize an in-place cap rate of 8.30 from day one. With ongoing development in the area, there is an opportunity to further add value by bringing rents to increasing market rate levels in existing condition, and/or convert unit 2E into a 3-bed / 1-bath layout or further unlock additional rental income by installing ventless all-in-one washer/dryer combos.
Location
State IL
County Cook
Area Chi - Grand Boulevard
Zoning MULTI
Building
Dwelling Type Multi Family 5+
Structure Type Brick