2217 W Madison Street
Chicago, IL 60612

Sold

Sold for $13,000,000 on Mar 21, 2025

Description

46-unit multifamily asset in the rapidly developing neighborhood of United Center/Near West Side. Professionally managed and Fully staibilized this property has approximately 40,500 RSF, containing a mixture of two-bedroom/two bath and one-bedroom/ one bath apartments, with two elevator bays, 1:1 attached garage parking and common rooftop deck. Monthly Income of 99,799 priced at 6.2 Cap Rate. Pro Forma at 7.1 Cap Rate. Completed in 2020 to an elevated standard all units are inclusive of stainless-steel appliances, quartz countertops, all new plumbing and electrical systems, in-unit laundry, custom outfitted closets, window treatments and more. With the United Center and Medical District just blocks away and the new Green Line stop at Damen and Lake opening late summer 2024, the Near West Side is a highly trafficked area that includes easy access to grocery stores, bars, restaurants, hotels, and various other entertainment options with much upside on the horizon. In addition to the new Green Line Station and being on a major bus route, the subject property offers tenants excellent transportation options via the Dan Ryan, Eisenhower & Blue Line stations.

Features

• Property Type: Commercial
• Sub Type: Multi Family 5+
• Listing Status: Closed
• Listing Price: $13,999,000
• County/Area: Cook County
• Zip Code: 60612
• Year Built: 2019
• Stories: 4
• Units: 46 units
• Zoning: MULTI
• # Of Dishwashers: 46
• # Of Disposals: 46
• # Of Dryers: 46
• # Of Ranges: 46
• # Of Refrigs: 46
• # Of Washers: 46
• Approximate Age: 1-6 Years
• Cap Rate: 6.2
• Construction Materials: Brick, Concrete
• Cooling: Central Air
• Directions: Madison just west of Leavitt on the southside of the street
• Electric: Circuit Breakers, Separate Meters, Over 600 Amps
• Expense Year: 2023
• Exterior Building Type: Brick, Other
• Fire Protection: Alarm On Site, Fire Extinguisher/s
• Foundation Details: Concrete Perimeter
• Fuel Expense: 44495
• Fuel Expense Source: Actual
• Gross Income: 99799
• Gross Rent Multiplier: 11.6
• Gross Scheduled Income: 119758
• Heat/Ventilation: Forced Air, Gas, Separate Per Unit
• Indoor Parking: 31-50 Spaces
• Information: 48-Hr Notice Required
• Insurance Expense: 19579
• Insurance Expense Source: Actual
• Location: Public Transport Avail
• Lot Size Square Feet: 21384
• Main Type: Commercial Sale
• Maintenance Expense: 40051
• Manager Expense: 38571
• Manager Expense Source: AC
• Operating Expense: 335177
• Other Expense Source: Combination
• Ownership Type: General Partnership
• Repairs-Decor Expense Source: Actual
• Roof: Rubber
• Roof Structure: Flat
• Tax Annual Amount: 192581
• Tax Year: 2022
• Tenant Pays: Air Conditioning, Electricity, Heat
• Total Annual Expense Source: Actual
• Total Monthly Income: 99799
• Type Multi-Family: Flats