735 E 88TH Street
Chicago, IL 60619

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Description

We are pleased to present for sale 735 E 88th, a six-unit multi-family investment property in the Chatham neighborhood of Chicago. The property is composed of six four-room 1-Bed/1-Bath apartments and a three-car garage that features updated electric, updated rear porch, central boiler heat (~8 years old), common hot water, newer windows, hardwood floors throughout, multiple units with updated kitchen and baths, and is located in a low-density pocket of south Chatham. 735 E 88th provides an excellent opportunity for an investor to re-lease the property to local subsidies that are currently offering 1300 to 1400 for one-bedroom residences with heat and hot water included. Upon stabilization, 735 E 88th has the potential to realize a 10-12 annual capitalization rate.

Features

• Property Type: Commercial
• Sub Type: Multi Family 5+
• Listing Status: Active
• County/Area: Cook County
• Zip Code: 60619
• Year Built: 1897
• Sq.Ft.: 4,236 sq ft
• Stories: 3
• Units: 6 units
• Zoning: MULTI
• # Of Ranges: 6
• # Of Refrigs: 6
• Approximate Age: Older
• Building Area Total: 4236
• Built Before 1978 (Y/N): Yes
• Cap Rate: 11.8
• Construction Materials: Brick
• Directions: ONE BLOCK WEST OF COTTAGE GROVE
• Electric: Fuses
• Electric Expense: 1000
• Electric Expense Source: Broker Projection
• Expense Year: 2025
• Foundation Details: Block
• Fuel Expense: 4800
• Fuel Expense Source: Broker Projection
• Gross Income: 93600
• Gross Rent Multiplier: 5.14
• Gross Scheduled Income: 97200
• Heat/Ventilation: Central Bldg Heat, Hot Water
• Indoor Parking: 1-5 Spaces
• Information: List Broker Must Accompany
• Insurance Expense: 3600
• Insurance Expense Source: Broker Projection
• Janitor Expense: 1080
• Known Encumbrances: None Known
• Land Amenities: Lighting/Exterior, Sidewalks
• Lot Size Source: County Records
• Main Type: Commercial Sale
• Maintenance Expense: 3600
• Manager Expense: 4446
• Manager Expense Source: BP
• Misc Outside: Balcony/ies
• Operating Expense: 33726
• Other Expense Source: Broker Projection
• Ownership Type: Limited Liability Corp
• Repairs-Decor Expense Source: Broker Projection
• Roof Structure: Flat
• Tax Annual Amount: 2743
• Tax Year: 2023
• Tenant Pays: Electricity, Other
• Total Annual Expense Source: Broker Projection
• Total Monthly Income: 7800
• Township: South Chicago
• Trash Expense: 720
• Trash Expense Source: Actual
• Type Multi-Family: Corridor-Exterior Entrance
• Water Expense Source: Broker Projection
• Water Sewer Expense: 4200