3141 North Oakley Avenue
Property Description
Essex Three-Twelve is pleased to present the exclusive offering of 3141 North Oakley Avenue, a three-unit multifamily property situated in Chicago's highly sought-after Roscoe Village neighborhood. The masonry building has been thoughtfully updated throughout, featuring renovated kitchens with stainless steel appliances, hardwood flooring, and high-end finishes. Each unit includes an in-unit washer/dryer, central air, a separate electrical panel, and an individual hot water tank. The building is mechanically sound and low-maintenance, with a two-car garage. Current in-place rents are materially below market: the three-bedroom units sit 20.5% below comparable leases in the trade area, while the two-bedroom unit carries 12.6% mark-to-market potential; upside achievable through ordinary lease turnover with no capital investment required. At current rents, the property generates an NOI of $71,661 (5.53% cap rate); upon stabilization at market rents, NOI grows to $84,378, reflecting a 6.52% stabilized cap rate and a Year 1 total return of 6.7%. Located in Roscoe Village, the property benefits from one of Chicago's strongest residential demand profiles. Recent comparable sales closed between $1,165,000 and $1,375,000 at an average GRM of 13.72x; at the asking price, the subject trades at a stabilized GRM of 11.39x, offering a favorable entry point into one of the city's most liquid and high-performing multifamily submarkets
Key Property Information
| Listing Status: | Unavailable |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | 2-4 Units |
| Price: | $1,299,000 |
| No. of Units: | 3 |
| Opportunity Zone: | No |
| Price per unit: | $433,000 |
| Property Website | Click Here |
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