3463 W Monroe

Address: 3463 W Monroe St, Chicago, IL 60624, USA, Chicago, Illinois, US

Chicago & Midwest + Apartments

Created date: November 6, 2023

Date last updated: November 6, 2023

Fully Leased with Ideal Unit Mix
Currently 100% occupied, the Property features
an idea unit mix including 6 one-bedroom units,
10 two-bedroom units, and 9 three-bedroom units.
The 25-unit Property averages 1,052 SF across all units.
Income Potential
Lease rent averages $0.72 PSF which is significantly
lower than Garfield Park’s average of $1.20 PSF. This
Property offers investors the potential to generate
significant upside with rent growth in addition to
steady cash flow.
Desirable Location
Nestled in the East Garfield Park neighborhood,
the Property benefits from its proximity to essential
amenities, public transportation, and local attractions.
Residents will appreciate the convenience of nearby
parks, schools, and shopping centers.

Property Description

CBRE, as exclusive agent, is pleased to present the rare opportunity to purchase East Garfield Park Place Apartments (“the Property”), a 100% leased, 25-unit apartment complex in East Garfield Park. Garfield Park, located on the west side of Chicago, is a neighborhood anchored by its namesake, Garfield Park, which includes a conservatory, lagoon, playground, and the Golden Dome Field House. The field house features a fitness center, indoor pool, and hosts community programs. The area is serviced by four CTA Green Line train stations as well as several CTA bus routes. The neighborhood has a mix of small businesses and larger chain stores including grocery stores, pharmacies, and clothing shops. The Property was built in 1996 and was largely subsidized with funds from the Low Income Housing Tax Credit Program under Section 42 of the Internal Revenue Service Code. It sits on 1.03 acres and it was originally intended to provide housing for Chicago Public Schools employees. The property was subject to LIHTC rent restrictions at the 50% AMI threshold. The Property has never been sold, and this is the first time it is being offered for sale in over 20 years. The 15 year old compliance threshold has lapsed therefore once a sale is complete, the Property presents a tremendous opportunity to raise rents to a market rate level.

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Key Property Information

Listing Status:	Available
Listing Type:	Highest & best offer
Multifamily type:	Apartments
Price:	$2,150,000
No. of Units:	25
Cap Rate:	8.4%
GRM /GIM:	550000
Average Occupancy:	100
Year Built:	1996
Building Size:	26,303 Sq ft
Lot Size:	45,000.00 Sq ft
Opportunity Zone:	No
Price per unit:	$86,000