3500 S Artesian Ave
- Desirable Unit Mix - Twenty One (21) 2Bd/1Ba Units
- New Windows, Updated Roof, & 100% Copper Plumbing
- Spacious Units w/ Modern Kitchens & Baths
- Economies of Scale in the Supply-Constrained McKinnley Park Neighborhood
- All Individual Furnaces & Water Heaters - Four (4) Units w/ AC
Property Description
Kiser Group is pleased to exclusively present for purchase 3500 S. Artesian Ave., a 21-unit multifamily property located in Chicago’s McKinley Park neighborhood. The property offers residents convenient access to nearby public transportation, major thoroughfares, neighborhood retail, restaurants, and everyday amenities. Its location provides strong connectivity throughout the city while benefiting from McKinley Park’s established residential character and proximity to the neighborhood’s namesake park. The property is comprised of twenty-one (21) two bedroom units, with the majority of units having undergone renovations featuring modern kitchens and bathrooms, granite countertops, and updated finishes. Capital improvements to the property include copper plumbing, newer windows throughout much of the building, a newer roof, updated hot water tanks, and individual furnaces. The property also features a three-car garage, providing additional convenience and potential income for ownership. 3500 S. Artesian currently generates $195,280 in NOI, representing a 6.01% in-place cap rate and 1.87% cash return. Through continued rental growth and operational improvements, the property is projected to achieve $285,569 in pro forma NOI, an 8.79% pro forma cap rate, and a 12.98% pro forma cash return, providing investors with meaningful upside and the opportunity to enhance overall returns.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $3,250,000 |
| No. of Units: | 21 |
| Year Built: | 1909 |
| Lot Size: | 0.28 Acres |
| Opportunity Zone: | No |
| Price per unit: | $154,762 |
| Property Website | Click Here |
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