27
See all 27 photos
$720,000
Est. payment /mo
6,876 SqFt
New
11136 S Vernon AVE Chicago, IL 60628
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UPDATED:
12/11/2024 01:22 AM
Key Details
Property Type Multi-Family
Sub Type Multi Family 5+
Listing Status Active
Purchase Type For Sale
Square Footage 6,876 sqft
Price per Sqft $104
MLS Listing ID 12254109
Year Built 1926
Annual Tax Amount $3,172
Tax Year 2023
Lot Dimensions 45X118
Property Description
The recently renovated multifamily property located at 11136 S Vernon Ave, Chicago, IL 60628, presents an exceptional investment opportunity in the thriving South Side market of Chicago. Originally built in 1923 and recently renovated within the past two years, this three-story Class C building spans 6,500 square feet and is competitively priced at $111 per square foot. The purchase price is $720,000. Currently generating a robust monthly gross income of $7,950, with potential increases to $8,800, the property offers clear financial upside. The initial net operating income (NOI) of $67,904 provides a strong cap rate of 9.43% and a gross rent multiplier (GRM) of 7.55. With projected rent escalations, the NOI is expected to rise to $76,399, enhancing the cap rate to 10.61% and lowering the GRM to 6.82, further solidifying the property's profitability. Strategically located in the dynamic Roseland neighborhood, this asset benefits from proximity to key amenities and services, making it highly desirable for renters. The surrounding area boasts a population of 130,488 within a three-mile radius, an average household income of $64,361, and a median home value of $145,440-factors that further strengthen the investment appeal. With recent renovations, competitive pricing, significant rental growth potential, and attractive financing options, this multifamily property is a perfect addition to any real estate portfolio. It offers both stability and the potential for increased returns
Location
State IL
County Cook
Area Chi - Roseland
Zoning MULTI
Interior
Cooling Window Unit(s)
Fireplace N
Building
Dwelling Type Multi Family 5+
Level or Stories 3
© 2024 Listings courtesy of MRED as distributed by MLS GRID. All Rights Reserved.
Listed by Travis Montgomery • Keller Williams ONEChicago
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