Investment Overview

INVESTMENT SUMMARY: Marcus & Millichap is pleased to exclusively present the 4634-4658 West 79th Street, a five building, 33-unit multifamily investment opportunity located within a designated Mobility Zone—an area targeted for infrastructure upgrades, transit enhancements, and strategic redevelopment. The property comprises 28 two-bedroom units and 5 one-bedroom units, all recently renovated with updated kitchens, bathrooms, and flooring. This offering combines exceptional in-place cash flow, demonstrated rent growth, and clear operational upside in a submarket positioned for long-term appreciation. The asset is currently operating at a 9.2% cap rate, with a pro forma cap rate of 13.2%, reflecting immediate potential to boost revenue by aligning below-market rents with those already being achieved on-site. VALUE-ADD POTENTIAL – BELOW MARKET RENT A number of units are still rented significantly below market. By increasing rents to match in-place comparables, a future owner can capture more than $225,000 in additional annual revenue. This presents a clean, operational value-add through lease renewals, tenant turnover, and minimal capital investment. TAX INCENTIVE OPPORTUNITY – COOK COUNTY AHSAP Further upside lies in the overstated real estate tax assessment. Current ownership has already submitted their application for Cook County’s Affordable Housing Special Assessment Program, launched in 2022, which offers a 35% reduction in assessed value for 10 years. With over 35% of units designated as affordable at or below 60% AMI, the property is well-positioned to realize substantial and sustained tax savings. The application is pending approval. STRATEGIC LOCATION – MOBILITY ZONE Located within a designated Mobility Zone, the property benefits from ongoing public and private investment focused on infrastructure and accessibility. These enhancements support tenant demand, significant rent growth, and long-term value. Additionally, its proximity to major employers, public transit, and neighborhood amenities contributes to stable occupancy.