Multifamily
California Apartments
2800 W Washington Blvd, Chicago, IL 60612
Listing Price: $1,925,000
Investment Overview
Marcus & Millichap is pleased to present 2800 West Washington Boulevard, a strategically located multifamily property in the East Garfield Park neighborhood of Chicago. The building consists of 15 one-bedroom apartments. The property primarily serves the affordable housing needs of senior citizens and veterans, with 100% of residents utilizing Section 8 rental vouchers. All utilities, including heat, are separately metered and resident-paid, minimizing landlord expenses and enhancing operational efficiency.
RECENT RENOVATIONS & IMPROVEMENTS
The building underwent a substantial renovation in 2018. Each apartment was upgraded with new gas ranges, refrigerators, window treatments, and modern flooring. Kitchens and bathrooms were refreshed with new plumbing fixtures, ceramic wall tile, and VCT flooring. Major building systems, including plumbing, individual furnaces, and electrical, were completely replaced, significantly reducing near-term capital requirements.
MARKET OVERVIEW
2800 W Washington is located in East Garfield Park, a resurgent neighborhood on Chicago’s West Side. The area benefits from excellent transportation access, with the CTA Green and Blue Lines providing direct connectivity to downtown, the Medical District, and the West Loop. In recent years, East Garfield Park has experienced steady investment and redevelopment, with both public and private projects fueling long-term growth. Its proximity to the Illinois Medical District, United Center, and the rapidly developing Fulton Market district positions East Garfield Park as a strategically located submarket poised for
continued appreciation and strong renter demand.
California Apartments
Investment Highlights
- STRONG IN-PLACE AND POTENTIAL RETURNS: (Current / Proforma) – Cap Rate: 8.07% / 9.18%, Cash on Cash: 10.12% / 14.56%
- TENANT-PAID UTILITIES: All utilities are separately metered and resident paid, further reducing landlord responsibilities
- STRONG REVENUE GROWTH POTENTIAL: Current rents are more than $25,000 below market, providing immediate upside
- LOCATION: The property is situated in a growing neighborhood with proximity to The United Center, public transit, parks, and major development projects, offering long-term tenant demand and appreciation potential
Exclusively Listed By
Listing Price: $1,925,000
Investment Highlights
- STRONG IN-PLACE AND POTENTIAL RETURNS: (Current / Proforma) – Cap Rate: 8.07% / 9.18%, Cash on Cash: 10.12% / 14.56%
- TENANT-PAID UTILITIES: All utilities are separately metered and resident paid, further reducing landlord responsibilities
- STRONG REVENUE GROWTH POTENTIAL: Current rents are more than $25,000 below market, providing immediate upside
- LOCATION: The property is situated in a growing neighborhood with proximity to The United Center, public transit, parks, and major development projects, offering long-term tenant demand and appreciation potential
Investment Overview
Marcus & Millichap is pleased to present 2800 West Washington Boulevard, a strategically located multifamily property in the East Garfield Park neighborhood of Chicago. The building consists of 15 one-bedroom apartments. The property primarily serves the affordable housing needs of senior citizens and veterans, with 100% of residents utilizing Section 8 rental vouchers. All utilities, including heat, are separately metered and resident-paid, minimizing landlord expenses and enhancing operational efficiency. RECENT RENOVATIONS & IMPROVEMENTS The building underwent a substantial renovation in 2018. Each apartment was upgraded with new gas ranges, refrigerators, window treatments, and modern flooring. Kitchens and bathrooms were refreshed with new plumbing fixtures, ceramic wall tile, and VCT flooring. Major building systems, including plumbing, individual furnaces, and electrical, were completely replaced, significantly reducing near-term capital requirements. MARKET OVERVIEW 2800 W Washington is located in East Garfield Park, a resurgent neighborhood on Chicago’s West Side. The area benefits from excellent transportation access, with the CTA Green and Blue Lines providing direct connectivity to downtown, the Medical District, and the West Loop. In recent years, East Garfield Park has experienced steady investment and redevelopment, with both public and private projects fueling long-term growth. Its proximity to the Illinois Medical District, United Center, and the rapidly developing Fulton Market district positions East Garfield Park as a strategically located submarket poised for continued appreciation and strong renter demand.
Exclusively Listed By
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