Multifamily

1641 S California Ave

1641 S California Ave, Chicago, IL 60608

Listing Price: $530,000

Cap Rate
5.53%
Number of Units
6
GRM
8.73
Occupancy
95.0%
Price/Unit
$88,333
Price/Gross SF
$117.78
Gross SF
4,500

Investment Overview

Marcus & Millichap is pleased to present 1641 South California Avenue located across from Douglass Park in Chicago's North Lawndale neighborhood. North Lawndale is approximately five miles west of downtown Chicago. The subject property contains six total units consisting of three two-bedroom / one-bathroom units (approximately 700 square feet) and three three-bedroom / one-bathroom units (approximately 800 square feet).

This property is ideally located approximately one-quarter mile south of Mount Sinai Hospital, one-half mile north of the CTA Pink Line California station and approximately one-and-one-half mile south of Interstate 290. This pocket also includes Cinespace Chicago Film Studios which occupies 1.45 million square feet of what was formerly the old Ryerson Steel Company. Cinespace Chicago specializes in the development, management and operation of studio facilities (such productions include Chicago Fire, Med and PD, Shameless and Empire). Additionally, Lagunitas Brewing Company and Taproom is approximately one half-mile from the property and features food and drink, events space, brewery tours and live music.

This investment allows a new investor the opportunity to acquire a six-unit multifamily property in a quality North Lawndale location. By bringing rents to market rates a new investor has the ability to achieve double-digit cash-on-cash returns.

Investment Highlights

  • North Lawndale Neighborhood
  • Strong Unit Mix
  • Tenant-Paid Utilities
  • Close to Major Highways and Public Transportation

Exclusively Listed By

  • Eric P. Bell

    Senior Managing Director Investments

    (630) 570-2157

    Email Eric

    License(s): IL: 475.144220

    Chicago Oak Brook

Listing Price: $530,000

Cap Rate
5.53%
Number of Units
6
GRM
8.73
Occupancy
95.0%
Price/Unit
$88,333
Price/Gross SF
$117.78
Gross SF
4,500

Investment Highlights

  • North Lawndale Neighborhood
  • Strong Unit Mix
  • Tenant-Paid Utilities
  • Close to Major Highways and Public Transportation

Investment Overview

Marcus & Millichap is pleased to present 1641 South California Avenue located across from Douglass Park in Chicago's North Lawndale neighborhood. North Lawndale is approximately five miles west of downtown Chicago. The subject property contains six total units consisting of three two-bedroom / one-bathroom units (approximately 700 square feet) and three three-bedroom / one-bathroom units (approximately 800 square feet).

This property is ideally located approximately one-quarter mile south of Mount Sinai Hospital, one-half mile north of the CTA Pink Line California station and approximately one-and-one-half mile south of Interstate 290. This pocket also includes Cinespace Chicago Film Studios which occupies 1.45 million square feet of what was formerly the old Ryerson Steel Company. Cinespace Chicago specializes in the development, management and operation of studio facilities (such productions include Chicago Fire, Med and PD, Shameless and Empire). Additionally, Lagunitas Brewing Company and Taproom is approximately one half-mile from the property and features food and drink, events space, brewery tours and live music.

This investment allows a new investor the opportunity to acquire a six-unit multifamily property in a quality North Lawndale location. By bringing rents to market rates a new investor has the ability to achieve double-digit cash-on-cash returns.

Exclusively Listed By

  • Eric P. Bell

    Senior Managing Director Investments

    (630) 570-2157

    Email Eric

    License(s): IL: 475.144220

    Chicago Oak Brook

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