Property Description

2038 N Kostner Ave is a center-entrance, six-unit apartment building in Chicago's Hermosa neighborhood. The property sits on a double lot totaling 6,270 SF with a rear courtyard and a 4-car garage. The unit mix includes (1) 4-Bed/1-Bath, (3) 3-Bed/1-Bath, (1) 3-Bed/1-Bath garden, and (1) 2-Bed/1-Bath garden. The above-grade units averaging 1,398 SF and the garden units 900 SF. Systems include individual furnaces with window A/C, separate 100-amp electric panels, and separate hot water tanks per units. Tenants are responsible for their own heat and hot water costs. The property represents an opportunity for a new buyer to acquire a high-quality building in an appreciating neighborhood with strong cash flow in-place and future value-add upside. At list price, the building is offered at a 9.27x gross rent multiple or a 7.26% in-place cap rate without any renovation or capital investment. Future upside can be unlocked through the installation of in-unit laundry and central air conditioning at the property.

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Property Features