Chicago, Illinois 60651
- $1,310,000
- Sold Price
- $1,310,000
- List Price
- $1,400,000
- Closing Date
- Feb 24, 2026
- MLS#
- 12477032
- Status
- CLOSED
- Type
- Commercial
- Subtype
- Commercial Sale
- County
- Cook
- City
- Chicago
- Neighborhood
- North Austin
- Days On Market
- 58
Property Description
Pleased to present the exclusive offering of Central Avenue Apartments, a 17-unit multifamily property located in the Austin neighborhood of northwest Chicago. This well-maintained property represents an attractive investment with strong in-place income, immediate cash flow, and significant upside potential through strategic unit renovations and rent increases.The property is 100% occupied, offering stability for a new investor, with current rents well below market. With a light value-add program ($5,000 per unit upon turnover), rental income can be pushed to market levels, creating strong returns and long-term appreciation. Property Details Address: 1405-13 N. Central Ave., Chicago, IL 60651 Units: 17 Total SF: 10,816 List Price: $1,400,000 Occupancy: 100% Unit Mix & Rents Current Average Rent: $997 Pro Forma Average Rent: $1,291 Current Average PSF: $1.70 Pro Forma Average PSF: $2.18 Pro forma figures incorporate a $5,000 per unit renovation budget as leases naturally turn, enabling backfilling at higher market rent levels. Financial Highlights Current NOI: $113,627 Pro Forma NOI: $164,313 Current Cap Rate: 8.12% Pro Forma Cap Rate: 11.14% Current GRM: 6.88 Pro Forma GRM: 5.60 Price / SF: $129 Price / Unit: $82,353 Investment Highlights Stabilized Occupancy: 100% leased, offering immediate cash flow. Value-Add Upside: Below-market rents with ability to push to pro forma levels through unit turnovers and $5k/unit upgrades. Efficient Size: 17-unit property, manageable for both first-time investors scaling into multifamily or seasoned owners seeking additional cash flow. Northwest Chicago Location: Situated in the Austin neighborhood, with access to strong tenant demand, local employment centers, and public transportation. Attractive Financial Metrics: Opportunity to achieve an 11%+ cap rate and reduce GRM below 6 with modest renovations. Central Avenue Apartments offers investors a stabilized, cash-flowing multifamily asset in one of Chicago's largest neighborhoods. With immediate income, strong financial performance, and clear value-add potential, this property represents a compelling investment for both local and regional buyers seeking strong returns in the Chicago multifamily market.
Additional Information
- Tax Year
- 2023
- Year Built
- 1928
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Selling Office: Keller Williams ONEChicago.
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