GET MORE INFORMATION
We respect your privacy! Your information WILL NOT BE SHARED, SOLD, or RENTED to anyone, for any reason outside the course of normal real estate exchange. By submitting, you agree to our Terms of Use and Privacy Policy.
Listed by Anthony Hardyof Keller Williams ONEChicago
Bought with Bilal Hussain of AAA Real Estate
Bought with Bilal Hussain of AAA Real Estate
$ 1,160,725
$ 1,175,000 1.2%
Est. payment | /mo
$ 1,160,725
$ 1,175,000 1.2%
Est. payment | /mo
Key Details
Sold Price $1,160,725
Property Type Commercial
Sub Type Multi Family 5+
Listing Status Sold
Purchase Type For Sale
MLS Listing ID 12119410
Sold Date 05/17/25
Year Built 1926
Annual Tax Amount $10,979
Tax Year 2023
Lot Dimensions 9450
Property Sub-Type Multi Family 5+
Property Description
Property Overview: Units: 12 two-bedroom, one-bathroom units HVAC: Individually metered for heating and cooling HUD Fair Market Rent (2024): $1,410 for the 60619 zip code Investment Potential: Pro Forma Net Operating Income: $128,885, representing a cap rate of 10.97% and a GRM of 6.28 Neighborhood Insights: Chatham is renowned for its stable residential character and vibrant local economy. This community is experiencing economic growth and increased housing demand, making it an attractive area for real estate investment. The property's location within this thriving neighborhood enhances its appeal and potential for long-term appreciation. Detailed Unit Breakdown: Unit Mix: 12 two-bedroom/one-bathroom units Economic Performance: Purchase Price: $1,175,000 Current Cap Rate: 8.72% This strong cap rate indicates a favorable yield compared to typical residential investment properties in the area. Current Net Operating Income (NOI): $102,475 annually Reflects efficient management and strong profitability. Current Gross Rent Multiplier (GRM): 7.22 Demonstrates significant rental income potential relative to market value. The property at 8321 S. Drexel Ave. represents a unique and promising investment opportunity in the Chicago real estate market. With a strategic location in the growing Chatham neighborhood and solid financial performance, this asset offers an ideal blend of risk mitigation and potential for high returns. The individually metered HVAC systems enhance tenant satisfaction and operational efficiency. This investment is an excellent choice for investors focused on long-term wealth accumulation in the multifamily housing sector.
Location
State IL
County Cook
Interior
Fireplace N
Exterior
View Y/N true
© 2025 Listings courtesy of MRED as distributed by MLS GRID. All Rights Reserved.
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "