3-Unit Albany Park. Easy Double-Digit Cash-on-Cash Returns

[Ryan Wewerka]

The subject property is a four-minute walk to the Chicago Transit Authority (CTA) 53 and 81 bus stops, and a 15-minute walk to the CTA Kimball Brown Line stop.

The subject property is composed of a one bedroom on bathroom apartment, a two-bedroom one-bathroom apartment, and a three-bedroom one-bathroom apartment. The units were renovated in 2007 and have hardwood floors & carpet in the living areas and tile in the kitchen. The property features a newer porch, new roof, new gutters, new siding with new plywood and insulation, a new boiler, and a new water heater. The plumbing is mostly copper. There is also a two-car garage and a common-area patio in the back. 

All of the tenants are month-to-month, with the current rents between 15-36% below market. There is an opportunity to add a third bedroom to the two-bedroom unit to increase revenue.