4401 N Newcastle Ave - Apartments FOR SALE


Harwood Heights, IL 60706
$1,600,000 USD
773-593-5626
4401 N Newcastle Ave, Harwood Heights, IL for Sale
$1,600,000 USD
Apartments - FOR SALE
1/47
null | 6.18% Cap Rate

4401 N Newcastle Ave
Harwood Heights, IL 60706


HIGHLIGHTS

  • This is a rarely available, all brick, corner 9-unit building.
  • The building is 100% tenant occupied with long-term tenants; the rents are low.
  • The building is in an excellent location.

OVERVIEW

This is a rarely available, all brick, 9-unit corner building in a prime Harwood Heights location! There are seven (7) one-bedroom, one-bathroom units and two (2) two-bedroom, two-bathroom units. All tenants are on a month-to-month basis and all tenants have resided in their respective units for many years. The rents are low. The market can easily absorb higher rents. Presently, this building generates $99,900 in gross rental income. Going forward, this building can easily generate $170,400 in gross rental income based on the following market rents: three (3) garden units at $1,400 per month, four (4) one-bedroom units at $1,600 per unit and two (2) two-bedroom units at $1,800 per unit. Every unit has a functional floor plan but, more importantly, the building and units have a great vibe. You will love it. The common area also features a coin-operated washer and dryer system, and the private parking lot offers the perfect amount of tenant convenience. This highly desirable multi-unit complex is minutes to the Kennedy Expressway, Harlem and Irving Plaza, O'Hare Airport, restaurants, bus stops, Blue Line, Norridge Park as well as highly rated Union Ridge Elementary School and Ridgewood High School! This building and the area is a: gem! A 10!

FOR SALE DETAILS

PRICE

$1,600,000 USD

PRICE/SF

$207 USD /SF

# OF UNITS

9

PRICE/UNIT

$177,778

CAP RATE

6.18%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1969

PARKING SPACES

8

LAND DETAILS

LAND ACRES

0.18 AC

LAND SF

7,719 SF

ZONING

Harwood Heights

APN/PARCEL ID

13-18-119-026-0000

ASK ABOUT THIS PROPERTY

Peter DrossosPeter Drossos Real EstateMore Info
773-593-5626

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Peter DrossosPeter Drossos Real EstateMore Info
773-593-5626

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.