Midwest Investment Advisors with KW Commercial and Keller Williams ONEChicago are pleased to present a multifamily property located at 5957 S. Indiana Ave in the vibrant Washington Park neighborhood of Chicago. This 31-unit building is strategically positioned to capitalize on the strong rental market in the area, offering an attractive opportunity for investors. Current Purchase Price: $2,480,000 Current Cap Rate: 7.58% Pro Forma Cap Rate (6-12 months): 11.02% Pro Forma Cap Rate (12-18 months): 12.07% Value-Add Opportunity: The property presents a compelling value-add opportunity through rent increases to market levels. Current ownership has already implemented rental increases across 35% of the units, with an additional 23% scheduled for increases between May and September 2024. This strategy is expected to drive the overall cash-on-cash return from the current 9.73% to 20.83% within the next 6-12 months, and up to 23.87% in the next 12-18 months. Regulatory Agreement: The property is subject to a regulatory agreement that will run until 2030, requiring an investor to rent 29 of the 31 units to tenants with incomes no more than 60% of the area median income, at rent levels restricted to those income limits. This agreement provides a degree of stability and predictability in rental income while also aligning with affordable housing initiatives. No Major Capital Expenditures Needed: The property is well-maintained, and no major capital expenditures are required, allowing new ownership to focus on rent optimization and revenue growth. Financing Advantage: Investors can benefit from a 2-year interest-only multifamily loan, providing financial flexibility to maximize returns during the rent increase phase. Unit Mix: 3 Bedroom - 1 Bathroom: 8 Units 2 Bedroom - 1 Bathroom: 18 Units 1 Bedroom - 1 Bathroom: 5 Units The property is located in the Washington Park neighborhood, a thriving area with easy access to public transportation, parks, educational institutions, and a wide range of retail and dining options. This prime location enhances the property's attractiveness to a diverse tenant base, including small families, professionals, and singles.