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6648 S Sangamon Street

Chicago, IL 60621
  • $350,000
  • STATUS: Active Under Contract
  • ON SITE: 92 Days
  • MLS #: 11365553
Under Contract
UPDATED: 13 min ago
$350,000
  • 16
    BEDS
  • N/A
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1904
County:

School Ratings & Info

School District:
299

Description

12.15% In-Place Cap Rate - Gross Income (w/ 5% Vacancy): $59,400 - NOI: $42,515. The CARE Group is pleased to exclusively offer for purchase the sale of 6648 S Sangamon, incredibly spacious four (4) unit walk-up building on Chicago's South Side. The building sits on an quiet, tree-lined street nestled amongst an abundance of single family homes and brick duplexes and just a couple blocks east of the neighborhood's well-known Ogden Park - one of Chicago's premier parks featuring a swimming pool, baseball diamonds, basketball and tennis courts, and more. Additionally, the building sits in a federally recognized opportunity zone. 6648 S Sangamon has an incredibly desirable unit mix comprised solely of spacious two (five bedroom apartments) and two (three bedroom apartments). All boast an abundance of natural light, and feature hardwood flooring throughout. 6648 S Sangamon presents an investor a unique opportunity of acquiring a positive, cash flowing asset with an in place cap rate of nearly 13% along with incredibly minimal expenses. Furthermore, at the current market levels, the asset yields an immediate cash return approaching 30%. Additionally, the deal also presents an incredible value add component. Currently, identical units in the area are renting from $1,200 to $1,500. Solely by stabilizing the rent roll to consistent levels throughout, there is an opportunity to significantly increase yield.

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© 2022 Midwest Real Estate Data LLC. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by MTP, MRED or Ryan Dallas Real Estate. Based on information submitted to the MRED as of 2022-07-06T15:03:08.317 UTC. All data is obtained from various sources and has not been, and will not be, verified by broker or MRED. MRED supplied Open House information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. Some properties which appear for sale on this website may subsequently have sold and may no longer be available. NOTICE: Many homes contain recording devices, and buyers should be aware they may be recorded during a showing.

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6648 S Sangamon Street Chicago, IL 60621

  • Price: $350,000
  • Status: Active Under Contract
  • On Site: 92 Days
  • Updated: 13 min ago
  • MLS #: 11365553
16
Beds
0
Baths
0
½ Baths
N/A
Acres
1904
Built
Neighborhood:
Chi - Englewood
County:
Cook
Area:
Chi - Englewood
School District:
299
Property Description
12.15% In-Place Cap Rate - Gross Income (w/ 5% Vacancy): $59,400 - NOI: $42,515. The CARE Group is pleased to exclusively offer for purchase the sale of 6648 S Sangamon, incredibly spacious four (4) unit walk-up building on Chicago's South Side. The building sits on an quiet, tree-lined street nestled amongst an abundance of single family homes and brick duplexes and just a couple blocks east of the neighborhood's well-known Ogden Park - one of Chicago's premier parks featuring a swimming pool, baseball diamonds, basketball and tennis courts, and more. Additionally, the building sits in a federally recognized opportunity zone. 6648 S Sangamon has an incredibly desirable unit mix comprised solely of spacious two (five bedroom apartments) and two (three bedroom apartments). All boast an abundance of natural light, and feature hardwood flooring throughout. 6648 S Sangamon presents an investor a unique opportunity of acquiring a positive, cash flowing asset with an in place cap rate of nearly 13% along with incredibly minimal expenses. Furthermore, at the current market levels, the asset yields an immediate cash return approaching 30%. Additionally, the deal also presents an incredible value add component. Currently, identical units in the area are renting from $1,200 to $1,500. Solely by stabilizing the rent roll to consistent levels throughout, there is an opportunity to significantly increase yield.
Exterior Features

Exterior Building Type Brick Lot Size Less Than .25 Acre Multi Family Type 2 Flat Parking Details None Waterfront YN No

Interior Features

Basement Finished Basement Details Full Bedrooms Below Grade 0 Bedrooms Total 16 Full Baths In Building 5 Half Baths In Building 0 Heating Natural Gas Rooms Total 27

Property Features

Age 100+ Years Built Before1978 YN Yes Contingency Attorney/Inspection Continue To Show Yes Corporate Limits Chicago General Information School Bus ServiceCommuter BusCommuter TrainInterstate Access Insurance Expense 2424 Maintenance Expense 1800 Mls Actual Status Contingent Net Operating Income 42515 New Construction YN No Ownership Fee Simple Rebuilt YN No Sewer Public Sewer Special Listing Conditions None Tax Annual Amount 2074.41 Tax Year 2020 Total Numberof Unitsin Building 4 Total Rental Income 59400 Township South Chicago Type Two To Four Units Water Source Public

Listing information © 2022 Midwest Real Estate Data LLC.
Listing provided courtesy of Keller Williams Onechicago.


© 2022 Midwest Real Estate Data LLC. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by MTP, MRED or Ryan Dallas Real Estate. Based on information submitted to the MRED as of 2022-07-06T15:03:08.317 UTC. All data is obtained from various sources and has not been, and will not be, verified by broker or MRED. MRED supplied Open House information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. Some properties which appear for sale on this website may subsequently have sold and may no longer be available. NOTICE: Many homes contain recording devices, and buyers should be aware they may be recorded during a showing.

Digital Millennium Copyright Act
 
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Ryan Dallas Real Estate
4112C Fieldstone Road
Champaign IL, 61822