735 E 88TH Street, Chicago, IL 60619

Units: 6
Price / Unit: $82,917
Est. Cap Rate: 12.56%
Est. GRM: 5.32

Property Overview

OWNER FINANCING POTENTIALLY AVAILABLE - SUBJECT TO TERMS AND STRUCTURE. We are pleased to present for sale 735 E 88th, a six-unit multi-family investment property in the Chatham neighborhood of Chicago. The property is composed of six four-room 1-Bed/1-Bath apartments and a three-car garage that features updated electric, updated rear porch, central boiler heat (~8 years old), common hot water, newer windows, hardwood floors throughout, multiple units with updated kitchen and baths, and is located in a low-density pocket of south Chatham. 735 E 88th provides an excellent opportunity for an investor to re-lease the property to local subsidies that are currently offering 1300 to 1400 for one-bedroom residences with heat and hot water included. Upon stabilization, 735 E 88th has the potential to realize a 10-12 annual capitalization rate.

Investor Resource

Property Intelligence

Financial Snapshot

Reported Annual Income: $93,600
Reported Annual Expenses: $31,128
Estimated NOI: $62,472
Estimated Cap Rate: 12.56%
Estimated GRM: 5.32
Annual Taxes: $4,902 (2024)

Property Details

Units: 6
Building Size: 4,236 SF
Lot Dimensions: 4500
Stories: 3
Year Built: 1897
Building Age: Older
Construction: Brick
Roof: Flat
Zoning: MULTI
Parcel Number: 25032110120000

Operations & Utilities

Heating: Central Bldg Heat, Hot Water
Tenant Pays: Electricity, Other
Electric: Fuses
Possession: Closing

Location & Use

County: Cook
Market Area: Chicago - Chatham
Township: South Chicago
Present Use: Multi-Family
Potential Use: Condominium, Multi-Family
Frontage: City Street

Reported figures come from the listing source. When shown, estimated NOI and cap rate use reported income and expenses; estimated GRM uses asking price and reported income. All figures should be independently verified.