3605 W Palmer St, Chicago, IL 60647

Investment Overview

3605 W Palmer is a 7-unit building on an extra-wide 37.5' wide lot. The buildings is comprised of (6) 2 Bed / 1 Bath units and a garden 1 Bed / 1 Bath in the front. At the rear of the building are four exterior parking spaces, large exterior porches, and a small shared yard. It is an L-shaped building allowing for wide units with comfortably sized bedrooms and ample light. The building is served by a steam boiler with common area laundry. The exterior porches were built in 2007 and the roof was torn off and replaced in 2016. Average rents in-place are $1,850 with a potential +6.9% mark-to-market available to meet market rents of $1,978. Building is being listed at a 10.2x gross rent multiple or a 6.0% in-place cap rate. If stabilized at the current market rents, the building could achieve a 9.4x GRM and 6.7% return-on-cost with minimal capital investment.

Investment Highlights

• Extra-wide 37.5' lot at Palmer St and Central Park Ave
• L-shaped building with four exterior parking spaces
• Tear-off roof installed in 2016 and exterior porches built in 2007
• Value-add asset with stable income in-place. Opportunity to stabilize at a 6.7% return-on-cost
• Listing agent has ownership interest.