2936 North Allen Avenue, Chicago, IL for sale

Investment Overview

2936 N Allen Avenue is a 3-unit multifamily building (two units plus a non-conforming attic unit) on a 3,075 SF lot in Avondale, on the northern edge of Logan Square. Built in 1896, the property offers 1,572 SF of net rentable space and is offered at $679,000, or $226,333 per unit, at a 5.38% in-place cap rate. The two legal units are a 3 bed / 1 bath garden unit of approximately 1,000 SF and a 2 bed / 1 bath unit of approximately 800 SF, plus a non-conforming attic unit with sloped ceilings. Units feature updated kitchens with white cabinetry and stainless steel appliances, hardwood floors in the living areas and bedrooms, and ceiling fans. Electric is separately metered with exterior service meters (updated 2016); heat is gas forced air; plumbing is copper; windows are vinyl; and the roof is asphalt shingle. Both legal and non-conforming units are leased through mid-2027, producing $4,800 per month ($57,600 annually). In-place rents sit below the rent comps: the 3-bed rents at $2,000 vs. a $2,150 pro forma (+7.5%), the 2-bed at $1,950 vs. $2,050 (+5.1%), and the 1-bed at $850 vs. $1,300 (+35%), lifting NOI from $36,496 in-place to $44,560 stabilized. The location offers Milwaukee Avenue retail, quick access to the Belmont Blue Line and the Kennedy Expressway, and the parks and amenities of Logan Square.

Investment Highlights

• 3-unit building (2 units + non-conforming attic unit)
• 3 bed / 1 bath garden unit and 2 bed / 1 bath unit with updated kitchens, white cabinetry, stainless steel appliances, and hardwood floors
• Separately metered electric (updated 2016), central air, copper plumbing, vinyl windows; in-unit laundry, 1 parking space.
• Fully leased at $3,950/month with +5-10% mark-to-market upside to a $30,004 stabilized NOI; near Milwaukee Ave, the Belmont Blue Line and the Kennedy