1444 E. 67th Pl is a recently updated six (6) unit walk-up located on a quiet, tree lined street just outside of Jackson Park. The subject site sits just blocks away from South Shore's Stony Island train stop, the Jackson Park Golf Course, and steps from the developing Obama Presidential Library. Conveniently, the building is situated amongst an assortment of shopping and grocery selections. 1444 E. 67th Pl. is entirely composed of six (6) 3bd/1ba units, all of which are spacious and contain an abundance of natural light, as well as front balconies providing the tenants with an additional desirable feature. Currently, four (4) of the units have recently been updated with refinished floors, granite countertops, new appliances, along with modern and updated bathrooms. The last two (2) apartments are currently occupied by long term tenants who have called the building home for 15+ years. Furthermore, the building includes five (5) garage spots in the rear. Current ownership is not presently capitalizing on the garage, but similar enclosed garage spots are renting for $100/spot per month. 1444 E. 67th Pl. presents a unique opportunity to acquire a positive, cash-flowing asset in one of Chicago's most rapidly growing neighborhoods. From day one, an investor will realize an in-place cap rate of 9.09%. However, by updating the remaining two (2) units, stabilizing rents to market rate levels, and monetizing the available parking, an investor could achieve a cap rate of over 12%.
