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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