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$1,485,000
Est. payment /mo
7,405 Sqft Lot
UPDATED:
Key Details
Property Type Commercial
Sub Type Multi Family 5+
Listing Status Active
Purchase Type For Sale
MLS Listing ID 12336205
Year Built 1963
Annual Tax Amount $15,710
Tax Year 2023
Lot Size 7,405 Sqft
Lot Dimensions 50X148
Property Sub-Type Multi Family 5+
Property Description
2040 West Hood Avenue presents a compelling investment opportunity in Chicago's West Ridge neighborhood, a vibrant area with convenient access to public transportation and retail hubs. The location of this property is less than a ten minute walk from the Peterson/Ridge Union Pacific North Metra train station. Additionally, this 10-unit property, including one non-conforming garden unit, consists entirely of one-bedroom apartments. Approximately 8 of the tenants and their rental income are secured through partnerships with various social service organizations, ensuring stable occupancy and reliable cash flow. These affiliations provide a clear path for a new investor to adjust rents to market levels over time, enhancing revenue potential. Beyond the strength of its tenant base, the property benefits from additional income streams, with all parking spaces leased at market rates to tenants of neighboring properties. Its combination of strong occupancy fundamentals and operational upside positions 2040 West Hood Avenue as an attractive asset with both immediate and long-term growth potential.
Location
State IL
County Cook
Interior
Fireplace N
Exterior
View Y/N true
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Listed by Stephen Rachman • Marcus & Millichap Chicago Apartment Brokers