11136 S Vernon Avenue

Chicago, IL 60628

The recently renovated multifamily property located at 11136 S Vernon Ave, Chicago, IL 60628, presents an exceptional investment opportunity in the thriving South Side market of Chicago. Originally built in 1923 and recently renovated within the past two years, this three-story Class C building spans 6,500 square feet and is competitively priced at $111 per square foot. The purchase price is $720,000. Currently generating a robust monthly gross income of $7,950, with potential increases to $8,800, the property offers clear financial upside. The initial net operating income (NOI) of $67,904 provides a strong cap rate of 9.43% and a gross rent multiplier (GRM) of 7.55. With projected rent escalations, the NOI is expected to rise to $76,399, enhancing the cap rate to 10.61% and lowering the GRM to 6.82, further solidifying the property's profitability. Strategically located in the dynamic Roseland neighborhood, this asset benefits from proximity to key amenities and services, making it highly desirable for renters. The surrounding area boasts a population of 130,488 within a three-mile radius, an average household income of $64,361, and a median home value of $145,440-factors that further strengthen the investment appeal. With recent renovations, competitive pricing, significant rental growth potential, and attractive financing options, this multifamily property is a perfect addition to any real estate portfolio. It offers both stability and the potential for increased returns

Listing Courtesy of MRED as distributed by MLS Grid of Keller Williams ONEChicago



Based on information submitted to the MLS GRID as of 2024-10-30 12:00 AM UTC. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
Data last updated: 2024-10-30 12:00 AM UTC
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