This 16-unit building in Chicago’s South Shore neighborhood recently underwent a rehab of 14 units, with long-term tenants occupying the other two units. Updates include hardwood floors, new kitchens and bathrooms, new boiler and newer roof and windows. It sold for $575,000.
“This building had above a 12.5 percent cap rate at list price and a 29 percent cash return with the proposed financing, so it provides a rare chance to own a well-maintained building with an excellent cash flow,” said Birk.
All the names of buyers and sellers involved in these transactions are not available at this time.