5450 S. Indiana Avenue Opportu
- 27 Units
This stately brick building is in excellent condition. It received a full gut rehab around 2009, and it has been meticulously maintained ever since.
The units are very large and pristine, and will not require any renovation at all. They feature good closet space, granite kitchen countertops and individual forced air heating. There are hardwood floors throughout.
The property offers an on-site laundry.
23 of the building’s 39 units will be targeted for CHA voucher tenants.
The building is the nicest in its area, giving it strong appeal to potential tenants. Its outstanding condition and low level of deferred maintenance mean that capital expenditures will be minimal: the aluminum wrapping on the building's lintels will be cleaned and painted, there will be minor spot tuckpointing, and the furnaces will be serviced.
The property is situated in Chicago's desirable Greater Grand Crossing neighborhood. Its location offers the best of both worlds: livability and convenience.
Set on a tree-lined residential street, the property is part of a dynamic mix of single family homes and multi-family buildings. Beautiful 17-acre Grand Crossing Park is just at the end of the block, with its two gymnasiums, fitness center, woodshop and multi-purpose rooms, baseball and football fields, basketball and tennis courts, pool, spray pool and playground.
At the same time, the building is also just around the corner from the busy 79th Street retail corridor with its offering of restaurants, shops, schools and churches.
Our analysis indicates that the property will generate more than enough revenue to cover mortgage payments on the building as well as all of the property’s operating expenses, and still return positive cash flow. This is why we consider this multi-unit building to be an excellent investment opportunity.
The property is priced at $2,850,000.
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