11136 S. Vernon Ave

Description:

The 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 $102 per square foot. The purchase price is $660,000.

 

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 $69,564 provides a strong cap rate of 10.54% and a gross rent multiplier (GRM) of 6.92. With projected rent escalations, the NOI is expected to rise to $78,541, enhancing the cap rate to 11.90% and lowering the GRM to 6.25, 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.