1322 E. 62nd St | Woodlawn

Description:

The Multifamily Investment Advisors Team with KW Commercial and Keller Williams ONEChicago is proud to present the multifamily asset located at 1322 E. 62nd St., Chicago, IL, located in the Woodlawn neighborhood. Each unit comprises 5 bedrooms and 3 bathrooms, catering to a diverse tenant base, including students and professionals, with its proximity to the University of Chicago.

Renovated in 2022, the property adopts a dual leasing approach, with half of the units offered under standard leases and the other half available for mid-term per room leases. This strategy enhances occupancy rates and maximizes rental income. The property, constructed in 2002, features a total gross building area of 16,000 SF. It is offered at a price of $4,950,000, which translates to $309 per SF, a cost per unit of $618,750. The financial projections indicate a Pro Forma Net Operating Income (NOI) of $357,618, resulting in a CAP rate of 7.22% and a Gross Rent Multiplier (GRM) of 10.52.

 


The location within Woodlawn, adjacent to the vibrant community surrounding the University of Chicago, positions this investment as a strategic opportunity. The area's demographic and economic indicators highlight its potential, with a 2023 population estimate within a 3-mile radius of 273,162 and a median household income of $58,093. The median home value in this radius is $207,588, underscoring the stability and growth prospects of the residential market. This offering memorandum emphasizes not only the property's financial appeal, with robust income projections and growth potential, but also its strategic location in a dynamic and culturally rich neighborhood. The combination of modern amenities, strategic leasing strategies, and proximity to major educational and employment centers makes 1322 E. 62nd St. a compelling investment opportunity for those seeking to capitalize on Chicago's real estate market.