3548 W 13TH Place, Chicago, IL, 60623

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$500,000

3548 W 13TH Place
Chicago, IL 60623

Multi Family|Sold 03/26/2025
0
Beds
0
Full Baths
0
Partial Baths

SqFt

/SqFt
1901
Built
County:
Cook
Listing Courtesy of MRED as distributed by MLS Grid of Keller Williams ONEChicago
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3548 W. 13th Pl, Chicago, IL 60623, is a 6-unit multifamily property offering an exceptional investment opportunity in the vibrant North Lawndale neighborhood. Built in 1901, this Class C property delivers immediate cash flow and value-add potential while benefiting from its prime location within both an Opportunity Zone and Enterprise Zone 1, providing substantial tax incentives for investors. Priced at $500,000, with a price per square foot of $80.00, the property features three 3-bedroom, 1-bathroom units and three 2-bedroom, 1-bathroom units, catering to families and working professionals. This desirable unit mix ensures stable occupancy in a market undergoing revitalization and economic growth. The property generates a current net operating income (NOI) of $56,469, translating to an impressive 11.29% cap rate and a gross rent multiplier (GRM) of 6.13. With financing at a 75% loan-to-value (LTV), 6.25% interest rate, and 30-year amortization, the property achieves a cash-on-cash return north of 23%. Pro forma financials project an NOI of $60,321, boosting the cap rate to 12.06% and the GRM to 5.79, with a cash-on-cash return exceeding 26%. This property combines strong in-place financial performance with upside potential through strategic rent optimization, all while leveraging significant tax benefits. Located at 3548 W. 13th Pl, the property benefits from its proximity to transportation, schools, and amenities, ensuring strong tenant demand and long-term growth opportunities.

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Listing Snapshot
Bedrooms 
N/A
Total Baths 
N/A
Full Baths 
N/A
Partial Baths 
N/A
Inside Area (SqFt) 
N/A
Lot Size 
0.08 Acres
Year Built 
1901
MLS® Number 
12266620
Status 
Sold
Property Tax 
$563
HOA/Condo/Coop Fees 
N/A
Sq Ft Source 
N/A
Friends & Family
Recent Activity
a month agoListing updated with changes from the MLS®
General Features
Acres 
0.08
Additional Property Use 
Multi-Family
Number Of Stories 
3
Property Sub Type 
Multi Family
Zoning 
MULTI
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Exterior Features
Construction Details 
Brick
Community Features
MLS Area 
CHI - North Lawndale
Township 
West Chicago
Neighborhood & Commute
Source: Walkscore
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