Investment Opportunity: Historic Multi-Family Property in Chicago’s South Deering Neighborhood
Investment Potential:
This property offers a compelling opportunity for real estate investors seeking a high-yield asset in a historically rich and evolving neighborhood. The multi-unit configuration allows for diversified income streams, and the property’s location within South Deering positions it favorably for future appreciation as the area continues to develop. The property suffered minor damage to unit 1’s floor due to a small electrical fire in the basement. The building suffered no structural damage.
Seize this chance to invest in a property that combines historical charm with strong financial prospects. Contact us today to learn more about 9829 S Avenue L and how it can enhance your investment portfolio.
Property Overview:
- Address: 9829 S Avenue L, Chicago, IL 60617
- Type: Multi-Family Residence
- Units: 4
- Bedrooms: 8
- Bathrooms: 4
- Total Living Area: 3,070 sq ft
- Lot Size: 3,050 sq ft
- Year Built: 1895
Financial Highlights:
- Estimated Property Value: Approximately $241,109
- Potential Rental Income:
- Unit 1: 1-bedroom unit at $1,500/month
- Unit 2: 2-bedroom unit at $1,700/month
- Unit 3: 2-bedroom unit at $1,700/month
- Unit 4: 3-bedroom unit at $2,500/month
- Total Monthly Income: $7,400
- Annual Gross Income: $88,800
- Estimated Annual Expenses:
- Property Taxes: $672
- Insurance: $1,500
- Maintenance and Management: $4,680 (10% of gross income)
- Total Annual Expenses: $6,852
- Net Operating Income (NOI): $81,948
- Cap Rate: Approximately 33.99%
Neighborhood Insights: South Deering
South Deering, located on Chicago’s far South Side, is the largest of the city’s 77 official community areas. Primarily an industrial area, it also features a small residential neighborhood in the northeast corner and encompasses Lake Calumet. Approximately 80% of the community area is zoned as industrial, natural wetlands, or parks, with the remaining 20% designated for residential and small-scale commercial uses .
The neighborhood has a rich history, with its first wave of major development beginning in 1875 when the Joseph H. Brown Iron and Steel Company opened a mill near Lake Calumet. This attracted a diverse group of immigrant laborers, leading to the area’s initial settlement known as Irondale