Home Details for 12623 S Lincoln Street

12619 & 12623 S Lincoln Street, a 16-unit multifamily investment opportunity located in the Calumet Park submarket of Chicago. The property includes Eight One-Bedroom / One-Bath units and Eight Two-Bedroom / One-Bath units. The property presents a strong in-place yield with additional upside through improved operations and leasing to market. The property is performing well with current occupancy, offering investors an attractive in-place Cap Rate of 7.50 and Cash-on-Cash Return of 8.43. The building has been kept in good condition with ongoing maintenance, reducing near-term capital requirements. Recent Capex includes roof repair on building 12619 ($12,000), fascia repair building 12623 ($2,000), new boiler in building 12619 ($3,500), exit signs, emergency lights and smoke detectors to all units ($3,200). Current rents are approximately $24,192 below market, creating room for an investor to raise rents through unit turns and effective leasing. The property is not fully optimized, leaving upside for an operator to increase NOI.

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