3605 W Palmer St, Chicago, IL 60647

Logan Square is a vibrant neighborhood with tree-lined streets, small boutiques, and large parks. Nightlife is clustered along Milwaukee Avenue and the neighborhood is well connected to the broader city by the CTA Blue Line, Healy Metra stop, as well as immediate access to I-94. It's an attractive location for young professionals, creatives, and families. Nearby amenities include Palmer Square and The Logan Theatre. Tony's Finer Foods is walking distance and two blocks from this property.3605 W Palmer is a 7-unit building on an extra-wide 37.5' wide lot. The buildings is comprised of (6) 2 Bed / 1 Bath units and a garden 1 Bed / 1 Bath in the front. At the rear of the building are four exterior parking spaces, large exterior porches, and a small shared yard. It is an L-shaped building allowing for wide units with comfortably sized bedrooms and ample light. The building is served by a steam boiler with common area laundry. The exterior porches were built in 2007 and the roof was torn off and replaced in 2016. Average rents in-place are $1,850 with a potential +6.9% mark-to-market available to meet market rents of $1,978. Building is being listed at a 10.2x gross rent multiple or a 6.0% in-place cap rate. If stabilized at the current market rents, the building could achieve a 9.4x GRM and 6.7% return-on-cost with minimal capital investment.