A
Seller's Agent in 2023
Aaron Sklar
Kiser Group Realty Inc
1901 W Pryor Ave Chicago, IL 60643
Morgan Park Neighborhood
34
Beds
34
Baths
--
Sq Ft
1961
Built
Highlights
- Heating Available
- 2-minute walk to 111Th Street Station
- 2-minute walk to Prospect Gardens Park
About This Home
As of January 20231901 W. Pryor is a modern, thirty-four (34) unit California style courtyard located in the esteemed Morgan Park neighborhood, just due South of Beverly. Situated in one of the most coveted blocks of the neighborhood, the property sits just West of the Morgan Park High School and is located directly between the community Prospect Gardens Park and the Morgan Park Metra Station. 1901 W. Pryor has a consistent unit mix comprised solely of 1Bd/1Ba apartments, all of which boast just under 700Sqft of living space. The units feature spacious great rooms with an abundance of natural light with large windows in both the front and rear and have all been updated to a varying degree based on tenancies. More recent apartments have been finished with new kitchens, baths, and tiling, and said apartments are commanding nearly a 50% premium to older units. In addition to the building's location and ease of public transit, the building also has a parking lot in both the front and rear of the building. The building also features 1200amps of electricity, and the units are heated via electric baseboards further reducing the owners' costs. Additionally, the building is equipped with a new roof, as well. 1901 W. Pryor provides an investor the opportunity to acquire a stabilized, strong cash flowing asset in one of Chicago's most desirable neighborhoods outside of Beverly. From day one, a new owner will capitalize on an incredibly strong, long term tenant base and will realize an in-place cap rate of 6.40% along with nearly double-digit cash returns. Additionally, the building sits in one of Chicago's designated mobility zones, and should a new owner raise rents to current market rates (already being achieved in the building), there is an opportunity to achieve a 9% cap rate.
Last Agent to Sell the Property
Aaron Sklar
Kiser Group Realty Inc License #475161507 Listed on: 07/11/2022
Co-Listed By
Noah Birk
Kiser Group Realty Inc License #475125864
Last Buyer's Agent
Aaron Sklar
Kiser Group Realty Inc License #475161507 Listed on: 07/11/2022
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $28,657
Year Built
- Built in 1961
Home Design
- Garden Apartment
Bedrooms and Bathrooms
- 34 Bedrooms
- 34 Bathrooms
Additional Features
- 2-Story Property
- Lot Dimensions are 181' x 230' x 211' x 150'
- Heating Available
Listing and Financial Details
- Tenant pays for electricity, heat
Community Details
Overview
- 34 Units
Building Details
- Electric Expense $3,684
- Insurance Expense $8,654
- Maintenance Expense $8,000
- Manager Expense $14,883
- Other Expense $7,000
- Trash Expense $3,982
- Water Sewer Expense $18,205
- Operating Expense $101,564
- Gross Income $313,320
- Net Operating Income $198,490
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Home Values in the Area
Average Home Value in this Area
Property History
| Date | Event | Price | List to Sale | Price per Sq Ft |
|---|---|---|---|---|
| 08/08/2023 08/08/23 | For Rent | -- | -- | -- |
| 07/14/2023 07/14/23 | For Rent | -- | -- | -- |
| 01/09/2023 01/09/23 | Sold | $2,800,000 | -9.7% | -- |
| 09/22/2022 09/22/22 | Pending | -- | -- | -- |
| 07/11/2022 07/11/22 | For Sale | $3,100,000 | -- | -- |
Source: Midwest Real Estate Data (MRED)
Tax History Compared to Growth
Agents Affiliated with this Home
-
-
N
Seller Co-Listing Agent in 2023
Noah Birk
Kiser Group Realty Inc
Map
Source: Midwest Real Estate Data (MRED)
MLS Number: 11460831
APN: 25184180260000
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