Estimated payment $4,260/month
About This Home
Solid six-unit brick apartment building offering immediate cash flow with below-market rents and strong value-add upside in Crestwood. The property includes three 2-bed/1-bath units and three 1-bed/1-bath units, each separately metered for electric, with on-site laundry and twelve parking spaces. One updated unit is already achieving $1,100 per month and can easily reach $1,200+, matching nearby renovated comps and demonstrating the building's true revenue potential. Current gross income of $71,100 and operating expenses of approximately $28,285 support a cap rate near 7% on existing numbers. With modest improvements and market-rate repositioning, projected annual income can reach approximately $93,600 by targeting rents of $1,400 for the 2-bedrooms and $1,200 for the 1-bedrooms, immediately increasing NOI and long-term value. All leases expire at year-end, giving a new owner full flexibility to maintain month-to-month occupancy, renovate and re-tenant for spring market demand, or pursue a phased repositioning while still generating income. Located close to shopping, restaurants, transit, and major roadways, this property sits in a consistently strong rental corridor with steady local demand. A straightforward, easy-to-manage asset ideal for any investor looking to acquire a well-performing building with clear upside and attractive returns from day one.
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $13,523
Year Built
- Built in 1976
Parking
- 6 to 12 Parking Spaces
Home Design
- Brick Exterior Construction
Utilities
- Window Unit Cooling System
- Hot Water Heating System
- Radiant Heating System
Additional Features
- 3-Story Property
- 6,979 Sq Ft Lot
Community Details
Overview
- 6 Units
Building Details
- Electric Expense $576
- Fuel Expense $4,356
- Insurance Expense $16,200
- Manager Expense $2,400
- Water Sewer Expense $5,124
- Operating Expense $42,179
- Gross Income $71,100
- Net Operating Income $30,481
Home Values in the Area
Average Home Value in this Area
Property History
| Date | Event | Price | List to Sale | Price per Sq Ft |
|---|---|---|---|---|
| 01/05/2026 01/05/26 | For Sale | $599,000 | -- | -- |
Source: Midwest Real Estate Data (MRED)
MLS Number: 12520576
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