1901 W Pryor Avenue

Chicago, Illinois 60643

1901 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.