6348 S Artesian Avenue

6348 S. Artesian is a charming six (6) unit, center-entranced walkup located in the Chicago Lawn neighborhood of Chicago's south side. Maintaining its vintage charm, the building is ideally situated on a quiet, tree lined street just north east for the neighborhoods Marquette Park. Conveniently, the property sits just two (2) blocks west of Western Avenue which provides an abundance of retail and grocery options. 6348 S. Artesian has its original configuration consisting of both one and two bedroom apartment units. The building is currently comprised of three (3) 2b/1ba units and three (3) 1b/1ba units. All of which, however, feature incredibly large sparate living and separate dining rooms, and still maintains much of the buildings original crown molding. In addition to the buildings strong tenant base, recent improvements to the building consist of, but not limited to: an updated and modern Peerless Boiler, an updated and newer (2019) hot water storage and heating tank, updated windows, as well as a flat rubber roof. The building features an enclosed porch along with a laundry facility in the lower level of the building. Although currently not being capitalized, the building also features a two car brick-garage in the rear that is currently being used as additional storage. 6348 S. Artesian provides an investor the opportunity to acquire a cash-flowing asset with an in incredibly low cost basis. In its current state with its long term tenants, the building performs at an 8% cap rate. However, solely through improved leasing and management and bringing rents up to market rate levels, there is an opportunity for an investor to realize a cap rate far north of 10% and cash-on-cash return exceeding industry standards, as well.