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8033 S Drexel Avenue, Chicago, IL 60619
$892,000
8033 S Drexel Avenue, Chicago, IL 60619View this property at 8033 S Drexel Avenue, Chicago, IL 60619
8033 S Drexel AvenueChicagoIL60619
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Property Description
The property located at 8031-35 S. Drexel Ave. in the Chatham neighborhood of Chicago, Illinois, represents a significant investment opportunity within the real estate market. This 12-unit residential building, fully renovated in 2014, offers a balanced mix of one and two-bedroom units, all benefiting from a subsidy arrangement with the Chicago Housing Authority (CHA). The property is under a 30-year contract with CHA, ensuring stable and secure revenue until at least 2044. Renovation: Full gut renovation in 2014 Units: 12 total 6 one-bedroom/one-bathroom units 6 two-bedroom/one-bathroom units Subsidy: All rents subsidized by CHA Contract: 30-year agreement with CHA, initial term until 2044 Financial Overview Purchase Price: $892,000 Cap Rate: 8.75% Net Operating Income (NOI): $78,067 Gross Rent Multiplier (GRM): 5.79 Investment Highlights Stable Income Stream: The CHA subsidy and long-term contract offer a secure and predictable income, minimizing vacancy risks and financial fluctuations. Favorable Financial Metrics: With a cap rate of 8.75% and a GRM of 5.79, the property presents a compelling investment opportunity, indicating strong income potential relative to the purchase price. 8031-35 S. Drexel Ave. offers a unique and lucrative investment opportunity in the Chatham neighborhood of Chicago. With all rents subsidized by CHA, a favorable unit mix, and solid financial indicators, this property is well-positioned for investors seeking stable returns and long-term capital growth. The recent renovation and ongoing CHA contract further underscore the attractiveness of this investment, promising a blend of immediate income generation and future value appreciation.
Full Property Details
Full Property Details for 8033 S Drexel Ave
General
- Price: $892,000
- Taxes: $8,967 (2022)
- Status: Active
- Type: Commercial
- MLS ID: 12028434
- Updated: 4/18/2024
- Added to Site: 17 day(s) ago
Location
- Area: CHI - Chatham
- County: Cook
- Driving Directions: Merge onto S Lafayette Ave Use the left 2 lanes to turn left onto W 79th St Pass by McDonald's (on the right in 0.5 mi) Turn right onto S Drexel Ave Destination will be on the left
Heating & Cooling
- Heating Type: Radiators, Baseboard
Structural Information
- Stories/Levels: 3
- Year Built: 1926
- Built Before 1978: Yes
Lot Features
- Lot Dimensions: 6250
Financial Considerations
- Assessment Year: 1926
- Tax Amount: $8,967
- Tax Year: 2022
Disclosures and Reports
- Property ID: 20351090080000
Listed by Keller Williams ONEChicago
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Schools
Schools serving 8033 S Drexel Ave
School District:Chicago Public Schools
Rating | Name | Grades | Distance |
---|---|---|---|
8505 S Ingleside Ave, Chicago, IL 60619 | PK-8 | 0.6 mi | |
7740 S Ingleside Ave, Chicago, IL 60619 | 9-12 | 0.4 mi |
Disclaimer: School ratings provided by
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School attendance boundaries provided by Pitney Bowes and are for reference only. Contact the school directly to verify enrollment eligibility.
Price & Sales History for 8033 S Drexel Ave
Date
Details
Price
Change
Source
4/12/2024
Listed
$892,000
—
MLS
Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
Tax History
Tax History for 8033 S Drexel Ave
Year
Property Taxes
Change
Tax Assessment
Change
2022
$8,953
2%
$43,530
—
2021
$8,754
-30%
$43,530
-22%
2020
$12,430
11%
$55,796
—
2019
$11,210
2%
$55,796
—
2018
$11,022
4%
$55,796
13%
2017
$10,642
7%
$49,437
—
2016
$9,902
9%
$49,437
—
2015
$9,059
218%
$49,437
222%
2014
$2,851
-73%
$15,364
-74%
2013
$10,561
1%
$58,070
—
2012
$10,420
—
$58,070
—
Disclaimer: Historical tax information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
Estimate the Cost
Estimate the Cost for 8033 S Drexel Ave
8033 S Drexel Avenue, Chicago, IL 60619 (MLS# 12028434) is a Commercial property. 8033 S Drexel Avenue is currently listed for $892,000 and was received on April 12, 2024. Want to learn more about 8033 S Drexel Avenue? Do you have questions about finding other Commercial real estate for sale in Chatham? You can browse all Chatham real estate or contact a Coldwell Banker agent to request more information.