1407 North Central, Chicago IL 60651
Property Description
Pleased to present the exclusive offering of Central Avenue Apartments, a 17-unit multifamily property located in the Austin neighborhood of northwest Chicago. This well-maintained property represents an attractive investment with strong in-place income, immediate cash flow, and significant upside potential through strategic unit renovations and rent increases.The property is 100% occupied, offering stability for a new investor, with current rents well below market. With a light value-add program ($5,000 per unit upon turnover), rental income can be pushed to market levels, creating strong returns and long-term appreciation. Property Details Address: 1405-13 N. Central Ave., Chicago, IL 60651 Units: 17 Total SF: 10,816 List Price: $1,400,000 Occupancy: 100% Unit Mix & Rents Current Average Rent: $997 Pro Forma Average Rent: $1,291 Current Average PSF: $1.70 Pro Forma Average PSF: $2.18 Pro forma figures incorporate a $5,000 per unit renovation budget as leases naturally turn, enabling backfilling at higher market rent levels. Financial Highlights Current NOI: $113,627 Pro Forma NOI: $164,313 Current Cap Rate: 8.12% Pro Forma Cap Rate: 11.14% Current GRM: 6.88 Pro Forma GRM: 5.60 Price / SF: $129 Price / Unit: $82,353 Investment Highlights Stabilized Occupancy: 100% leased, offering immediate cash flow. Value-Add Upside: Below-market rents with ability to push to pro forma levels through unit turnovers and $5k/unit upgrades. Efficient Size: 17-unit property, manageable for both first-time investors scaling into multifamily or seasoned owners seeking additional cash flow. Northwest Chicago Location: Situated in the Austin neighborhood, with access to strong tenant demand, local employment centers, and public transportation. Attractive Financial Metrics: Opportunity to achieve an 11%+ cap rate and reduce GRM below 6 with modest renovations. Central Avenue Apartments offers investors a stabilized, cash-flowing multifamily asset in one of Chicago's largest neighborhoods. With immediate income, strong financial performance, and clear value-add potential, this property represents a compelling investment for both local and regional buyers seeking strong returns in the Chicago multifamily market.
Features & Information
Key Details
- List Price $1,400,000
- Property Taxes $24,002
- Price/ Sq. Ft. Unavailable
- Year Built 1928
- Status Active
Building Information
- Age of Building Older
- Heating & Cooling Radiators
Location
- County Cook
- Directions to Property Take I-94 Express W, I-90 W/i-94 W And I-290 W To W Congress Pkwy. Take Exit 26a From I-290 W Take S Karlov Ave And W Chicago Ave To N Central Ave
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Property Taxes
- Tax $24,002
- Parcel Identification Number 16041080150000
Listed by: Keller Williams ONEChicago | Phone: 312.216.2422
Source: MRED as distributed by MLS GRID
Based on information submitted to the MLS GRID as of 10/21/2025 10:32 AM. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
Explore North Austin
A diverse neighborhood of wide streets and single-family homes, North Austin is anchored by beautifully landscaped parks and recreation facilities. Long rows of brick bungalows and wood-frame houses epitomize North Austin, which has a limited amount of commercial business and nightlife. Instead, this west side Chicago community loves its tranquility and undeveloped nature. Public parks and playlots cover acres of neighborhood land with greenery, athletic fields, tennis and volleyball courts, jogging and walking paths, playground equipment and even an outdoor swimming pool. The indoor park facilities provide North Austin residents with gyms, meeting rooms and an auditorium.
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