For just under $1 million this 1925 brick courtyard building located in Englewood could present a unique investment opportunity in an area of Chicago routinely described as “up and coming.” Already 90 percent rented, the four-story building features 24 single-bedroom apartments and 14 studios each generating between $550 and $625 in rent.
Provided the occupancy figure is accurate, that’s at least $18,000 of gross income a month. Though we won’t necessarily echo the “cash cow” descriptor used by the listing agent without a more complete understanding of the building’s condition, the property appears to be making money and could likely earn more if renovated.
With Englewood welcoming a new Whole Foods just three weeks ago and the City of Chicago’s Department of Fleet and Facility Management moving its 200 jobs to the former Kennedy King College campus, the south side neighborhood is showing encouraging—but still very early—signs of future growth.
- 348-358 W. 74TH Street Chicago, IL [Redfin]
- Previous Englewood coverage [Curbed Chicago]