Pleased to present an exceptional value-add multifamily investment opportunity located at 4317 W Flournoy St in Chicago's North Lawndale neighborhood. This 24-unit brick walk-up is comprised of (11) one-bedroom units, (12) two-bedroom/one-bathroom units, and (1) three-bedroom/one-bathroom unit. Priced at just 1,600,000-equating to 66,667 per unit and 68 per square foot-this asset presents a rare chance to acquire at a basis well below replacement cost. Currently generating a net operating income (NOI) of $168,292, the property offers significant upside through renovation and stabilization. Ten of the units are vacant and ready for immediate renovation, with the remaining units all operating on month-to-month leases-allowing flexibility for repositioning. An investor can implement a phased renovation plan with a total budget of $720,000- $360,000 allocated initially to the first 12 available units and $360,000 for the remaining 12 units. Post-renovation projections indicate a pro forma NOI of $235,819. The current cap rate, including the first $360,000 renovation tranche, is a compelling 8.59%, while the pro forma cap rate after the full $720,000 renovation is an outstanding 12.03%. The Gross Rent Multiplier (GRM) based on current rents plus renovation is 5.51, and improves to 4.73 on a pro forma basis. This investment offers a current cash-on-cash return of 10.17%, rising to an impressive 19.05% once the remaining units are renovated and the property is fully stabilized at market rents. This is a rare opportunity to unlock substantial cash flow in a strengthening West Side submarket with strong rental demand and ongoing revitalization.
