Property Description
Triton presents for purchase 2400 S. Troy, a seven (7) apartment building located in Chicago’s Little Village neighborhood. The property sits on the corner of 24th and Troy, just three (3) blocks from the Kedzie Pink Line Station and the vibrant 26th Street shopping corridor.
This unique property offers an attractive unit mix of six (6) three-bedroom/ two-bath units and one (1) one-bedroom/one-bath unit. All apartments are spacious and feature desirable open layouts with large living areas and ample bedroom space. The units have benefited from a 2020 renovation, including hardwood flooring, open kitchens with stainless steel appliances and dishwashers, and individual furnaces and water tanks that reduce owner expenses. Additional building improvements include central heat, copper plumbing, updated electrical service, on-site laundry, and garage parking spaces providing supplemental income.
2400 S. Troy presents investors with a rare opportunity to acquire a well-renovated, stabilized asset with value-add potential. A new owner can capitalize on a day-one 7.31% cap rate, with the ability to achieve an 8.64% cap rate by bringing rents up to market levels. This is a compelling opportunity in a highly desirable and appreciating Little Village location.
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Property Details
Property Type
Multifamily
Year Built
1898
Year Renovated
2020-2021
Current Cap-Rate
7.31%
Pro Forma Cap-Rate
8.64%
Property Highlights
7 Renovated Units: Six (6) 3 bed / 2 bath and one (1) 1 bed / 1 bath apartment with updated finishes and spacious layouts including stainless steel appliances, updated kitchens and baths, and refinished hardwood floors
Separate Utilities: Individual furnaces and hot water tanks in each unit— minimizing ownership expenses
Major Capital Improvements: 2020 renovation of all apartments, updated electric, hot water tanks and central individual heat.