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PORTAGE PARK MULTI-FAMILY VALUE-ADD OPPORTUNITY

4100 North Parkside Avenue | 5642 Belle Plaine, Chicago, IL 60634

$875,000.00

Property Description

Triton Realty Group presents 4100 N. Parkside Ave. | 5642 W. Belle Plaine Ave., a seven (7) unit multifamily value-add opportunity on a corner site in Chicago's highly desirable Portage Park neighborhood. Constructed in 1931, the two masonry brick buildings — a four (4) unit front building and a three (3) unit two-story coach house — hold an attractive mix of three (3) 1-bedroom / 1-bathroom and four (4) 2-bedroom / 1-bathroom apartments, including two (2) garden units, across ±6,150 net rentable square feet, complemented by two (2) parking spaces.


Rents sit meaningfully below market across the board, and the path to correcting them is budgeted and straightforward. A $70,000 clean-up allowance carries the interiors to a market-ready standard. Three (3) of the seven units are currently vacant, giving a buyer immediate access to execute that scope and lease at market from day one rather than waiting on natural turnover. The buildings are served by central hot-water boiler heat over a full basement, and apartments are separately metered for electric and paid by tenants, keeping ownership's utility exposure predictable. The two parking spaces

generate no income today and represent a second revenue line. Beyond the clean-up scope the plan requires no structural repositioning — a new owner acquires spacious, well-configured Portage Park product and operates it to market.


The property sits steps west of Central Avenue and the 38-acre Portage Park, one block north of the Irving Park Road retail corridor, with CTA #85 Central and #80 Irving Park bus service steps away and the Six Corners shopping district roughly one mile east. Offered at $875,000 — $945,000 all-in with the clean-up budget funded — the asset delivers a 5.72% pro forma cap rate on stabilized rents, a clear and executable path to yield.

Contact Agent

Matthew Fritzshall

(847) 778-8746

Harrison Cohen

(847) 624-6639

Luke Wojcik

(773) 610-9054

Property Details

Property Type

Multifamily

Year Built

1931

Year Renovated

​

Current Cap-Rate

0.83%

Pro Forma Cap-Rate

5.72

Property Highlights

  • Large-Format Unit Mix: Three (3) 1-beds and four (4) large 2-beds across ±6,150 net rentable SF, plus two (2) parking spaces generating no income today

  • Budgeted Path to a 5.72% Pro Forma Cap Rate: Rents sit well below market with three current vacancies, and a $70,000 clean-up allowance — $10,000 per door — reaches market-ready interiors at a $945,000 all-in basis, or $135,000 per unit

  • Corner Location with Contained Utility Exposure: Steps west of the 38-acre Portage Park and one block north of the Irving Park Road retail corridor, with CTA #85 and #80 service steps away and separately metered, tenant-paid electric

Listing Deal Room Access

GET IN TOUCH

312-788-9379
office@tritonrealtygroup.com

5301 N. Damen

Chicago, IL 60625

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