Property Description
Triton presents 3851-53 N. Laramie Ave. | 5155 W. Byron St., a seven (7) unit multifamily investment opportunity located in Chicago's highly desirable Portage Park neighborhood. Offered for the first time in nearly four decades, this pride-of-ownership asset has been held by the same owner since July 1988. Throughout its extensive ownership history, the asset has received continuous stewardship and numerous capital improvements, providing a new owner with a path to maximize rents in existing condition.
The classic corner masonry brick building consists entirely of spacious two-bedroom, one-bathroom apartments—featuring one duplex unit and one garden unit. Units are equipped with updated finishes and stainless-steel appliances (select units), radiator heat, window A/C units, coin-operated common area laundry, and three rear garage parking spaces.
Boasting a straightforward utility profile with separately metered electric and cooking gas paid by tenants, the property delivers robust in-place income with a clear value-add pathway to a 7.85% pro forma cap rate by moving below-market rents to market levels.Positioned just blocks from the booming Six Corners intersection, this remarkably maintained property represents a rare, stable, long-term performance opportunity.
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Property Details
Property Type
Multifamily
Year Built
1923
Year Renovated
Current Cap-Rate
5.71%
Pro Forma Cap-Rate
7.85%
Property Highlights
Efficient Two-Bedroom Unit Mix: All seven units are spacious 2Bd/1Ba layouts—including one duplex and one garden unit—creating a highly leasable and easy-tounderwrite unit mix
Updated Interiors and Tenant Amenities: Units feature updated finishes with stainlesssteel appliances in select apartments, radiator heat, window A/C, coin-operatedcommon laundry, and three rear garage parking spaces that enhance tenant appeal
Prime Portage Park Location Near Six Corners: Located just blocks from Six Corners,the property benefits from strong neighborhood amenities, major nearbyredevelopment, and convenient access to CTA, Metra MD-N, and I-90/I-94
Straightforward Value-Add Pathway: Below-market rents and a simple operatingprofile support a clear lease-by-lease path to a 7.85% pro forma cap rate