Property Description
Triton Realty Group LLC is proud to present 1656 E. 83rd Pl, a 9 unit building located in desirable south side neighborhood of Avalon Park. Unit mix consists of (4) 2bd 1ba's and (5) 1bd 1ba's. Units have been updated by current management with newer kitchens, newer baths and refinished hardwood flooring. Each unit has an individual forced air furnace and pays their own heat. Additional cap ex projects that have been done throughout the years: Tuck-pointing/2013, Exterior windows replaced/2014, Roof sealed 2023, Rear porches/2012, Rear gate/2015, security cameras, new carpets and refinished interior stairwells. Building presents an opportunity to build out the garden unit(9th unit) for additional income. Property is located in a very residential area surrounded by single family homes making it desirable for tenants and reducing turnover. Location is close to to 90 expressway, parks retail and a short drive away from Lake Michigan.
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Property Details
Property Type
Multifamily
Year Built
1928
Year Renovated
2015
Current Cap-Rate
7.12
Pro Forma Cap-Rate
8.29
Property Highlights
Friendly unit mix: (4) 2bd 1ba, (4) 1bd 1ba
Opportunity to add 9th unit in basement
Renovated units
Desirable low density residential location