1405 N Central Ave

Midwest Investment Advisors with KW Commercial and Keller Williams ONEChicago is pleased to present the exclusive offering of Central Avenue Apartments, a 17-unit multifamily property located in the Austin neighborhood of northwest Chicago. This well-maintained property represents an attractive investment with strong in-place income, immediate cash flow, and significant upside potential through strategic unit renovations and rent increases.The property is 100% occupied, offering stability for a new investor, with current rents well below market. With a light value-add program ($5,000 per unit upon turnover), rental income can be pushed to market levels, creating strong returns and long-term appreciation.

Property Details

• Address: 1405–13 N. Central Ave., Chicago, IL 60651
• Units: 17
• Total SF: 10,816
• List Price: $1,400,000
• Occupancy: 100%

Unit Mix & Rents

• Current Average Rent: $997
• Pro Forma Average Rent: $1,291
• Current Average PSF: $1.70
• Pro Forma Average PSF: $2.18

Pro forma figures incorporate a $5,000 per unit renovation budget as leases naturally turn, enabling backfilling at higher market rent levels.

Financial Highlights

• Current NOI: $113,627
• Pro Forma NOI: $164,313
• Current Cap Rate: 8.12%
• Pro Forma Cap Rate: 11.14%
• Current GRM: 6.88
• Pro Forma GRM: 5.60
• Price / SF: $129
• Price / Unit: $82,353

Investment Highlights

• Stabilized Occupancy: 100% leased, offering immediate cash flow.
• Value-Add Upside: Below-market rents with ability to push to pro forma levels through unit turnovers and $5k/unit upgrades.
• Efficient Size: 17-unit property, manageable for both first-time investors scaling into multifamily or seasoned owners seeking additional cash flow.
• Northwest Chicago Location: Situated in the Austin neighborhood, with access to strong tenant demand, local employment centers, and public transportation.
• Attractive Financial Metrics: Opportunity to achieve an 11%+ cap rate and reduce GRM below 6 with modest renovations.

Central Avenue Apartments offers investors a stabilized, cash-flowing multifamily asset in one of Chicago’s largest neighborhoods. With immediate income, strong financial performance, and clear value-add potential, this property represents a compelling investment for both local and regional buyers seeking strong returns in the Chicago multifamily market.