3816 W Irving Park Rd

Located on Chicago's Northwest Side, the Property sits within Irving Park, one of the city's most enduring residential neighborhoods, established in the 1870s as a railroad suburb and defined today by tree-lined blocks of Victorian and bungalow-style homes, the landmark Villa District, and the bustling Six Corners retail corridor. Independence Park and the Chicago River provide nearby green space, reinforcing the area's stable, established residential character. The Property benefits from strong connectivity: CTA Bus Route 80 runs directly along Irving Park Road at the building's doorstep, while the CTA Blue Line's Irving Park station is roughly a 10-minute walk away, offering a one-seat ride to the Loop and O'Hare International Airport. Drivers reach the Kennedy Expressway (I-90/94) at Irving Park Road in about two minutes, providing rapid regional access. Irving Park is home to approximately 53,300 residents and 22,200 households, with a median household income of $91,411, roughly 17% above the citywide figure. Nearly 52% of adults hold a bachelor's degree or higher, and the Loop is the top employment destination for neighborhood residents.3816-18 W Irving Park Road is a fully renovated 4-unit courtyard building in Chicago's Irving Park neighborhood, offered at $1,150,000 ($287,500/unit). Built in 1918, each unit features central air, in-unit washer/dryer, white shaker-cabinet kitchens, stainless steel appliances, and a 2-car garage. At in-place gross income of $111,540 and NOI of $72,665, the offering reflects a 10.31 GRM and 6.32% cap rate, a discount to five comparable Northwest Side sales (Jan 2025 to May 2026) averaging $306,161/unit and 12.64 GRM. Upside requires no capital investment. In-place rents trail comps: 2-bed units lease at $1,995 to $2,050 versus $2,150 to $2,350 for nearby comps; 3-bed duplexes at $2,425 to $2,450 versus $2,200 to $2,500 for comps. Pushing to market rents ($9,600/month) lifts gross income 7.6%. Separately, eliminating the current $4,958 paid-management line (4.4% of gross income), as the seller's own pro forma assumes, lifts NOI to $81,321 (7.07% cap) at today's rents. Combining market rents with self-management yields a stabilized NOI of approximately $89,155, a 7.75% cap rate and 9.37x GRM. The Property sits on the Irving Park Road corridor, with CTA Bus Route 80 at its doorstep and the Blue Line's Irving Park station roughly a 10-minute walk away (one-seat ride to the Loop and O'Hare); the Kennedy Expressway is about 2 minutes by car. The corridor is also the focus of the City's active Irving Park Road Study targeting increased housing density near transit, with nearby proposed and approved projects (3007 W Irving Park, 1429 W Irving Park, 4100 W Belmont) reinforcing demand for this asset.