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Image 1 - 8031-8035 South Drexel Avenue, Chicago, IL 60619, USA - House for sale
Image 2 - 8031-8035 South Drexel Avenue, Chicago, IL 60619, USA - House for sale
Image 3 - 8031-8035 South Drexel Avenue, Chicago, IL 60619, USA - House for sale
Image 4 - 8031-8035 South Drexel Avenue, Chicago, IL 60619, USA - House for sale
Image 5 - 8031-8035 South Drexel Avenue, Chicago, IL 60619, USA - House for sale
Home For Sale In Chicago, Illinois
8031-8035 South Drexel Avenue, Chicago, IL 60619, USA

Home For Sale In Chicago, Illinois

house for sale
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Listed: 04/15/24

8031-8035 South Drexel Avenue, Chicago, IL 60619, USA

Studio Bed:
2 Bath:
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Price
$ 892,000

About This House

The property located at8031-35 S.Drexel Ave. in the Chatham neighborhood of Chicago, Illinois, represents a significant investment opportunity within the real estate market. This 12-unit residential building, fully renovated in 2014, offers a balanced mix of one and two-bedroom units, all benefiting from a subsidy arrangement with the Chicago Housing Authority (CHA). The property is under a 30-year contract with CHA, ensuring stable and secure revenue until at least 2044. Renovation: Full gut renovation in 2014 Units: 12 total 6 one-bedroom/one-bathroom units 6 two-bedroom/one-bathroom units Subsidy: All rents subsidized by CHA Contract: 30-year agreement with CHA, initial term until 2044 Financial Overview Purchase Price: $892, 000Cap Rate: 8.75% Net Operating Income (NOI): $78, 067Gross Rent Multiplier (GRM): 5.79 Investment Highlights …  Full description

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Grand Crossing Housing & Living

Household Income

Median household income: $57,238
Number of households: 1,1M
The average household income in Chicago, IL grew from $55,295 to $57,238 in the past year. This data is an estimate based upon 1,1M households in Chicago, IL.
The chart below presents how household income is distributed in Chicago, IL in comparison to the revenue allocation amid households nationally.

Property Taxes

Average range: $3k+
One of the most important aspects for property owners is the amount of property taxes. This graph shows distribution of property taxes in Chicago, IL compared to median property taxes around the country. The prevalent amount of property taxes in Chicago, IL equals $3k+ , which is more than the national average.