358 Yates Avenue

Calumet City, IL60409

358 Yates Ave is being offered at $300,000, presenting investors with a value-add multifamily opportunity in Calumet City, Illinois. The 7-unit property is currently positioned for repositioning due to available units, limited dependable in-place income, and the need for targeted capital improvements to achieve stabilization. The property consists of six 2-bedroom / 1-bathroom units and one 3-bedroom / 1-bathroom unit. The stabilized pro forma assumes the 2-bedroom units achieve market rents of $1,525 per month and the 3-bedroom unit achieves $1,800 per month, resulting in total gross scheduled income of $131,400 annually. After applying a 5% vacancy factor, the property is projected to generate effective gross income of $124,830. Total operating expenses, including property taxes, are estimated at $65,270.20, resulting in a stabilized pro forma net operating income of $59,559.80. At the offering price of $300,000, the property is valued at $42,857 per unit. Based on the stabilized pro forma NOI, the property reflects a pro forma cap rate of 19.85%. This elevated return profile reflects the current value-add nature of the asset, including vacancy and collection risk, required renovations, and execution risk associated with lease-up and stabilization. A renovation budget of $105,000, or $15,000 per unit, has been estimated to address turnover, unit repairs, and stabilization needs. Including the offering price and estimated renovation budget, a buyer's projected all-in basis would be $405,000, or $57,857 per unit. Based on the stabilized pro forma NOI of $59,559.80, this equates to a projected yield on cost of 14.71%. From a financing perspective, assuming an 80% loan-to-value acquisition loan, a 6.50% interest rate, a 5-year term, and a 30-year amortization schedule, the estimated loan amount would be $240,000, with an estimated equity requirement of $60,000 at acquisition. Estimated annual debt service would be $18,203.56. After debt service, the property is projected to generate annual net cash flow of $41,356.24. When factoring in the estimated down payment and renovation budget, total cash invested would be $165,000, resulting in a projected cash-on-cash return of 25.06% upon stabilization. At a total projected all-in basis of $405,000, 358 Yates Ave offers investors the opportunity to acquire a 7-unit multifamily asset at an attractive basis with meaningful upside through renovation, lease-up, improved collections, and operational stabilization. The investment thesis is centered on acquiring below stabilized value, executing a targeted renovation program, and driving income growth through market-rate rents and improved property performance.

Listing Courtesy of MRED as distributed by MLS Grid of Keller Williams ONEChicago



Based on information submitted to the MLS GRID as of 2026-07-03 11:26 PM UTC. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
Last checked: 2026-07-03 11:26 PM UTC
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