IL > Chicago
Chicago, IL 60624,4317 W Flournoy ST
Chicago, IL 60624,4317 W Flournoy ST
Chicago, IL 60624,4317 W Flournoy ST
REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.
In-PersonVirtual Tour
Wed
18
Jun
Thu
19
Jun
Fri
20
Jun
Jacqueline Knight

Jacqueline Knight

Real Broker LLC

+1(608) 440-1740
$1,600,000
Est. payment /mo
Save

UPDATED:

Key Details

Property Type Multi-Family

Sub Type Multi Family 5+

Listing Status Active

Purchase Type For Sale

MLS Listing ID 12346668

Year Built 1928

Annual Tax Amount $39,404

Tax Year 2023

Lot Dimensions 11996

Property Sub-Type Multi Family 5+

Property Description

Pleased to present an exceptional value-add multifamily investment opportunity located at 4317 W Flournoy St in Chicago's North Lawndale neighborhood. This 24-unit brick walk-up is comprised of (11) one-bedroom units, (12) two-bedroom/one-bathroom units, and (1) three-bedroom/one-bathroom unit. Priced at just 1,600,000-equating to 66,667 per unit and 68 per square foot-this asset presents a rare chance to acquire at a basis well below replacement cost. Currently generating a net operating income (NOI) of $168,292, the property offers significant upside through renovation and stabilization. Ten of the units are vacant and ready for immediate renovation, with the remaining units all operating on month-to-month leases-allowing flexibility for repositioning. An investor can implement a phased renovation plan with a total budget of $720,000- $360,000 allocated initially to the first 12 available units and $360,000 for the remaining 12 units. Post-renovation projections indicate a pro forma NOI of $235,819. The current cap rate, including the first $360,000 renovation tranche, is a compelling 8.59%, while the pro forma cap rate after the full $720,000 renovation is an outstanding 12.03%. The Gross Rent Multiplier (GRM) based on current rents plus renovation is 5.51, and improves to 4.73 on a pro forma basis. This investment offers a current cash-on-cash return of 10.17%, rising to an impressive 19.05% once the remaining units are renovated and the property is fully stabilized at market rents. This is a rare opportunity to unlock substantial cash flow in a strengthening West Side submarket with strong rental demand and ongoing revitalization.

Location

State IL

County Cook

Area Chi - West Garfield Park

Interior

Fireplace N

Building

Dwelling Type Multi Family 5+

Level or Stories 4

Read Less Info
Midwest Real Estate Data (MRED) IDX
© 2025 Listings courtesy of MRED as distributed by MLS GRID. All Rights Reserved.
Listed by Anthony Hardy • Keller Williams ONEChicago

MORTGAGE CALCULATOR

Use our home loan calculator to estimate your total mortgage payment, including taxes and insurance. Simply enter the price of the home, your down payment, and details about the home loan, to calculate your mortgage payment, schedule, and more.
$
$
%
%
Advanced
Payment
Schedule
Your mortgage payments over 30 years will add up to $0.

GET MORE INFORMATION

agent

Jacqueline Knight

+1(608) 440-1740

Name

Phone*

Message

I agree by electronic signature to the Electronic Disclosure Consent; to receive recurring marketing communication from or on behalf of Real Broker LLC, including auto-dialed calls, texts, and artificial/prerecorded voice messages (consent not required to make a purchase; data rates may apply; reply “STOP” to opt-out of texts or ‘HELP” for help); and to the Terms of Service and Privacy Policy of this website. I understand that I can call to obtain direct assistance.

Go tour this home

4317 W Flournoy ST

QUICK SEARCH