5501 W Washington Blvd
172 Units Priced Below Market
Seven story 1928 brick elevator building in Austin, 98.8% occupied and inside a federal Opportunity Zone.
In place rents average $879 against a $1,386 submarket average. Pro forma rents take NOI to $1.2M.
Eligible buyers get capital gains deferral and step up basis benefits.
A T-Mobile antenna lease brings in $2,100 a month on top of residential rent.
Central, Laramie and Austin Green Line stations are all within a mile. I-290 is five minutes away.
Interiors
Mechanicals
Property Overview
- Address
- 5501 W Washington Blvd, Chicago, IL 60644
- Neighborhood
- Austin · Opportunity Zone
- Units
- 172
- Unit mix
- 128Studio431BR12BR
- Year built
- 1928
- Construction
- 7 story brick masonry, elevator
- Building area
- 105,000 SF · 24,394 SF lot
- Occupancy
- 98.8% · 170 of 172 leased
- PIN
- 16-09-318-008-0000
- Taxes
- $108,651 (2025)
Financials, rent roll and financing
Unit Mix · Operating Statement · NOI and the data room open once you accept the confidentiality agreement.
Review and accept the agreementPricing & Returns
| Returns | Current | Pro forma |
|---|---|---|
| Effective gross income | $1,803,778 | $2,146,820 |
| Total expenses | $785,474 | $945,973 |
| Net operating income | $1,018,304 | $1,200,847 |
| Cap rate | 8.49% | 10.01% |
| Gross rent multiplier | 6.65 | 5.59 |
| Expense ratio | 43.5% | 44.1% |
| DSCR (25% down, 5.5%, 30 yr) | 1.66 | 1.96 |
Sales Comparables
| Property | Units | Price | $/Unit | Cap | Distance |
|---|---|---|---|---|---|
| S5501 W Washington BlvdSubject · Austin | 172 | $12,000,000 | $69,767 | 10.01% | · |
| 14938 W Quincy StAustin | 158 | $13,500,000 | $85,443 | 9.47% | 0.8 mi |
| 25201 W Washington BlvdAustin | 36 | $2,530,000 | $70,278 | 8.90% | 0.4 mi |
| 35334-5362 W Madison StAustin | 48 | $3,290,106 | $68,544 | 8.67% | 0.2 mi |
| 45424 W Washington BlvdAustin | 101 | $6,539,117 | $64,744 | 6.87% | 0.1 mi |
Austin
One of the largest neighborhoods on the West Side and a deep affordable rental submarket. Walk Score 80, Transit Score 70, submarket vacancy 4.6%.
Central Green Line
Central & Lake
Laramie Green Line
Laramie & Lake
Austin Green Line
Austin & Lake
I-290 Eisenhower
Downtown in minutes
Midway Airport
By car
O'Hare Airport
By car
Chicago, IL 60654
Information herein is from sources deemed reliable but is not guaranteed. Pro forma figures are projections. Buyers should verify all information independently.