# 358 Yates Avenue, Calumet City, IL 60409

> **TL;DR:** 15bd/7ba residential multi family, $300,000, built 1967. Est. $1,605/mo. Listed 3 days.

## Property at a Glance

| Attribute | Value |
|-----------|-------|
| Price | $300,000 |
| Bedrooms | 15 |
| Bathrooms | 7 full |
| Year Built | 1967 |
| Stories | 3 |
| Property Type | Residential Multi Family (Other) |
| Status | For Sale |
| Days on Market | 3 |

## Estimated Monthly Costs

| Category | Amount |
|----------|--------|
| Principal & Interest (20% down, 30-year at 6.5%) | $1,517 |
| Estimated Insurance | $88 |
| **Total** | **$1,605** |

## Property Highlights

- Built in 1967
- 3 stories

## Description

### Agent Description
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.

## Location

- **Address:** 358 Yates Avenue, Calumet City, IL 60409
- **County:** Cook
- **Coordinates:** 41.626762, -87.56431
- **Google Maps:** https://www.google.com/maps?q=41.626762,-87.56431

## Listing Agent

- **Name:** Anthony Hardy
- **Brokerage:** Keller Williams ONEChicago
- **Phone:** (312) 216-2422

## Primary Photo

![358 Yates Avenue - Primary Photo](http://lh.rdcpix.com/ce65a33a9218f21bea067b6a14899a2el-f2707171770r.jpg)

*20 total photos available on [listing page](https://www.propertysimple.ai/listing/358-yates-avenue-calumet-city-il-60409-12693677)*

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**MLS#:** 12693677 | **Updated:** 2026-08-01
**Source:** listhub

*Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.*

[View on PropertySimple](https://www.propertysimple.ai/listing/358-yates-avenue-calumet-city-il-60409-12693677)

---

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