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4317 S Michigan Ave 12 Unit Apartment Building $1,475,000 ($122,917/Unit) 9.09% Cap Rate Chicago, IL 60653
Investment Highlights
- Six (6) 1Bd/1Ba & Six (6) 2Bd/1Ba
- 600 Amp Electric Service
- Modern Peerless Boiler w/ R&D Controls
- Prime Bronzeville Location
Executive Summary
Kiser Group is pleased to exclusively offer for purchase the sale of 4317 S. Michigan Ave, a twelve (12) unit walk-up tucked away in the Bronzeville neighborhood of Chicago’s South Side. The subject site sits directly in the core of one of Chicago’s most rapidly expanding neighborhoods and is roughly a 15-minute drive to Chicago's downtown.
4317 S. Michigan consists of six (6) 1Bd/1Ba and six (6) 2Bd/1Ba units. Recent capital improvements include, but are not limited to: modern Peerless boiler with R&D control system, newer hot water tanks, updated and code compliant porches, and a 600 AMP electric service.
4317 S. Michigan presents an investor with a unique opportunity to acquire a strong, positive cash-flowing building with an in-place cap rate of 7.06% and a cash return of 6%. Given the quality of the units coupled with the prime location, an investor could increase the cap rate to over 7.37% and a cash return of 7.33%.
4317 S. Michigan consists of six (6) 1Bd/1Ba and six (6) 2Bd/1Ba units. Recent capital improvements include, but are not limited to: modern Peerless boiler with R&D control system, newer hot water tanks, updated and code compliant porches, and a 600 AMP electric service.
4317 S. Michigan presents an investor with a unique opportunity to acquire a strong, positive cash-flowing building with an in-place cap rate of 7.06% and a cash return of 6%. Given the quality of the units coupled with the prime location, an investor could increase the cap rate to over 7.37% and a cash return of 7.33%.
Property Facts
| Price | $1,475,000 | Apartment Style | Low-Rise |
| Price Per Unit | $122,917 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.19 AC |
| Cap Rate | 9.09% | Building Size | 8,050 SF |
| No. Units | 12 | Average Occupancy | 95% |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built | 1902 |
| Zoning | RM-5 - RM-5 | ||
| Price | $1,475,000 |
| Price Per Unit | $122,917 |
| Sale Type | Investment |
| Cap Rate | 9.09% |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.19 AC |
| Building Size | 8,050 SF |
| Average Occupancy | 95% |
| No. Stories | 3 |
| Year Built | 1902 |
| Zoning | RM-5 - RM-5 |
Amenities
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 6 | - | 700 |
| 1+1 | 6 | - | 900 |
1 1
Walk Score®
Very Walkable (76)
Transit Score®
Excellent Transit (75)
Bike Score®
Very Bikeable (71)
Property Taxes
| Parcel Number | 20-03-302-002-0000 | Improvements Assessment | $80,825 |
| Land Assessment | $28,175 | Total Assessment | $109,000 |
Property Taxes
Parcel Number
20-03-302-002-0000
Land Assessment
$28,175
Improvements Assessment
$80,825
Total Assessment
$109,000
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