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4320 S Michigan Ave 11 Unit Apartment Building $2,000,000 ($181,818/Unit) 9.12% Cap Rate Chicago, IL 60653
INVESTMENT HIGHLIGHTS
- Two (2) 4Bd/3Ba, Six (6) 3Bd/2Ba, Two (2) 2Bd/1Ba, & One (1) 1Bd/Ba
- 9.34% Cap Rate
- Gut Renovated Building
- Prime Bronzeville Location
- Assumable Debt at 4.43% Interest Rate
EXECUTIVE SUMMARY
Kiser Group is pleased to exclusively offer for purchase the sale of 4320 S. Michigan Ave, a pristine six (11) 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.
4320 S. Michigan has a desirable unit mix consisting of two (2) 4Bd/3Ba, six (6) 3Bd/2Ba, two (2) 2Bd/1Ba, and one (1) 1Bd/1ba unit. All of the units have spacious layouts and have been extensively renovated. Recent capital improvements include, but are not limited to: individual furnaces, in-unit hot water tanks, in-unit laundry, copper plumbing, new electric system, and renovated kitchen and baths w/ dishwashers & stainless steel appliances.
4320 S. Michigan presents an investor with a unique opportunity to acquire a strong, positive cash-flowing building with an in-place cap rate of 9.34% and a cash return of 15.78%. Given the quality of the units coupled with the prime location, an investor could increase the cap rate to over 10.18% and a cash return of 19.14%.
ASSUMABLE DEBT:
4.43% Interest Rate
$1,284,164.68 Remaining
4320 S. Michigan has a desirable unit mix consisting of two (2) 4Bd/3Ba, six (6) 3Bd/2Ba, two (2) 2Bd/1Ba, and one (1) 1Bd/1ba unit. All of the units have spacious layouts and have been extensively renovated. Recent capital improvements include, but are not limited to: individual furnaces, in-unit hot water tanks, in-unit laundry, copper plumbing, new electric system, and renovated kitchen and baths w/ dishwashers & stainless steel appliances.
4320 S. Michigan presents an investor with a unique opportunity to acquire a strong, positive cash-flowing building with an in-place cap rate of 9.34% and a cash return of 15.78%. Given the quality of the units coupled with the prime location, an investor could increase the cap rate to over 10.18% and a cash return of 19.14%.
ASSUMABLE DEBT:
4.43% Interest Rate
$1,284,164.68 Remaining
PROPERTY FACTS Under Contract
| Price | $2,000,000 | Apartment Style | Low-Rise |
| Price Per Unit | $181,818 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.18 AC |
| Cap Rate | 9.12% | Building Size | 11,826 SF |
| No. Units | 11 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built/Renovated | 1910/2020 |
| Zoning | RM-5 - Residential | ||
| Price | $2,000,000 |
| Price Per Unit | $181,818 |
| Sale Type | Investment |
| Cap Rate | 9.12% |
| No. Units | 11 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.18 AC |
| Building Size | 11,826 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built/Renovated | 1910/2020 |
| Zoning | RM-5 - Residential |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Washer/Dryer
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
SITE AMENITIES
- Controlled Access
- Tenant Controlled HVAC
- Recycling
- Smoke Free
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 4+3 | 2 | - | 1,400 |
| 3+2 | 6 | - | 1,200 |
| 1+1 | 1 | - | 800 |
| 2+1 | 2 | - | 900 |
1 1
Walk Score®
Very Walkable (76)
Transit Score®
Excellent Transit (75)
PROPERTY TAXES
| Parcel Number | 20-03-301-016-0000 | Improvements Assessment | $14,652 |
| Land Assessment | $18,314 | Total Assessment | $32,966 |
PROPERTY TAXES
Parcel Number
20-03-301-016-0000
Land Assessment
$18,314
Improvements Assessment
$14,652
Total Assessment
$32,966
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4320 S Michigan Ave
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