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4320 S Michigan Ave 11 Unit Apartment Building $1,900,000 ($172,727/Unit) 8.76% Cap Rate Chicago, IL 60653
Executive Summary
CRER is pleased to exclusively offer 4320 S Michigan Ave, an 11-unit gut-renovated (2018) investment property in Bronzeville, one of Chicago's strongest rental submarkets. The property is 100% occupied and enrolled in the Cook County AHSAP tax incentive program, locking in a 2024 tax bill of just $6,647 ($604 per unit) with renewals available for up to 30 years. The building features a desirable unit mix weighted toward oversized floorplans, with 8 of 11 units offering three or four bedrooms. Units feature tenant-paid forced air heat and AC plus in-unit laundry, and the roof was replaced in 2018. At the $1,900,000 asking price, the offering delivers an 8.6% current cap rate and 7.04 GRM, with a clear path to a 10.7% pro forma cap through modest rent adjustments, a rare combination of stabilized income, tax efficiency, and above-market yield.
Property Facts
| Price | $1,900,000 | Apartment Style | Low-Rise |
| Price Per Unit | $172,727 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.18 AC |
| Cap Rate | 8.76% | Building Size | 11,826 SF |
| Gross Rent Multiplier | 7.04 | Average Occupancy | 100% |
| No. Units | 11 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1910/2020 |
| Property Subtype | Apartment | ||
| Zoning | RM-5 - Residential | ||
| Price | $1,900,000 |
| Price Per Unit | $172,727 |
| Sale Type | Investment |
| Cap Rate | 8.76% |
| Gross Rent Multiplier | 7.04 |
| 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 | - | - |
| 3+2 | 6 | - | - |
| 2+1 | 2 | - | - |
| 1+1 | 1 | - | - |
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Moderately walkable
70/100
Exceptionally drivable
90/100
Good public transit
70/100
Moderately bikeable
60/100
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