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Kenwood Courtyard 4408-4414 S Drexel Blvd 49 Unit Apartment Building $8,975,000 ($183,163/Unit) 8.08% Cap Rate Chicago, IL 60653
Executive Summary
Interra Realty has been exclusively engaged to market 4408 South Drexel Boulevard, a (49) unit multifamily walk-up situated in the desirable Kenwood neighborhood on Chicago’s South Side. The property offers strong connectivity to Downtown Chicago and is ideally located near the University of Chicago and the vibrant Hyde Park shopping and retail district.
The property features a well-balanced unit mix consisting of (6) Studios, (10) 1Bdr/1Ba units, (28) 2Bdr/1Ba units, and (5) 3Bdr/1Ba
units. Units have been tastefully upgraded featuring granite countertops, new cabinetry, and upgraded bathrooms.
This offering presents a compelling opportunity for a new investor to acquire a well-located asset in an in-demand submarket.
The property features a well-balanced unit mix consisting of (6) Studios, (10) 1Bdr/1Ba units, (28) 2Bdr/1Ba units, and (5) 3Bdr/1Ba
units. Units have been tastefully upgraded featuring granite countertops, new cabinetry, and upgraded bathrooms.
This offering presents a compelling opportunity for a new investor to acquire a well-located asset in an in-demand submarket.
Property Facts
| Price | $8,975,000 | Apartment Style | Mid-Rise |
| Price Per Unit | $183,163 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.63 AC |
| Cap Rate | 8.08% | Building Size | 32,400 SF |
| Gross Rent Multiplier | 7.73 | Average Occupancy | 96% |
| No. Units | 49 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 1926 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | RM-5 | ||
| Price | $8,975,000 |
| Price Per Unit | $183,163 |
| Sale Type | Investment |
| Cap Rate | 8.08% |
| Gross Rent Multiplier | 7.73 |
| No. Units | 49 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.63 AC |
| Building Size | 32,400 SF |
| Average Occupancy | 96% |
| No. Stories | 4 |
| Year Built | 1926 |
| Opportunity Zone |
Yes |
| Zoning | RM-5 |
Amenities
Unit Amenities
- Heating
- Kitchen
- Hardwood Floors
- Porch
Site Amenities
- Courtyard
- Security System
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 6 | - | 450 - 500 |
| 1+1 | 32 | - | 725 - 800 |
| 2+1 | 11 | - | 800 - 900 |
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Very walkable
80/100
Moderately drivable
60/100
Good public transit
70/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 20-02-305-016-0000 | Improvements Assessment | $304,660 |
| Land Assessment | $96,740 | Total Assessment | $401,400 |
Property Taxes
Parcel Number
20-02-305-016-0000
Land Assessment
$96,740
Improvements Assessment
$304,660
Total Assessment
$401,400
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Kenwood Courtyard | 4408-4414 S Drexel Blvd
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