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4612-4626 S Lake Park Ave 48 Unit Apartment Building $11,200,000 ($233,333/Unit) 7.54% Cap Rate Chicago, IL 60653
INVESTMENT HIGHLIGHTS
- Thirty-Seven (37) 2Bd/1Ba & Eleven (11) 3Bd/2Ba Units
- Individual HVAC & Hot Water Tanks
- Prime Kenwood Location
- High-Quality Finishes
- In-Unit Laundry
- Steps Away From Lake Michigan
EXECUTIVE SUMMARY
Kiser Group is pleased to exclusively present for purchase 4612 S. Lake Park Ave, a forty-eight (48) unit multifamily asset located in the heart of Chicago’s historic Kenwood neighborhood. The property is situated along the Lake Park Avenue corridor, just steps from Lake Michigan and nearby green space, while offering convenient access to S. Lake Shore Drive and Chicago’s downtown core.
4612 S. Lake Park Ave features a highly desirable unit mix comprised of thirty-seven (37) 2Bd/1Ba units and eleven (11) 3Bd/1Ba units. Units are well-maintained and spacious, offering layouts that appeal to the area’s strong renter demographic.
The asset provides investors with the opportunity to acquire a stabilized, cash-flowing property in one of Chicago’s most sought-after and appreciating South Side neighborhoods. From day one, an investor will benefit from an in-place cap rate of 7.54% and a cash return of 7.99%, with the ability to achieve a proforma cap rate of 8.68% and a 12.54% cash return through continued rent growth.
4612 S. Lake Park Ave features a highly desirable unit mix comprised of thirty-seven (37) 2Bd/1Ba units and eleven (11) 3Bd/1Ba units. Units are well-maintained and spacious, offering layouts that appeal to the area’s strong renter demographic.
The asset provides investors with the opportunity to acquire a stabilized, cash-flowing property in one of Chicago’s most sought-after and appreciating South Side neighborhoods. From day one, an investor will benefit from an in-place cap rate of 7.54% and a cash return of 7.99%, with the ability to achieve a proforma cap rate of 8.68% and a 12.54% cash return through continued rent growth.
PROPERTY FACTS
| Price | $11,200,000 | Apartment Style | Low-Rise |
| Price Per Unit | $233,333 | Building Class | C |
| Sale Type | Investment | Lot Size | 1.04 AC |
| Cap Rate | 7.54% | Building Size | 55,000 SF |
| No. Units | 48 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1913/2018 |
| Property Subtype | Apartment | ||
| Zoning | RM-5 | ||
| Price | $11,200,000 |
| Price Per Unit | $233,333 |
| Sale Type | Investment |
| Cap Rate | 7.54% |
| No. Units | 48 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.04 AC |
| Building Size | 55,000 SF |
| No. Stories | 3 |
| Year Built/Renovated | 1913/2018 |
| Zoning | RM-5 |
AMENITIES
UNIT AMENITIES
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
SITE AMENITIES
- 24 Hour Access
- Courtyard
- Laundry Facilities
- Walk-Up
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 37 | - | 1,000 |
| 3+1 | 11 | - | 1,200 |
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Walk Score®
Very Walkable (79)
Bike Score®
Biker's Paradise (90)
PROPERTY TAXES
| Parcel Number | 20-02-403-029-0000 | Improvements Assessment | $377,880 |
| Land Assessment | $157,920 | Total Assessment | $535,800 |
PROPERTY TAXES
Parcel Number
20-02-403-029-0000
Land Assessment
$157,920
Improvements Assessment
$377,880
Total Assessment
$535,800
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4612-4626 S Lake Park Ave
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