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4612-4626 S Lake Park Ave 48 Unit Apartment Building $11,750,000 ($244,792/Unit) 6.94% Cap Rate Chicago, IL 60653
INVESTMENT HIGHLIGHTS
- Full Gut Renovation Completed in 2018
- 100% Occupied by CHA Housing Choice Voucher Tenants
- Classic Chicago Courtyard
- Large Units and Market Leading Finishes
- Adjacent To Abundant Retail, Public Transportation, Chicago Lakefront
EXECUTIVE SUMMARY
Interra Realty has been exclusively engaged to market 4612 S. Lake Park Avenue for sale. Located in Chicago's historic Kenwood neighborhood, the subject investment property is comprised of 48 apartments. The property is a sprawling courtyard style apartment building with high curb appeal and attractive architecture. In addition, the property abuts Lake Park Pointe Shopping Center, The 47th Street Metra Train Station and is walking distance to the University of Chicago, the 53rd street retail corridor and Morgan Point Beach.
Fully gut rehabbed in 2018, the unit mix at the property is comprised of two and three bedroom apartments, all with identical finishes. All apartments feature a modern aesthetic with stainless steel appliances, dishwashers and in-unit stackable washers and dryers. All units feature individual individual HVAC and hot water storage tanks as well.
The property presents qualified investors with a unique opportunity to own a stabilized, recently gut rehabbed apartment building while gaining immediate scale in a submarket currently experiencing substantial growth. The property is being o?ered free and clear of existing debt.
Fully gut rehabbed in 2018, the unit mix at the property is comprised of two and three bedroom apartments, all with identical finishes. All apartments feature a modern aesthetic with stainless steel appliances, dishwashers and in-unit stackable washers and dryers. All units feature individual individual HVAC and hot water storage tanks as well.
The property presents qualified investors with a unique opportunity to own a stabilized, recently gut rehabbed apartment building while gaining immediate scale in a submarket currently experiencing substantial growth. The property is being o?ered free and clear of existing debt.
PROPERTY FACTS
| Price | $11,750,000 | Property Subtype | Apartment |
| Price Per Unit | $244,792 | Apartment Style | Low-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 6.94% | Lot Size | 1.04 AC |
| Gross Rent Multiplier | 9.4 | Building Size | 55,000 SF |
| No. Units | 48 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1913/2018 |
| Zoning | R-5 | ||
| Price | $11,750,000 |
| Price Per Unit | $244,792 |
| Sale Type | Investment |
| Cap Rate | 6.94% |
| Gross Rent Multiplier | 9.4 |
| 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 | R-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 | 36 | - | 800 |
| 3+1 | 12 | - | 1,100 |
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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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