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4627 S Drexel Blvd 35 Unit Apartment Building $8,675,000 ($247,857/Unit) 7.50% Cap Rate Chicago, IL 60653
Investment Highlights
- Enormous Unit Layouts With Condo Quality Finishes
- 100% Occupied by CHA Housing Choice Voucher Tenants
- Individual HVAC, Laundry, Hot Water Storage Tanks and Dishwashers in All Units
- Walking Distance to Abundant Retail, Public Transportation, University of Chicago
Executive Summary
Kiser Group is pleased to exclusively present for purchase 4627 S. Drexel, a thirty-five (35) unit building located on a quiet, tree-lined street amongst a variety of single-family townhomes. Situated in a premier location in Chicago's historic North Kenwood neighborhood, the asset is ideally located just blocks away from Lake Michigan, Williams-Davis Park, providing easy access to S. Lake Shore Dr. and Chicago's downtown.
4627 S. Drexel boasts a desirable unit mix, comprised of three (3) 1Bd/1Ba, three (3) 2Bd/1Ba units, four (4) 2Bd/2Ba, and twenty-five (25) 3Bd/2Ba units. All of which are incredibly spacious and have gone through extensive renovations. Typical units include, but are not limited to, hardwood floors, stainless steel appliances, and individual laundry units as well as furnaces.
4627 S. Drexel provides investors with the unique opportunity to obtain a stabilized, cash-flowing asset in one of Chicago's most rapidly appreciating neighborhoods. From day one, an investor will realize an in-place cap rate of 8% and a cash return of 9.87%
4627 S. Drexel boasts a desirable unit mix, comprised of three (3) 1Bd/1Ba, three (3) 2Bd/1Ba units, four (4) 2Bd/2Ba, and twenty-five (25) 3Bd/2Ba units. All of which are incredibly spacious and have gone through extensive renovations. Typical units include, but are not limited to, hardwood floors, stainless steel appliances, and individual laundry units as well as furnaces.
4627 S. Drexel provides investors with the unique opportunity to obtain a stabilized, cash-flowing asset in one of Chicago's most rapidly appreciating neighborhoods. From day one, an investor will realize an in-place cap rate of 8% and a cash return of 9.87%
Property Facts
| Price | $8,675,000 | Apartment Style | Mid-Rise |
| Price Per Unit | $247,857 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.58 AC |
| Cap Rate | 7.50% | Building Size | 54,507 SF |
| Gross Rent Multiplier | 8 | No. Stories | 4 |
| No. Units | 35 | Year Built/Renovated | 1929/2017 |
| Property Type | Multifamily | Parking Ratio | 0.29/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | RM-5 | ||
| Price | $8,675,000 |
| Price Per Unit | $247,857 |
| Sale Type | Investment |
| Cap Rate | 7.50% |
| Gross Rent Multiplier | 8 |
| No. Units | 35 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.58 AC |
| Building Size | 54,507 SF |
| No. Stories | 4 |
| Year Built/Renovated | 1929/2017 |
| Parking Ratio | 0.29/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | RM-5 |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Heating
- Kitchen
- Hardwood Floors
- Tub/Shower
Site Amenities
- Controlled Access
- Gated
- Storage Space
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 3 | - | - |
| 2+1 | 3 | - | - |
| 2+2 | 4 | - | - |
| 3+2 | 25 | - | - |
1 1
Walk Score®
Very Walkable (77)
Bike Score®
Very Bikeable (78)
Property Taxes
| Parcel Number | 20-02-316-036-0000 | Improvements Assessment | $314,380 |
| Land Assessment | $88,662 | Total Assessment | $403,042 |
Property Taxes
Parcel Number
20-02-316-036-0000
Land Assessment
$88,662
Improvements Assessment
$314,380
Total Assessment
$403,042
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4627 S Drexel Blvd
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