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4715 S Michigan Ave 10 Unit Apartment Building $1,985,000 ($198,500/Unit) 9% Cap Rate Chicago, IL 60615
INVESTMENT HIGHLIGHTS
- Four (4) 2Bd/2Ba, Four (4) 3Bd/2Ba, & Two (2) 4Bd/2Ba
- 9% Cap Rate
- Gut Renovated Building
- Prime Bronzeville Location
- Assumable Debt at 4.41% Interest Rate
EXECUTIVE SUMMARY
Kiser Group is pleased to exclusively offer for purchase the sale of 4711 S. Michigan Ave, a pristine ten (10) unit walk up tucked away in the Bronzeville neighborhood of Chicago’s South Side. The subject site sits directly in the core of one of Chicago’s most rapidly expanding neighborhoods and is roughly two (2) blocks away from Chicago’s Green Line, “El”, train station at 47th.
4711 S. Michigan has a desirable unit mix consisting of four (4) 2Bd/2Ba, four (4) 3Bd/2Ba, & two (2) 4Bd/2Ba units. All of which have spacious layouts and have tastefully updated kitchens and baths. Recent capital improvements include, but are not limited to: individual furnaces & water tanks, in unit laundry, 600 Amps electric service, copper plumbing, and newer porches.
4711 S. Michigan presents an investor with the incredible opportunity to acquire a stabilized asset in Chicago's historic Bronzeville neighborhood. With the current operation from day one, an investor will realize a 9% cap rate and a 14.40% cash return. By increasing rent already achieved in the area, an investor can achieve a cap rate of 9.62% and a 16.89% cash return.
4711 S. Michigan has a desirable unit mix consisting of four (4) 2Bd/2Ba, four (4) 3Bd/2Ba, & two (2) 4Bd/2Ba units. All of which have spacious layouts and have tastefully updated kitchens and baths. Recent capital improvements include, but are not limited to: individual furnaces & water tanks, in unit laundry, 600 Amps electric service, copper plumbing, and newer porches.
4711 S. Michigan presents an investor with the incredible opportunity to acquire a stabilized asset in Chicago's historic Bronzeville neighborhood. With the current operation from day one, an investor will realize a 9% cap rate and a 14.40% cash return. By increasing rent already achieved in the area, an investor can achieve a cap rate of 9.62% and a 16.89% cash return.
PROPERTY FACTS Under Contract
| Price | $1,985,000 | Building Class | C |
| Price Per Unit | $198,500 | Lot Size | 0.30 AC |
| Sale Type | Investment | Building Size | 19,527 SF |
| Cap Rate | 9% | Average Occupancy | 100% |
| No. Units | 10 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1890 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | RM-5 - Multi-Family | ||
| Price | $1,985,000 |
| Price Per Unit | $198,500 |
| Sale Type | Investment |
| Cap Rate | 9% |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.30 AC |
| Building Size | 19,527 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1890 |
| Opportunity Zone |
Yes |
| Zoning | RM-5 - Multi-Family |
AMENITIES
SITE AMENITIES
- Fenced Lot
- Vintage Building
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+2 | 4 | - | 1,200 |
| 3+2 | 4 | - | 1,400 |
| 4+3 | 2 | - | 1,600 |
1 1
Walk Score®
Very Walkable (85)
Transit Score®
Excellent Transit (76)
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $111,008 | |
| Land Assessment | $44,993 | Total Assessment | $156,001 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$44,993
Improvements Assessment
$111,008
Total Assessment
$156,001
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4715 S Michigan Ave
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