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4742-4748 S Drexel Blvd 43 Unit Apartment Building $5,150,000 ($119,767/Unit) 6.96% Cap Rate Chicago, IL 60615
Investment Highlights
- Premier Kenwood Location
- Stabilized Cap Rate & GRM Present Clear Path to Upside: 8.49% / 7.36
- Reduced Class-9 Taxes
- Materially Below Market Rents
- Same Ownership for 26 Years – Well-Maintained & Many Capital Improvements
- Long-Term Tenant Base
Executive Summary
Essex Realty Group, LLC has been exclusively engaged to market for sale 4742-4748
S. Drexel Blvd., a stately 43-unit courtyard building ideally situated along the
historic Boulevard in the highly sought-after Kenwood neighborhood, surrounded
by lush green space and single-family homes valued well in excess of $1,000,000.
The well-maintained property has been under the same ownership for 26 years. Its
unit mix consists of (12) Studios, (30) One-Bedrooms and (1) One-Bedroom Garden
apartment. More than 40% of the units have been renovated over time, and the
property has benefited from numerous capital improvements, including replacement
of all hot water lines with copper piping and the installation of a new, highefficiency
boiler in April 2026.
The property maintains a long-term tenant base, with nearly half of the units
occupied by tenants who have lived at the property for three (3) or more years.
Accordingly, apartment rents remain materially below market. For example, the
property’s One-Bedroom units currently average $1,256 per month, while
comparable units in the immediate area are achieving rents of $1,450 or more. The
opportunity to increase Studio and One-Bedroom rents to current market levels
could translate to approximately $90,000 in additional annual income.
CLASS-9 TAX DESIGNATION
The property is designated Class 9 under the Cook County Property Tax Incentive
Program, providing significant real estate tax savings and reduced exposure to
future tax fluctuations. Combined with its premier Kenwood location, long-term
ownership history, significant capital improvements, and favorable tax treatment,
4742–4748 S. Drexel Blvd. presents investors with a rare opportunity to acquire a
well-maintained asset with stable in-place income and meaningful rental upside.
Note: Essex Realty Group, LLC is not a tax professional. All interested parties are
encouraged to consult with their own tax advisors regarding the Property's tax
designation, applicable tax programs, and potential tax benefits
S. Drexel Blvd., a stately 43-unit courtyard building ideally situated along the
historic Boulevard in the highly sought-after Kenwood neighborhood, surrounded
by lush green space and single-family homes valued well in excess of $1,000,000.
The well-maintained property has been under the same ownership for 26 years. Its
unit mix consists of (12) Studios, (30) One-Bedrooms and (1) One-Bedroom Garden
apartment. More than 40% of the units have been renovated over time, and the
property has benefited from numerous capital improvements, including replacement
of all hot water lines with copper piping and the installation of a new, highefficiency
boiler in April 2026.
The property maintains a long-term tenant base, with nearly half of the units
occupied by tenants who have lived at the property for three (3) or more years.
Accordingly, apartment rents remain materially below market. For example, the
property’s One-Bedroom units currently average $1,256 per month, while
comparable units in the immediate area are achieving rents of $1,450 or more. The
opportunity to increase Studio and One-Bedroom rents to current market levels
could translate to approximately $90,000 in additional annual income.
CLASS-9 TAX DESIGNATION
The property is designated Class 9 under the Cook County Property Tax Incentive
Program, providing significant real estate tax savings and reduced exposure to
future tax fluctuations. Combined with its premier Kenwood location, long-term
ownership history, significant capital improvements, and favorable tax treatment,
4742–4748 S. Drexel Blvd. presents investors with a rare opportunity to acquire a
well-maintained asset with stable in-place income and meaningful rental upside.
Note: Essex Realty Group, LLC is not a tax professional. All interested parties are
encouraged to consult with their own tax advisors regarding the Property's tax
designation, applicable tax programs, and potential tax benefits
Property Facts
| Price | $5,150,000 | Apartment Style | Low-Rise |
| Price Per Unit | $119,767 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.37 AC |
| Cap Rate | 6.96% | Building Size | 32,000 SF |
| Gross Rent Multiplier | 8.44 | Average Occupancy | 100% |
| No. Units | 43 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1925 |
| Property Subtype | Apartment | ||
| Zoning | R-4, Chicago | ||
| Price | $5,150,000 |
| Price Per Unit | $119,767 |
| Sale Type | Investment |
| Cap Rate | 6.96% |
| Gross Rent Multiplier | 8.44 |
| No. Units | 43 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.37 AC |
| Building Size | 32,000 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1925 |
| Zoning | R-4, Chicago |
Amenities
Unit Amenities
- Heating
- Kitchen
- Refrigerator
- Range
- Tub/Shower
Site Amenities
- Controlled Access
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 12 | - | 400 |
| 1+1 | 31 | - | 600 |
1 1
Very walkable
80/100
Moderately drivable
60/100
Good public transit
70/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 20-11-100-046-0000 | Improvements Assessment | $166,163 |
| Land Assessment | $56,438 | Total Assessment | $222,601 |
Property Taxes
Parcel Number
20-11-100-046-0000
Land Assessment
$56,438
Improvements Assessment
$166,163
Total Assessment
$222,601
Contacts
-
Abe Eilian -
Joe Kahlhammer -
Michael Hennessy -
Jesus Garcia -
Essex Realty Group, LLC
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