Kenmore Prairie 5510 N Kenmore Ave 10 Unit Apartment Building $3,300,000 ($330,000/Unit) 5.64% Cap Rate Chicago, IL 60640

This 10-unit walk-up building, located at 5510 N. Kenmore, is situated in Chicago's Edgewater neighborhood and consists of three (3) 1 bed / 1 bath apartments, five (5) 2 bed / 1 bath units, and two (2) 3 bed / 2 bath units. Constructed in 1912, and gut-renovated in 2008 as a potential condominium conversion, the property sits 0.2 miles from the Bryn Mawr CTA station, 0.2 miles from Lake Shore Drive, 0.4 miles from Foster Beach, and 0.6 miles from Andersonville's Clark Street retail corridor.
During the 2008 full-scale renovation, all floor plans were reconfigured, with apartments featuring stainless steel appliances, in-unit laundry, hardwood floors, and individual HVAC systems. Additionally, plumbing and electric systems were upgraded, common areas were modernized, steel porches were added to the rear and side of the building, and 10 rear/front parking spaces were paved.
5510 N. Kenmore offers the opportunity to acquire a condo-quality, low-maintenance asset with immediate rental upside (current rents are ~20% below market for nearby apartments) in a core northside neighborhood. With shifting tenant preferences, this thoughtfully renovated property is positioned for a long-term hedge against a continuously changing market.