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5609 S Michigan Ave 25 Unit Apartment Building $2,900,000 ($116,000/Unit) 8.06% Cap Rate Chicago, IL 60637
Investment Highlights
- Twelve (12) 3Bd/2Ba, Twelve (12) 2Bd/1Ba, & One (1) 2Bd/2Ba Units
- Modern Kitchen & Baths w/ Spacious Floorplans
- Gut Renovated in 2006 - 1,200 Amp Electrical Service, Windows, Drywall & Copper Plumbing
- Prime Washington Park Location
Executive Summary
Kiser Group is pleased to exclusively present for purchase 5609 S. Michigan Ave., a 25-unit multifamily investment opportunity located in Chicago's historic Washington Park neighborhood. Situated just minutes from Washington Park, the University of Chicago, public transportation, and major thoroughfares, the property offers an excellent location with strong rental demand and continued investment throughout the surrounding area.
The property features an attractive unit mix of one (1) 2Bd/2Ba, twelve (12) 2Bd/1Ba, and twelve (12) 3Bd/2Ba apartments, catering to a wide range of renters seeking spacious floor plans. The entire building underwent a comprehensive gut renovation in 2006, which included the installation of a new 1,200-amp electrical service, all new copper plumbing, new windows, modern kitchens and bathrooms, and numerous additional capital improvements.
The asset is offered at an attractive 8.06% in-place cap rate with a 16.07% cash-on-cash return, delivering immediate cash flow from day one. Investors also have the opportunity to execute a value-add strategy through continued rental growth, increasing returns to a projected 10.32% pro forma cap rate and an impressive 25.12% pro forma cash-on-cash return, creating substantial upside while benefiting from strong in-place performance.
The property features an attractive unit mix of one (1) 2Bd/2Ba, twelve (12) 2Bd/1Ba, and twelve (12) 3Bd/2Ba apartments, catering to a wide range of renters seeking spacious floor plans. The entire building underwent a comprehensive gut renovation in 2006, which included the installation of a new 1,200-amp electrical service, all new copper plumbing, new windows, modern kitchens and bathrooms, and numerous additional capital improvements.
The asset is offered at an attractive 8.06% in-place cap rate with a 16.07% cash-on-cash return, delivering immediate cash flow from day one. Investors also have the opportunity to execute a value-add strategy through continued rental growth, increasing returns to a projected 10.32% pro forma cap rate and an impressive 25.12% pro forma cash-on-cash return, creating substantial upside while benefiting from strong in-place performance.
Property Facts
| Price | $2,900,000 | Apartment Style | Low-Rise |
| Price Per Unit | $116,000 | Building Class | C |
| Sale Type | Investment | Building Size | 29,628 SF |
| Cap Rate | 8.06% | No. Stories | 3 |
| No. Units | 25 | Year Built | 1903 |
| Property Type | Multifamily | Opportunity Zone |
Yes
|
| Property Subtype | Apartment | ||
| Zoning | RM-5, Chicago | ||
| Price | $2,900,000 |
| Price Per Unit | $116,000 |
| Sale Type | Investment |
| Cap Rate | 8.06% |
| No. Units | 25 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Building Size | 29,628 SF |
| No. Stories | 3 |
| Year Built | 1903 |
| Opportunity Zone |
Yes |
| Zoning | RM-5, Chicago |
Amenities
Unit Amenities
- Heating
- Kitchen
- Refrigerator
- Range
- Freezer
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+2 | 1 | - | 965 |
| 2+1 | 12 | - | 965 |
| 3+2 | 12 | - | 1,080 |
1 1
Moderately walkable
70/100
Moderately drivable
70/100
Good public transit
70/100
Very bikeable
80/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $171,004 | |
| Land Assessment | $56,700 | Total Assessment | $227,704 |
Property Taxes
Parcel Numbers
Land Assessment
$56,700
Improvements Assessment
$171,004
Total Assessment
$227,704
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