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5616 S Michigan Ave 8 Unit Apartment Building $1,475,000 ($184,375/Unit) 9.03% Cap Rate Chicago, IL 60637
Investment Highlights
- Six (6) 4Bd/2Ba & One (1) 2Bd/1Ba
- Granite Counter Tops w/ Stainless Steel Appliances
- Individual HVAC Systems
- Individual Laundry Hookups
Executive Summary
Kiser Group is pleased to exclusively present for purchase 5616 S. Michigan, a rarely available eight (8) unit multifamily building located in Chicago’s Washington Park neighborhood. The property sits adjacent to Hyde Park and is just blocks from the prestigious University of Chicago, as well as the future site of the Obama Presidential Library, positioning it within one of the city’s most dynamic and rapidly developing areas.
5616 S. Michigan is comprised of eight (8) total units, including six (6) 4Bd/2Ba units and one (1) 2Bd/1Ba unit. The apartments feature open floor plans with high-end kitchens with granite countertops and stainless steel appliances, and modern bathrooms with custom finishes. Capital improvements include copper plumbing, updated porches, and individual HVAC systems.
5616 S. Michigan presents investors with the opportunity to acquire a well-maintained, income-producing asset in one of Chicago’s fastest-growing neighborhoods. With an in-place cap rate of 9.03% and a cash return of 13.94%.
5616 S. Michigan is comprised of eight (8) total units, including six (6) 4Bd/2Ba units and one (1) 2Bd/1Ba unit. The apartments feature open floor plans with high-end kitchens with granite countertops and stainless steel appliances, and modern bathrooms with custom finishes. Capital improvements include copper plumbing, updated porches, and individual HVAC systems.
5616 S. Michigan presents investors with the opportunity to acquire a well-maintained, income-producing asset in one of Chicago’s fastest-growing neighborhoods. With an in-place cap rate of 9.03% and a cash return of 13.94%.
Property Facts
| Price | $1,475,000 | Apartment Style | Low-Rise |
| Price Per Unit | $184,375 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.16 AC |
| Cap Rate | 9.03% | Building Size | 7,057 SF |
| No. Units | 8 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1905 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | RM-5 | ||
| Price | $1,475,000 |
| Price Per Unit | $184,375 |
| Sale Type | Investment |
| Cap Rate | 9.03% |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.16 AC |
| Building Size | 7,057 SF |
| No. Stories | 3 |
| Year Built | 1905 |
| Opportunity Zone |
Yes |
| Zoning | RM-5 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 2 | - | 1,000 |
| 4+2 | 6 | - | 1,300 |
1 1
Moderately walkable
70/100
Exceptionally drivable
90/100
Good public transit
70/100
Very bikeable
80/100
Property Taxes
| Parcel Number | 20-15-108-028-0000 | Improvements Assessment | $61,425 |
| Land Assessment | $24,675 | Total Assessment | $86,100 |
Property Taxes
Parcel Number
20-15-108-028-0000
Land Assessment
$24,675
Improvements Assessment
$61,425
Total Assessment
$86,100
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5616 S Michigan Ave
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