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5651-5659 S Michigan Ave 18 Unit Apartment Building $1,650,000 ($91,667/Unit) 9.80% Cap Rate Chicago, IL 60637
Investment Highlights
- Located in Chicago’s Washington Park neighborhood.
- Convenient access to E 55th Street, I-90, and I-94 expressways.
- Prominent location along South Michigan Avenue.
- Close proximity to Washington Park and surrounding neighborhood amenities.
Executive Summary
5651–5659 S Michigan Avenue is an 18-unit, value-add multifamily investment opportunity located in Chicago’s Washington Park neighborhood. The property consists of a three-story, early-1900s apartment building situated along the Michigan Avenue corridor and is positioned within both an Opportunity Zone and Enterprise Zone, offering potential long-term investment advantages. The building features a diverse unit mix, including primarily one-bedroom units complemented by larger two- and four-bedroom layouts, providing flexibility for a range of tenant profiles. The property benefits from strong regional connectivity, with close proximity to E 55th Street and convenient access to I-90 and I-94, as well as nearby retail and neighborhood amenities
Financial Summary (Actual - 2025) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $1,650,000 | Building Class | C |
| Price Per Unit | $91,667 | Lot Size | 0.37 AC |
| Sale Type | Investment | Building Size | 13,824 SF |
| Cap Rate | 9.80% | Average Occupancy | 100% |
| No. Units | 18 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1903 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | R5, Chicago | ||
| Price | $1,650,000 |
| Price Per Unit | $91,667 |
| Sale Type | Investment |
| Cap Rate | 9.80% |
| No. Units | 18 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.37 AC |
| Building Size | 13,824 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1903 |
| Opportunity Zone |
Yes |
| Zoning | R5, Chicago |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 3 | - | 768 |
| 2+2 | 1 | - | 768 |
| 4+2 | 1 | - | 768 |
| 1+1 | 13 | - | - |
Walk Score®
Very Walkable (76)
Transit Score®
Excellent Transit (74)
Property Taxes
| Parcel Number | 20-15-109-043-0000 | Total Assessment | $32,359 |
| Land Assessment | $12,961 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $19,398 | Tax Year | 2025 |
Property Taxes
Parcel Number
20-15-109-043-0000
Land Assessment
$12,961
Improvements Assessment
$19,398
Total Assessment
$32,359
Annual Taxes
($1) ($0.00/SF)
Tax Year
2025
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Presented by
Prime Mgt Realty LLC
5651-5659 S Michigan Ave
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