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5833 N Kenmore Ave 56 Unit Apartment Building $8,700,000 ($155,357/Unit) 4.98% Cap Rate Chicago, IL 60660
INVESTMENT HIGHLIGHTS
- 56-Unit, 4+1 style property
- Units feature varying finishes with potential to be reconfigured
- 24 Garage parking spaces
- First time available in 30+ years
- Current rents average $998 / month
- 0.2 miles from Lake Michigan and 0.2 miles from Thorndale CTA
EXECUTIVE SUMMARY
Kiser Group has been exclusively engaged to market for sale 5833 N. Kenmore, a 56-unit, 4+1 style apartment building located in Chicago’s Edgewater neighborhood. Offered for the first time in over 30 years, this 1971 constructed asset is situated 0.2 miles from Lake Michigan, 0.2 miles from the Thorndale CTA Redline, and 0.3 miles from Lakeshore Drive.
5833 N. Kenmore features a unit mix comprised of twenty-six (26) studios, twenty-nine (29) 1 bed / 1 bath units and one (1) 2 bed / 1 bath apartment. The property also includes twenty-four (24) parking spaces and common area laundry facilities. Interiors vary in finish level, including hardwood or vinyl flooring, white and stainless-steel appliances, granite or laminate countertops, and original floor plans that have the potential to be reconfigured. As current rents are 60%+ below market (avg. $998 / month), new ownership can add significant value with light turnover work and by operating more aggressively to bring rents to market.
Located in the desirable Edgewater neighborhood, 0.2 miles from Lake Michigan and the CTA Red Line, investors are guaranteed an asset with value-add potential in a northside area that will always be sought after.
5833 N. Kenmore features a unit mix comprised of twenty-six (26) studios, twenty-nine (29) 1 bed / 1 bath units and one (1) 2 bed / 1 bath apartment. The property also includes twenty-four (24) parking spaces and common area laundry facilities. Interiors vary in finish level, including hardwood or vinyl flooring, white and stainless-steel appliances, granite or laminate countertops, and original floor plans that have the potential to be reconfigured. As current rents are 60%+ below market (avg. $998 / month), new ownership can add significant value with light turnover work and by operating more aggressively to bring rents to market.
Located in the desirable Edgewater neighborhood, 0.2 miles from Lake Michigan and the CTA Red Line, investors are guaranteed an asset with value-add potential in a northside area that will always be sought after.
PROPERTY FACTS
| Price | $8,700,000 | Apartment Style | Mid-Rise |
| Price Per Unit | $155,357 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.14 AC |
| Cap Rate | 4.98% | Building Size | 34,000 SF |
| No. Units | 56 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 1971 |
| Property Subtype | Apartment | ||
| Zoning | RM-5 | ||
| Price | $8,700,000 |
| Price Per Unit | $155,357 |
| Sale Type | Investment |
| Cap Rate | 4.98% |
| No. Units | 56 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.14 AC |
| Building Size | 34,000 SF |
| No. Stories | 4 |
| Year Built | 1971 |
| Zoning | RM-5 |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Heating
- Kitchen
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 26 | - | 500 |
| 1+1 | 29 | - | 700 |
| 2+1 | 1 | - | 700 |
1 1
Walk Score®
Very Walkable (76)
Transit Score®
Excellent Transit (73)
Bike Score®
Very Bikeable (89)
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $419,050 | |
| Land Assessment | $149,250 | Total Assessment | $568,300 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$149,250
Improvements Assessment
$419,050
Total Assessment
$568,300
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5833 N Kenmore Ave
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