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5847-5849 S Michigan Ave 8 Unit Apartment Building $899,000 ($112,375/Unit) 9.70% Cap Rate Chicago, IL 60637
Executive Summary
Investment Opportunity | 8-Unit Multifamily | Washington Park
Excellent opportunity to acquire an 8-unit multifamily investment in Chicago's rapidly evolving Washington Park neighborhood, just minutes from the Obama Presidential Center, the University of Chicago, public transportation, and ongoing neighborhood redevelopment.
The property consists of six (6) spacious 3-bedroom/1-bath units and two (2) 1-bedroom/1-bath units, providing a desirable unit mix for long-term rental demand. Currently, seven (7) units are occupied, with one vacant unit offering immediate lease-up potential and additional upside.
Current ownership has completed various repairs and maintenance since acquisition and has assembled a comprehensive due diligence package, including a current rent roll, income and expense statement, and repair history.
Based on the current financials, the property presents an attractive investment opportunity with an estimated 9.7% cap rate at the current asking price, making it appealing to both local and out-of-state investors seeking immediate cash flow with future value-add potential.
Property Highlights:
8-unit brick apartment building
Six (6) 3BR/1BA units
Two (2) 1BR/1BA units
Seven units occupied; one vacant unit available for lease-up
Investor-friendly financial package available
Walking distance to public transportation
Minutes from the Obama Presidential Center and University of Chicago
Value-add opportunity through continued asset management and future capital improvements
Financials, rent roll, and additional due diligence documents are available upon request. Showings by appointment only.
Excellent opportunity to acquire an 8-unit multifamily investment in Chicago's rapidly evolving Washington Park neighborhood, just minutes from the Obama Presidential Center, the University of Chicago, public transportation, and ongoing neighborhood redevelopment.
The property consists of six (6) spacious 3-bedroom/1-bath units and two (2) 1-bedroom/1-bath units, providing a desirable unit mix for long-term rental demand. Currently, seven (7) units are occupied, with one vacant unit offering immediate lease-up potential and additional upside.
Current ownership has completed various repairs and maintenance since acquisition and has assembled a comprehensive due diligence package, including a current rent roll, income and expense statement, and repair history.
Based on the current financials, the property presents an attractive investment opportunity with an estimated 9.7% cap rate at the current asking price, making it appealing to both local and out-of-state investors seeking immediate cash flow with future value-add potential.
Property Highlights:
8-unit brick apartment building
Six (6) 3BR/1BA units
Two (2) 1BR/1BA units
Seven units occupied; one vacant unit available for lease-up
Investor-friendly financial package available
Walking distance to public transportation
Minutes from the Obama Presidential Center and University of Chicago
Value-add opportunity through continued asset management and future capital improvements
Financials, rent roll, and additional due diligence documents are available upon request. Showings by appointment only.
Property Facts
| Price | $899,000 | Building Class | C |
| Price Per Unit | $112,375 | Lot Size | 0.11 AC |
| Sale Type | Investment | Building Size | 9,450 SF |
| Cap Rate | 9.70% | Average Occupancy | 75% |
| No. Units | 8 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1929 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | RM-5 - Residential Multi-Unit District | ||
| Price | $899,000 |
| Price Per Unit | $112,375 |
| Sale Type | Investment |
| Cap Rate | 9.70% |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.11 AC |
| Building Size | 9,450 SF |
| Average Occupancy | 75% |
| No. Stories | 3 |
| Year Built | 1929 |
| Opportunity Zone |
Yes |
| Zoning | RM-5 - Residential Multi-Unit District |
Amenities
Unit Amenities
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
- Freezer
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 1 | - | 650 |
| 2+1 | 1 | - | 1,000 |
| 3+1 | 6 | - | 1,300 |
Moderately walkable
70/100
Exceptionally drivable
90/100
Good public transit
70/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 20-15-121-014-0000 | Improvements Assessment | $38,952 |
| Land Assessment | $27,048 | Total Assessment | $66,000 |
Property Taxes
Parcel Number
20-15-121-014-0000
Land Assessment
$27,048
Improvements Assessment
$38,952
Total Assessment
$66,000
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