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6820 S Michigan Ave 18 Unit Apartment Building $1,200,000 ($66,667/Unit) 10.02% Cap Rate Chicago, IL 60637
INVESTMENT HIGHLIGHTS
- Fifteen (15) 1Bd/1Ba, Two (2) 2Bd/1Ba, & One (1) Studio
- Updated Kitchens & Baths
- Prime Grand Crossing Location
- 10% Cap Rate
- Modern Weil-McLain Boiler
EXECUTIVE SUMMARY
Kiser Group is pleased to exclusively present for purchase 6820 S. Michigan Avenue, an 18-unit building located in Chicago’s Greater Grand Crossing neighborhood. The property is positioned on a quiet residential block and is within walking distance to multiple parks and schools. Additionally, it offers convenient access to the 69th Street Red Line station, providing tenants with quick and reliable transportation to downtown Chicago.
6820 S. Michigan is comprised of 18 total units. It is made up of one (1) studio, fifteen (15) 1Bd/1Ba, and two (2) 2Bd/1Ba units. All of these units feature hardwood floors throughout. Recent improvements to the building consist of but are not limited to: a modern Weil-McLain boiler, modern kitchens and baths, and an abundance of masonry and tuckpointing work.
6820 S. Michigan presents an investor a unique opportunity to acquire a strong, positive cash-flowing asset with an in place cap rate of 10.02% and a cash return of 17.33%. By increasing rents to rates already achieved in the area, an investor can achieve a 12.77% cap rate with a proforma cash return of 28.33%.
6820 S. Michigan is comprised of 18 total units. It is made up of one (1) studio, fifteen (15) 1Bd/1Ba, and two (2) 2Bd/1Ba units. All of these units feature hardwood floors throughout. Recent improvements to the building consist of but are not limited to: a modern Weil-McLain boiler, modern kitchens and baths, and an abundance of masonry and tuckpointing work.
6820 S. Michigan presents an investor a unique opportunity to acquire a strong, positive cash-flowing asset with an in place cap rate of 10.02% and a cash return of 17.33%. By increasing rents to rates already achieved in the area, an investor can achieve a 12.77% cap rate with a proforma cash return of 28.33%.
PROPERTY FACTS
| Price | $1,200,000 | Apartment Style | Low-Rise |
| Price Per Unit | $66,667 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.18 AC |
| Cap Rate | 10.02% | Building Size | 15,384 SF |
| No. Units | 18 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1927 |
| Property Subtype | Apartment | ||
| Zoning | RS-3 | ||
| Price | $1,200,000 |
| Price Per Unit | $66,667 |
| Sale Type | Investment |
| Cap Rate | 10.02% |
| No. Units | 18 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.18 AC |
| Building Size | 15,384 SF |
| No. Stories | 3 |
| Year Built | 1927 |
| Zoning | RS-3 |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 1 | - | 600 |
| 1+1 | 15 | - | 750 |
| 2+1 | 2 | - | 850 |
1 1
Transit Score®
Excellent Transit (78)
PROPERTY TAXES
| Parcel Number | 20-22-307-026-0000 | Improvements Assessment | $85,400 |
| Land Assessment | $10,000 | Total Assessment | $95,400 |
PROPERTY TAXES
Parcel Number
20-22-307-026-0000
Land Assessment
$10,000
Improvements Assessment
$85,400
Total Assessment
$95,400
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6820 S Michigan Ave
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