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7042 South Michigan Ave 7042-7048 S Michigan 32 Unit Apartment Building $1,900,000 ($59,375/Unit) 8.41% Cap Rate Chicago, IL 60637
Investment Highlights
- Six (6) 2Bd/1ba, Twenty (20) 1Bd/1Ba, & Six (6) Studios
- Significant Room to Increase Rents
- Newer Boiler & Hot Water Tank
- Prime Grand Crossing Location
Executive Summary
Kiser Group is pleased to exclusively offer for purchase 7042 S. Michigan, a thirty-two (32) unit apartment building located in the Greater Grand Crossing neighborhood of Chicago’s South Side. Ideally situated along the Michigan Avenue corridor, the property benefits from its proximity to public transportation, retail corridors, and major thoroughfares providing convenient access throughout the city.
7042 S. Michigan is comprised of six (6) 2Bd/1Ba units, twenty (20) 1Bd/1Ba units, and six (6) studio units, offering a well-balanced unit mix. Each unit consists of hardwood and laminate floors throughout. The building is equipped with a newer boiler, two (2) new hot water heaters, and an additional storage tank.
7042 S. Michigan presents investors with the opportunity to acquire a stabilized, income-producing asset in the heart of Chicago’s South Side. The property is offered at an attractive 8.41% cap rate with a 10.89% cash-on-cash return based on current operations. With continued management and rental optimization, the asset projects to an 11.43% pro forma cap rate and a 22.97% pro forma cash-on-cash return, providing substantial potential upside.
7042 S. Michigan is comprised of six (6) 2Bd/1Ba units, twenty (20) 1Bd/1Ba units, and six (6) studio units, offering a well-balanced unit mix. Each unit consists of hardwood and laminate floors throughout. The building is equipped with a newer boiler, two (2) new hot water heaters, and an additional storage tank.
7042 S. Michigan presents investors with the opportunity to acquire a stabilized, income-producing asset in the heart of Chicago’s South Side. The property is offered at an attractive 8.41% cap rate with a 10.89% cash-on-cash return based on current operations. With continued management and rental optimization, the asset projects to an 11.43% pro forma cap rate and a 22.97% pro forma cash-on-cash return, providing substantial potential upside.
Property Facts
| Price | $1,900,000 | Apartment Style | Mid-Rise |
| Price Per Unit | $59,375 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.16 AC |
| Cap Rate | 8.41% | Building Size | 22,400 SF |
| No. Units | 32 | Average Occupancy | 97% |
| Property Type | Multifamily | No. Stories | 4 |
| Property Subtype | Apartment | Year Built | 1925 |
| Zoning | RS-3 | ||
| Price | $1,900,000 |
| Price Per Unit | $59,375 |
| Sale Type | Investment |
| Cap Rate | 8.41% |
| No. Units | 32 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.16 AC |
| Building Size | 22,400 SF |
| Average Occupancy | 97% |
| No. Stories | 4 |
| Year Built | 1925 |
| Zoning | RS-3 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 6 | - | 900 |
| 1+1 | 20 | - | 700 |
| Studios | 6 | - | 500 |
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Walk Score®
Very Walkable (83)
Transit Score®
Excellent Transit (73)
Property Taxes
| Parcel Numbers | Improvements Assessment | $165,112 | |
| Land Assessment | $17,888 | Total Assessment | $183,000 |
Property Taxes
Parcel Numbers
Land Assessment
$17,888
Improvements Assessment
$165,112
Total Assessment
$183,000
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7042 South Michigan Ave | 7042-7048 S Michigan
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