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7208 S Michigan Ave 24 Unit Apartment Building $2,150,000 ($89,583/Unit) 10.66% Cap Rate Chicago, IL 60619
Investment Highlights
- Eighteen (18) 1Bd/1Ba & Six (6) 2Bd/1Ba
- Prime Greater Grand Crossing Location
- Updated Kitchens & Baths
- Spacious Layouts w/ Hardwood Flooring
- Modern Weil McLain Boiler w/ R&D Controls
- On Site Parking Lot in Rear
Executive Summary
Kiser Group is pleased to exclusively offer for purchase 7200 S. Michigan Ave, a twenty-four (24) unit apartment building
located in the Grand Crossing neighborhood of Chicago’s South Side. Sitting just north of Chatham,7200 S. Michigan is
located on a quiet block roughly 3 blocks away from Chicago’s Red Line “El” train station at 69th
and the Dan Ryan Expressway.
7200 S. Michigan is comprised of eighteen (18) 1Bd/1Ba units and six (6) 2Bd/1Ba units. Each unit boasts an open and
spacious layout consisting of hardwood floors throughout. Recent improvements to the building consist of, but not limited to: new Weil McLain boiler, a 400 amp electric service, and modern kitchens and baths.
7200 S. Michigan presents an investor an incredible opportunity to acquire a stabilized, cash flowing asset in
Chicago’s Grand Crossing neighborhood. With the current operation from day one, an investor will realize a 10.66% cap rate and a 19.87% cash return.
located in the Grand Crossing neighborhood of Chicago’s South Side. Sitting just north of Chatham,7200 S. Michigan is
located on a quiet block roughly 3 blocks away from Chicago’s Red Line “El” train station at 69th
and the Dan Ryan Expressway.
7200 S. Michigan is comprised of eighteen (18) 1Bd/1Ba units and six (6) 2Bd/1Ba units. Each unit boasts an open and
spacious layout consisting of hardwood floors throughout. Recent improvements to the building consist of, but not limited to: new Weil McLain boiler, a 400 amp electric service, and modern kitchens and baths.
7200 S. Michigan presents an investor an incredible opportunity to acquire a stabilized, cash flowing asset in
Chicago’s Grand Crossing neighborhood. With the current operation from day one, an investor will realize a 10.66% cap rate and a 19.87% cash return.
Property Facts
| Price | $2,150,000 | Building Class | C |
| Price Per Unit | $89,583 | Lot Size | 0.37 AC |
| Sale Type | Investment | Building Size | 18,600 SF |
| Cap Rate | 10.66% | No. Stories | 3 |
| No. Units | 24 | Year Built/Renovated | 1926/2022 |
| Property Type | Multifamily | Parking Ratio | 0.48/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | RS-3 - Medium-Density Residential | ||
| Price | $2,150,000 |
| Price Per Unit | $89,583 |
| Sale Type | Investment |
| Cap Rate | 10.66% |
| No. Units | 24 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.37 AC |
| Building Size | 18,600 SF |
| No. Stories | 3 |
| Year Built/Renovated | 1926/2022 |
| Parking Ratio | 0.48/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | RS-3 - Medium-Density Residential |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Views
- Freezer
Site Amenities
- 24 Hour Access
- Picnic Area
- Trash Pickup - Curbside
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 18 | - | 650 |
| 2+1 | 6 | - | 950 |
1 1
Walk Score®
Very Walkable (83)
Transit Score®
Excellent Transit (73)
Property Taxes
| Parcel Number | 20-27-107-017-0000 | Improvements Assessment | $63,915 |
| Land Assessment | $14,985 | Total Assessment | $78,900 |
Property Taxes
Parcel Number
20-27-107-017-0000
Land Assessment
$14,985
Improvements Assessment
$63,915
Total Assessment
$78,900
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7208 S Michigan Ave
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