4320 S Michigan Ave - Apartments FOR SALE


Chicago, IL 60653- Bronzeville
$1,900,000 USD
847-863-2707
4320 S Michigan Ave, Chicago, IL for Sale
$1,900,000 USD
Apartments - FOR SALE
1/10
null | 8.76% Cap Rate

4320 S Michigan Ave
Chicago, IL 60653
Bronzeville


OVERVIEW

CRER is pleased to exclusively offer 4320 S Michigan Ave, an 11-unit gut-renovated (2018) investment property in Bronzeville, one of Chicago's strongest rental submarkets. The property is 100% occupied and enrolled in the Cook County AHSAP tax incentive program, locking in a 2024 tax bill of just $6,647 ($604 per unit) with renewals available for up to 30 years. The building features a desirable unit mix weighted toward oversized floorplans, with 8 of 11 units offering three or four bedrooms. Units feature tenant-paid forced air heat and AC plus in-unit laundry, and the roof was replaced in 2018. At the $1,900,000 asking price, the offering delivers an 8.6% current cap rate and 7.04 GRM, with a clear path to a 10.7% pro forma cap through modest rent adjustments, a rare combination of stabilized income, tax efficiency, and above-market yield.

FOR SALE DETAILS

PRICE

$1,900,000 USD

PRICE/SF

$161 USD /SF

# OF UNITS

11

PRICE/UNIT

$172,727

CAP RATE

8.76%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1910

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.18 AC

LAND SF

7,625 SF

ZONING

RM-5

APN/PARCEL ID

20-03-301-016-0000

ASK ABOUT THIS PROPERTY

Steven RapoportChicago Real Estate ResourcesMore Info
847-863-2707

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Steven RapoportChicago Real Estate ResourcesMore Info
847-863-2707

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.