5017 S Drexel Blvd - Apartments FOR SALE


Chicago, IL 60615- Kenwood
$4,700,000 USD
312-890-2232
5017 S Drexel Blvd, Chicago, IL for Sale
$4,700,000 USD
Apartments - FOR SALE
1/6
null | 7.6% Cap Rate

5017 S Drexel Blvd
Chicago, IL 60615
Kenwood


HIGHLIGHTS

  • Attractive PPB: $147k/Bedroom
  • [3] Covered Parking Spaces | [3] Uncovered Parking Spaces
  • Successful Hybrid Rental Model: Ownership has Achieved a Strong History of High Occupancy
  • All of the Units Feature Designer Finishes and Fully Furnished Units
  • Located in the Desirable and Fast Appreciating Hyde Park Neighborhood

OVERVIEW

Nara Advisors has been exclusively engaged to market for sale Drexel House [5017 S Drexel Blvd], an 8-unit, 38-bedroom multifamily property in Chicago's Hyde Park neighborhood. 5017 S Drexel is a gut-rehabbed property showcasing a rare and highly functional unit configuration: [7] spacious five-bedroom apartments and [1] three-bedroom unit, all equipped with three bathrooms. Each residence has been meticulously updated, offering modern, high-end finishes, quality furnishings, private furnaces, and in-unit laundry. These extensive upgrades support strong investment potential and market-leading returns in one of Chicago’s most upward-trending submarkets. The building operates with both short-term rental flexibility and long-term lease stability. The property is situated in close proximity to numerous attractions of Chicago's desirable Hyde Park neighborhood, including The University of Chicago, The Northwestern Medical Center, and the future Obama Presidential Library. The owner has successfully implemented a hybrid long-term/short-term rental strategy that caters to the University of Chicago community. Ownership has achieved high occupancy and strong in-place rental income off their hybrid model.

FOR SALE DETAILS

PRICE

$4,700,000 USD

PRICE/SF

$264 USD /SF

# OF UNITS

8

PRICE/UNIT

$587,500

CAP RATE

7.6%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1915

PARKING SPACES

6

LAND DETAILS

LAND ACRES

0.23 AC

LAND SF

9,868 SF

ZONING

RM-5

APN/PARCEL ID

20-11-114-002-0000

ASK ABOUT THIS PROPERTY

Robert BermanNara AdvisorsMore Info
312-890-2232

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Robert BermanNara AdvisorsMore Info
312-890-2232

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