5510 N Kenmore Ave - Apartments FOR SALE


Chicago, IL 60640- Edgewater
$3,300,000 USD
773-293-5045
5510 N Kenmore Ave, Chicago, IL for Sale
$3,300,000 USD
Apartments - FOR SALE
1/5
null | 5.64% Cap Rate

5510 N Kenmore Ave
Chicago, IL 60640
Edgewater


HIGHLIGHTS

  • 10 Condo-Quality Apartments
  • Gut-Renovated in 2008
  • One, Two, and Three Bedroom Units
  • 10 Exterior Parking Spaces
  • In-Unit Laundry and Individual HVAC
  • Immediate Rental Upside

OVERVIEW

This 10-unit walk-up building, located at 5510 N. Kenmore, is situated in Chicago's Edgewater neighborhood and consists of three (3) 1 bed / 1 bath apartments, five (5) 2 bed / 1 bath units, and two (2) 3 bed / 2 bath units. Constructed in 1912, and gut-renovated in 2008 as a potential condominium conversion, the property sits 0.2 miles from the Bryn Mawr CTA station, 0.2 miles from Lake Shore Drive, 0.4 miles from Foster Beach, and 0.6 miles from Andersonville's Clark Street retail corridor. During the 2008 full-scale renovation, all floor plans were reconfigured, with apartments featuring stainless steel appliances, in-unit laundry, hardwood floors, and individual HVAC systems. Additionally, plumbing and electric systems were upgraded, common areas were modernized, steel porches were added to the rear and side of the building, and 10 rear/front parking spaces were paved. 5510 N. Kenmore offers the opportunity to acquire a condo-quality, low-maintenance asset with immediate rental upside (current rents are ~20% below market for nearby apartments) in a core northside neighborhood. With shifting tenant preferences, this thoughtfully renovated property is positioned for a long-term hedge against a continuously changing market.

FOR SALE DETAILS

PRICE

$3,300,000 USD

PRICE/SF

$271 USD /SF

# OF UNITS

10

PRICE/UNIT

$330,000

CAP RATE

5.64%

% LEASED

97%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Kenmore Prairie

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1912

PARKING SPACES

8

LAND DETAILS

LAND ACRES

0.17 AC

LAND SF

7,492 SF

ZONING

R-6, Chicago

APN/PARCEL ID

14-08-201-015-0000

ASK ABOUT THIS PROPERTY

Jacob PriceKiser GroupMore Info
773-293-5045

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Jacob PriceKiser GroupMore Info
773-293-5045

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