5847-5849 S Michigan Ave - Apartments FOR SALE


Chicago, IL 60637- Washington Park
$899,000 USD
630-774-8225
5847-5849 S Michigan Ave, Chicago, IL for Sale
$899,000 USD
Apartments - FOR SALE
1/20
null | 9.7% Cap Rate

5847-5849 S Michigan Ave
Chicago, IL 60637
Washington Park


OVERVIEW

Investment Opportunity | 8-Unit Multifamily | Washington Park Excellent opportunity to acquire an 8-unit multifamily investment in Chicago's rapidly evolving Washington Park neighborhood, just minutes from the Obama Presidential Center, the University of Chicago, public transportation, and ongoing neighborhood redevelopment. The property consists of six (6) spacious 3-bedroom/1-bath units and two (2) 1-bedroom/1-bath units, providing a desirable unit mix for long-term rental demand. Currently, seven (7) units are occupied, with one vacant unit offering immediate lease-up potential and additional upside. Current ownership has completed various repairs and maintenance since acquisition and has assembled a comprehensive due diligence package, including a current rent roll, income and expense statement, and repair history. Based on the current financials, the property presents an attractive investment opportunity with an estimated 9.7% cap rate at the current asking price, making it appealing to both local and out-of-state investors seeking immediate cash flow with future value-add potential. Property Highlights: 8-unit brick apartment building Six (6) 3BR/1BA units Two (2) 1BR/1BA units Seven units occupied; one vacant unit available for lease-up Investor-friendly financial package available Walking distance to public transportation Minutes from the Obama Presidential Center and University of Chicago Value-add opportunity through continued asset management and future capital improvements Financials, rent roll, and additional due diligence documents are available upon request. Showings by appointment only.

FOR SALE DETAILS

PRICE

$899,000 USD

PRICE/SF

$95 USD /SF

# OF UNITS

8

PRICE/UNIT

$112,375

CAP RATE

9.7%

% LEASED

75%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1929

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.11 AC

LAND SF

4,792 SF

ZONING

RM-5

APN/PARCEL ID

20-15-121-014-0000

ASK ABOUT THIS PROPERTY

Alexander PartidaRealty Of America, LLCMore Info
630-774-8225

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Alexander PartidaRealty Of America, LLCMore Info
630-774-8225

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