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4131 S Michigan Ave 6 Unit Apartment Building £642,988 (£107,165/Unit) 8.60% Net Initial Yield Chicago, IL 60653
INVESTMENT HIGHLIGHTS
- Property has a strong history of high occupancy and collections
- Within walking distance to the Sox-35th Redline stop
- [1] 1-Bed/1-Bath [5] 2-Bed/1-Bath
- Current cap rate of 8.0%, projected to increase to 8.7% on a stabilized basis
- Current rents below market with potential to increase to $1,375 for 1-bedroom units and $1,700 for 2-bedroom units
- The property is fully occupied, showcasing strong rental demand in the area
EXECUTIVE SUMMARY
Nara Advisors is pleased to exclusively market for sale 4131 S Michigan Ave, a 6-unit apartment building located in Chicago's Bronzeville neighborhood
PROPERTY FACTS
| Price | £642,988 | Apartment Style | Low-Rise |
| Price Per Unit | £107,165 | Costar Property Class | C |
| Sale Type | Investment | Total Plot Size | 0.18 ac |
| Yield | 8.60% | Property Size | 7,934 sq ft |
| No. Units | 6 | No. Floors | 3 |
| Property Type | Build-to-Rent | Year Built/Renovated | 1887/2015 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Use Class | RM-5 - Medium to high-density apartment buildings | ||
| Price | £642,988 |
| Price Per Unit | £107,165 |
| Sale Type | Investment |
| Yield | 8.60% |
| No. Units | 6 |
| Property Type | Build-to-Rent |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Costar Property Class | C |
| Total Plot Size | 0.18 ac |
| Property Size | 7,934 sq ft |
| No. Floors | 3 |
| Year Built/Renovated | 1887/2015 |
| Opportunity Zone |
Yes |
| Use Class | RM-5 - Medium to high-density apartment buildings |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT PCM | sq ft |
|---|---|---|---|
| 1+1 | 1 | - | - |
| 2+1 | 5 | - | - |
1 1
Walk Score®
Easily Walkable (76)
Transit Score®
Excellent Public Transport (71)
Bike Score®
Good for cycling (70)
PROPERTY TAXES
| Parcel Number | 20-03-114-005-0000 | Improvements Assessment | £36,007 |
| Land Assessment | £21,065 | Total Assessment | £57,072 |
PROPERTY TAXES
Parcel Number
20-03-114-005-0000
Land Assessment
£21,065
Improvements Assessment
£36,007
Total Assessment
£57,072
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4131 S Michigan Ave
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