4320 S Michigan Ave
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4320 S Michigan Ave
11 Unit Apartment Building $2,075,000 ($188,636/Unit) Chicago, IL 60653
Investment Highlights
- Professional Offering Memorandum Available Upon Request
- 100% Gut Renovated Units with In-Unit Washer/Dryer Throughout
- Stabilized, Cash-Flowing Building With Strong Rental Upside for Top-Quality Units and All Subsidy Tenants
- Favorable Assumable Debt, Current Balance of $1.32MM 4.43% IR
- Favorable Mix of Entirely Two, Three, and Four Bedroom Units; Most Units Have Two Bathrooms
- Professionally Operated and Meticulously Maintained by Local Owner
Executive Summary
Essex Realty Group, Inc. has been exclusively engaged to market for sale 4320 S Michigan Ave, an 11-unit multifamily building located in Chicago’s Bronzeville neighborhood.
This turnkey property features an immensely favorable unit mix of almost entirely two-, three-, and four-bedroom units with two bathrooms in a majority of the apartments. These units were all recently gut renovated and feature high end finishes with individual furnaces and in-unit washer/dryer throughout, allowing an investor to achieve top of the market rents in one of Chicago’s most appreciating submarkets. There is no deferred maintenance with this property.
Further contributing to this building’s cash flow is the assumable debt. There is an assumable loan with favorable leverage and a below-market 4.43% interest rate. This, combined with a strong history of high occupancy and collections, will enable an investor to achieve above-market cash-on-cash returns, with room to further increase rents.
4320 S Michigan presents the rare opportunity for an investor to acquire a fully-renovated building with large apartments in the appreciating Bronzeville neighborhood and achieve stellar cash-on-cash returns by assuming the below-market interest rate, higher-leverage debt.
This turnkey property features an immensely favorable unit mix of almost entirely two-, three-, and four-bedroom units with two bathrooms in a majority of the apartments. These units were all recently gut renovated and feature high end finishes with individual furnaces and in-unit washer/dryer throughout, allowing an investor to achieve top of the market rents in one of Chicago’s most appreciating submarkets. There is no deferred maintenance with this property.
Further contributing to this building’s cash flow is the assumable debt. There is an assumable loan with favorable leverage and a below-market 4.43% interest rate. This, combined with a strong history of high occupancy and collections, will enable an investor to achieve above-market cash-on-cash returns, with room to further increase rents.
4320 S Michigan presents the rare opportunity for an investor to acquire a fully-renovated building with large apartments in the appreciating Bronzeville neighborhood and achieve stellar cash-on-cash returns by assuming the below-market interest rate, higher-leverage debt.
Property Facts
| Price | $2,075,000 | Apartment Style | Low Rise |
| Price Per Unit | $188,636 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.55 AC |
| No. Units | 11 | Building Size | 30,609 SF |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built/Renovated | 1910/2020 |
| Price | $2,075,000 |
| Price Per Unit | $188,636 |
| Sale Type | Investment |
| No. Units | 11 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.55 AC |
| Building Size | 30,609 SF |
| No. Stories | 3 |
| Year Built/Renovated | 1910/2020 |
Unit Amenities
- Air Conditioning
- Washer/Dryer
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
Site Amenities
- Controlled Access
- Tenant Controlled HVAC
- Recycling
- Smoke Free
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 1 | - | - |
| 2+1 | 2 | - | - |
| 3+2 | 6 | - | - |
| 4+3 | 2 | - | - |
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Walk Score ®
Very Walkable (71)
Transit Score ®
Excellent Transit (74)
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $84,866 | |
| Land Assessment | $46,489 | Total Assessment | $131,355 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$46,489
Improvements Assessment
$84,866
Total Assessment
$131,355
zoning
| Zoning Code | R-5 (Residential) |
| R-5 (Residential) |
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4320 S Michigan Ave
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