4131 S Michigan AveChicago, IL 60653

Property Details for 4131 S Michigan Ave

Property type

Residential income homes

Property subtype

Residential income properties

Description

Kiser Group pleased to exclusively offer for purchase 4131 S. Michigan, a rarely available center entranced six (6) unit located in Chicago’s historic Bronzeville neighborhood. The subject site sits directly in the core of one of Chicago’s most rapidly expanding neighborhoods and is roughly two (2) blocks away from Chicago’s Green Line, “El”, train station at Indiana, and is less than half (0.5) a mile away from Bronzeville’s newly open Mariano's Grocery Store. 4131 S. Michigan is comprised of six (6) incredibly spacious units made up of five (5) 2b/1ba units and one (1) 1b/1ba. All the units are incredibly large and include both a formal living and dining room with beautiful, original hardwood flooring throughout. Moreover, all the units feature newly updated kitchens and baths as well. Recent capital improvements to the building consist of, but not limited to: new windows (2015), an updated central boiler, updated copper plumbing as needed, as well as a code compliant porch. Additionally, there is also a laundry facility on site featuring both a washing and drying machine. Furthermore, there is a two (2) car garage on site as well as (5) parking spots in the rear, which provides the tenants with an additional amenity. 4131 S. Michigan provides an investor with a rare opportunity to acquire a stabilized and strong cash flowing asset in Chicago’s desirable pocket of Bronzeville. From day one, a new owner will capitalize on an incredibly strong and rapidly growing tenant base, and will realize an in place cap rate of 7.43% and a cash-on-cash return of nearly 13%. However, with the development of the area, there is an opportunity to add outstanding value by increasing rents to current market rate levels. Furthermore, these figures can be even further increased with the potential opportunity of duplexing down the first floor apartment units.

Location Insight

City

Chicago

County

State

Illinois

Latitude

41.8892

Longitude

-87.623

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