5849 South Michigan AvenueChicago, IL 60637

Property Details for 5849 South Michigan Avenue

Property type

Residential income homes

Property subtype

Residential income properties

Description

Kiser Group is pleased to exclusively offer for purchase the sale of 5847 S. Michigan, a beautifully updated, center entranced eight (8) unit building located in the Washington Park neighborhood of Chicago’s South Side. The building sits on Chicago’s historic and tree lined Michigan Avenue just four (4) blocks from Washington Park, and directly adjacent to Jubilee Temple. Additionally, the building is situated just blocks from both the Garfield and King Drive Subway transit ‘El” train stop. 5847 S. Michigan has a desirable unit mix that includes six (6) incredibly spacious 3b/1ba units. All of which boast nearly 1,300 square feet of living space and include both a formal living and separate dining room. Additionally, the building also consists of one (1) 2b/1ba garden unit, which is incredibly spacious, too, boasting nearly 1,000 square feet of living space and one (1) 1b/1ba garden unit. Over the years, almost all of the units have been extensively renovated with upgrades consisting of new kitchens, baths, paint, and flooring throughout. In addition to cosmetic updates, recent improvements to the building include, but are not limited to, newer lintels, an updated & code compliant porch, newer hot water heaters, and a modern Weil-McLain boiler w/ R&D control system. 5847 S. Michigan presents an investor a unique opportunity to acquire a strong cash flowing asset with an in place cap rate of 9.12% along with a cash return over 13.7%. Solely by stabilizing the rent roll to what is currently being achieved in the building, there is an opportunity to attain a cap rate over 10%. Furthermore, these figures can be even further improved should a new owner decide to convert either the living room or dining room into an additional bedroom.

Location Insight

City

Chicago

County

State

Illinois

Latitude

41.8892

Longitude

-87.623

FAQs

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