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5616 S Michigan Ave 8 Unit Apartment Building $2,049,070 CAD ($256,134 CAD/Unit) 9.03% Cap Rate Chicago, IL 60637
Investment Highlights
- Six (6) 4Bd/2Ba & One (1) 2Bd/1Ba
- Granite Counter Tops w/ Stainless Steel Appliances
- Individual HVAC Systems
- Individual Laundry Hookups
Executive Summary
Kiser Group is pleased to exclusively present for purchase 5616 S. Michigan, a rarely available eight (8) unit multifamily building located in Chicago’s Washington Park neighborhood. The property sits adjacent to Hyde Park and is just blocks from the prestigious University of Chicago, as well as the future site of the Obama Presidential Library, positioning it within one of the city’s most dynamic and rapidly developing areas.
5616 S. Michigan is comprised of eight (8) total units, including six (6) 4Bd/2Ba units and one (1) 2Bd/1Ba unit. The apartments feature open floor plans with high-end kitchens with granite countertops and stainless steel appliances, and modern bathrooms with custom finishes. Capital improvements include copper plumbing, updated porches, and individual HVAC systems.
5616 S. Michigan presents investors with the opportunity to acquire a well-maintained, income-producing asset in one of Chicago’s fastest-growing neighborhoods. With an in-place cap rate of 9.03% and a cash return of 13.94%.
5616 S. Michigan is comprised of eight (8) total units, including six (6) 4Bd/2Ba units and one (1) 2Bd/1Ba unit. The apartments feature open floor plans with high-end kitchens with granite countertops and stainless steel appliances, and modern bathrooms with custom finishes. Capital improvements include copper plumbing, updated porches, and individual HVAC systems.
5616 S. Michigan presents investors with the opportunity to acquire a well-maintained, income-producing asset in one of Chicago’s fastest-growing neighborhoods. With an in-place cap rate of 9.03% and a cash return of 13.94%.
Property Facts
| Price | $2,049,070 CAD | Building Class | C |
| Price Per Unit | $256,134 CAD | Lot Size | 0.16 AC |
| Sale Type | Investment | Building Size | 7,057 SF |
| Cap Rate | 9.03% | No. Stories | 3 |
| No. Units | 8 | Year Built | 1905 |
| Property Type | Multifamily | Parking Ratio | 0.38/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | RM-5 - Residential Multi-Unit District | ||
| Price | $2,049,070 CAD |
| Price Per Unit | $256,134 CAD |
| Sale Type | Investment |
| Cap Rate | 9.03% |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.16 AC |
| Building Size | 7,057 SF |
| No. Stories | 3 |
| Year Built | 1905 |
| Parking Ratio | 0.38/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | RM-5 - Residential Multi-Unit District |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 2 | - | 1,000 |
| 4+2 | 6 | - | 1,300 |
1 1
Moderately walkable
70/100
Exceptionally drivable
90/100
Good public transit
70/100
Very bikeable
80/100
Property Taxes
| Parcel Number | 20-15-108-028-0000 | Improvements Assessment | $84,136 CAD |
| Land Assessment | $33,798 CAD | Total Assessment | $117,935 CAD |
Property Taxes
Parcel Number
20-15-108-028-0000
Land Assessment
$33,798 CAD
Improvements Assessment
$84,136 CAD
Total Assessment
$117,935 CAD
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5616 S Michigan Ave
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