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5616 S Michigan Ave 8 Unit Apartment Building $2,021,355 CAD ($252,669 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 | $2,021,355 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $252,669 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.16 AC |
| Cap Rate | 9.03% | Building Size | 7,057 SF |
| No. Units | 8 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1905 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | RM-5 | ||
| Price | $2,021,355 CAD |
| Price Per Unit | $252,669 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 |
| Opportunity Zone |
Yes |
| Zoning | RM-5 |
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 | $84,911 CAD |
| Land Assessment | $34,109 CAD | Total Assessment | $119,020 CAD |
Property Taxes
Parcel Number
20-15-108-028-0000
Land Assessment
$34,109 CAD
Improvements Assessment
$84,911 CAD
Total Assessment
$119,020 CAD
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5616 S Michigan Ave
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