Listed by Kiser Group
$1,915,000
4320 S. Michigan Ave
Details
Property Type Multifamily
Sub Type Apartment Building
Square Footage 12,600
Units 11
Cap Rate 9.34%
Multifamily | 9.34% CAP | 11 Units
Marketing description
Kiser Group is pleased to exclusively offer for purchase the sale of 4320 S. Michigan Ave, a pristine six (11) unit walk-up tucked away in the Bronzeville neighborhood of Chicago’s South Side. The subject site sits directly in the core of one of Chicago’s most rapidly expanding neighborhoods and is roughly a 15-minute drive to Chicago's downtown.
4320 S. Michigan has a desirable unit mix consisting of two (2) 4Bd/3Ba, six (6) 3Bd/2Ba, two (2) 2Bd/1Ba, and one (1) 1Bd/1ba unit. All of the units have spacious layouts and have been extensively renovated. Recent capital improvements include, but are not limited to: individual furnaces, in-unit hot water tanks, in-unit laundry, copper plumbing, new electric system, and renovated kitchen and baths w/ dishwashers & stainless steel appliances.
4320 S. Michigan presents an investor with a unique opportunity to acquire a strong, positive cash-flowing building with an in place cap rate of 9.57% and a cash return of 16.70%. Given the quality of the units coupled with the prime location, an investor could increase the cap rate to over 10.31% and a cash return of 19.65%.
Assumable Financing: Buyer has the option to assume the current loan, approximate terms are:
- $1.284MM
- 12 Years Remaining
- 4.43% Interest Rate
Location Description
Bronzeville
Investment highlights
- Two (2) 4Bd/3Ba, Six (6) 3Bd/2Ba, Two (2) 2Bd/1Ba, & One (1) 1Bd/Ba
- Prime Bronzeville Location
- 9.53% Cap Rate
- Assumable Debt at 4.43% Interest Rate
- Gut Renovated Building
Listing Contacts
Listed by Kiser Group
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