Listed by Kiser Group
$13,850,000
4625 S Drexel Blvd
Details
Property Type Multifamily
Sub Type Apartment Building
Square Footage 42,600
Units 62
Cap Rate 7.00%
Year Renovated 2020
Multifamily | 7.00% CAP | 62 Units
Marketing description
Kiser Group is pleased to exclusively present for purchase 4625 S. Drexel, a sixty-two (62) unit building located on a quiet, tree-lined street amongst a variety of single-family townhomes and has tremendous curb appeal. Situated in a premier location in Chicago's historic North Kenwood neighborhood, the asset is ideally located just blocks away from Lake Michigan, Williams-Davis Park, providing easy access to S. Lake Shore Dr. and Chicago's downtown, along with a close proximity to Hyde Park and the University of Chicago.
4625 S. Drexel boasts a desirable unit mix, comprised of thirty-nine (39) 1Bd/1Ba, and twenty-three (23) 2Bd/1Ba units. All of which are incredibly spacious and have gone through extensive renovations and include modern finishes. Typical units include, but are not limited to, hardwood floors, stainless steel appliances, and individual laundry units as well as HVAC furnaces.
4625 S. Drexel provides investors with the unique opportunity to obtain a stabilized, cash-flowing asset in one of Chicago's most rapidly appreciating neighborhoods . From day one, an investor will realize an in-place cap rate of 7% and a cash return of 12.84%. Additionally, there is a current loan on the building that is assumable. At list price, a new owner has the opportunity to assume a 3.32% interest rate with roughly 5yrs left at roughly 78% LTV.
Investment highlights
- Thirty-Nine (39) 1Bd/1Ba & Twenty-Three (23) 2Bd/1Ba
- Modern Units w/ High End Finishes
- Complete Gut Rehab (2020)
- Individual HVAC
- Attractive Assumable Financing w/ 3.32% Interest Rate
Listing Contacts
Listed by Kiser Group
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