4320 S Michigan Ave
11 Units | 2018 Gut Renovated | AHSAP Tax Incentive
Marketing description
CRER is pleased to exclusively offer 4320 S Michigan Ave, an 11-unit gut renovated (2018) investment property in Bronzeville, one of Chicago's strongest rental submarkets. The property is 100% occupied and enrolled in the Cook County AHSAP tax incentive program, locking in a 2024 tax bill of just $6,647 ($604 per unit) with renewals available for up to 30 years. The building features a desirable unit mix weighted toward oversized floorplans, with 8 of 11 units offering three or four bedrooms. Units feature tenant-paid forced air heat and AC plus in-unit laundry, and the roof was replaced in 2018. At the $1,900,000 asking price, the offering delivers an 8.6% current cap rate and 7.04 GRM, with a clear path to a 10.7% pro forma cap through modest rent adjustments, a rare combination of stabilized income, tax efficiency, and above-market yield.
Investment highlights
- 2018 gut renovation
- Replaced in 2018
- 100% occupied and enrolled in the Cook County AHSAP tax incentive program, locking in a 2024 tax bill of just $6,647 ($604 per unit) with renewals available for up to 30 years
- The building features a desirable unit mix weighted toward oversized floorplans, with 8 of 11 units offering three or four bedrooms
- Units feature tenant-paid forced air heat and AC plus in-unit laundry, and the roof was replaced in 2018
- At the $1,900,000 asking price, the offering delivers an 8.6% current cap rate and 7.04 GRM, with a clear path to a 10.7% pro forma cap through modest rent adjustments, a rare combination of stabilized income, tax efficiency, and above-market yield
Listing Contacts
Valuation Calculator
Valuation Metrics
Map
Zoning
Broker Selected Comps View More Comps
Property History
Tax History
Similar Properties
Is there information that looks off?
