Address
5610 S Michigan Avenue, Chicago, IL
Price
$ 965,000
Property Attributes
- MLS#12056555
- TypeMulti-Family
- CountyCOOK
- CityChicago
- AreaCHI - Washington Park
- NeighborhoodWashington Park
- Zip60637
- Style
- Year Built1895
- Taxes$ 8526
- Price$ 965,000
- Bedrooms9
- Full Bathrooms0
- Half Bathrooms0
Data Source:
Midwest Real Estate Data (MRED)
Property Description
Key Details: Building Type: Multifamily Units: 7 total (4) units: 4-bedroom (2)units: 3-bedroom (1) unit: 2-bedroom Listing Price: $965,000 Net Operating Income (NOI): $77,980 Capitalization Rate (Cap Rate): 8.08% Location & Market Insights The property is situated in a vibrant area of Chicago with ongoing urban development, making it highly desirable for potential renters. It is conveniently located near essential amenities such as grocery stores, restaurants, schools, and parks, which enhance the quality of life for residents. Additionally, its proximity to major transit routes ensures easy commutes, making it an ideal location for working professionals. The neighborhood boasts various cultural attractions, further adding to its appeal. The tenant demographics are diverse, ranging from families to young professionals, reducing the risk of vacancies. Market trends indicate that the cap rate aligns well with average rates in the area, signaling a well-priced investment opportunity relative to its income generation potential. Investment Highlights Investing in this property offers the potential for a steady income stream due to its diverse unit mix, which reduces vacancy risk and increases rental appeal. The competitive cap rate of 8.08% reflects a strong return on investment. Additionally, the property's proximity to ongoing developments supports long-term capital growth, offering prospects for value appreciation. The building's potential for rental rate increases and improved occupancy rates adds to its investment appeal. Its strategic location enhances its desirability for potential renters and supports stable demand, making it an excellent choice for those looking to expand their real estate portfolio with a multifamily residence that provides immediate rental returns and promising long-term capital growth prospects.
| Price History | |
|---|---|
| 5/15/2024 | Listed $965,000 |
General Features
| Year Built | 1895 |
|---|---|
| Tenant Pays | Electricity,Heat |
| Stories | 3 |
| Tax Year | 2022 |
| County | Cook |
| Property Type | Commercial Sale |
| Status | Active |
| Directions | Take W Garfield Blvd to S Michigan Ave Merge onto S Wells St Turn left onto W Garfield Blvd Turn right onto S Michigan Ave |
| City | Chicago |
| NumberOfUnitsTotal | 7 |
| MLS Area | CHI - Washington Park |
| Street Name | Michigan |
| Tax Annual Amount | 8526 |
| Additional Parcels Y/N | No |
| Days on Market | 5 |
| Standard Status | Active |
| Property Type | Multi Family 5+ |
Interior Features
| Street Suffix | Avenue |
|---|
Exterior Features
| Lot Dimensions | 7050 |
|---|
Amenities
- Foreclosure
- Views
- Short Sale
- New Construction
- Adult 55+
- Lease To Own
- No HOA Fees
- Furnished
- Primary On Main
- Air Conditioning
- Seller Finance
- Green
- Fixer Upper
- Horse
- Golf
- Fireplace
- Deck
- Garage
- Basement
- Pool
Property vs Multi-Family Average in 60637
Price
Taxes
Visits
Year Built
