4819 S Calumet Ave
- Rare Bronzeville Six-Unit Multifamily Acquisition Opportunity
- Potential Conversion To Condos
- Highly Desirable Oversized Unit Mix
- Compelling Value-Add Execution
- Significant Rental Upside
- High Rental Demand
- Catalyst from Obama Presidential Center
Property Description
Essex Three-Twelve, LLC is pleased to present the opportunity to acquire a six-unit multifamily property located at 4819-21 S Calumet in the heart of Bronzeville, one of Chicago's most historic and rapidly evolving neighborhoods. Comprised of exceptionally large apartment layouts, the property features two four-bedroom units and four five-bedroom units, a unit mix that is increasingly difficult to replicate in today's development environment and rarely offered for sale. The asset presents a compelling value-add opportunity through interior renovations and strategic unit reconfiguration. Given the substantial unit sizes, investors have the ability to modernize the apartments while potentially adding additional bathrooms, creating more desirable three-bedroom/two-bathroom and fourbedroom/ two-bathroom layouts that align with current renter preferences. Current rents remain significantly below market, providing investors with a clear path to increasing revenue through a targeted renovation program. At an asking price of $889,900, investors have the opportunity to acquire the asset at approximately $148,317 per unit. With a projected renovation budget of approximately $30,000 per unit, the property offers an attractive all-in basis of roughly $178,317 per unit. The combination of oversized floor plans, below-market rents, and the potential to improve unit functionality through the addition of bathrooms creates a compelling value-add opportunity. Following renovations, investors can reposition the asset to better compete with newer housing stock while capitalizing on the strong demand for large apartment units throughout Bronzeville and Chicago's South Side.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $889,900 |
| No. of Units: | 6 |
| Year Built: | 1902 |
| Lot Size: | 0.15 Acres |
| Opportunity Zone: | No |
| Price per unit: | $148,317 |
| Property Website | Click Here |
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Jared Ennis
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Rick Recckio
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Lenders
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Essex Property Trust, Inc.
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Josh A
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Bob Tuteur
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Andrew Schildcrout