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4952 W Madison Ave

Address: 4952 W Madison St, Chicago, IL 60644, USA

Chicago & Midwest + Apartment Buildings

Created date: February 13, 2025

Date last updated: April 16, 2025

- Master Lease to strong non profit group with community vision
- Building is Managed by Single Tenant
- 3% Annual Rental Increases through 2034 with extension option
- Completely Renovated in 2020

Property Description

33 Realty is pleased to present for purchase 4952 W Madison Ave., a gut rehabbed 23-unit mixed use property in Chicago's Austin neighborhood with a master lease from a strong non profit organization. The property went through a full renovation in 2019 (details on page 4). The tenant, Primo Center, took occupancy in 2020 and has a master lease that runs through 2034 at a current rate of $338,745 per annum, with an escalation amount of three percent (3%) per annum. The property is composed of five (5) one-bed / one-bath units, six (6) two-bed / one-bath units, six (6) three-bed / two-bath units, four (4) three-bed / one-bath units, one (1) four-bed / two-bath unit and a commercial space comprised of 3700 square feet. The property was extensively rehabbed in the last two years. The 2019-2020 rehab included: Upgraded Electric and Conduit Wiring, Brand New Water and Gas Service, New Copper Plumbing Throughout, Brand New Furnaces and Water Heaters for all Units, New Tear-Off Roof and Parapets, New Kitchens & Baths, LTV Flooring.

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Key Property Information

Listing Status:	Available
Listing Type:	Call for offers
Property Types:	Apartment Buildings
Price:	$2,900,000
No. of Units:	23
Average Occupancy:	8.72
Year Built:	1924
Lot Size:	0.30 Acres
Opportunity Zone:	No
Price per unit:	$126,087
Property Website	Click Here