5120-26 South Michigan Avenue

• Desirable Unit Mix
• Individual HVACs
• On-Site Parking
• Value-Add Opportunity
• Plans Available to add (4) 1 Bd/1Ba Units
• Potential in +/-$45,000 of Gross Rental Income

Property Description

Jameson Commercial is excited to present an opportunity to purchase a spacious 8-unit walk-up building in the thriving Washington Park/Bronzeville neighborhood on the south side of Chicago. The property is on a beautiful, tree-lined street with one-way traffic heading south. The building sits on an oversized lot measuring 63' x 160', which provides renters with large apartments and a secure, enclosed parking lot capable of accommodating up to 11 vehicles. The property is popular with both current and future tenants due to its updated finishes, proximity to public transportation, and its proximity to the affluent and historic neighborhood of Hyde Park - home to the University of Chicago and the Museum of Science & Industry. This property is also only one mile from the future Obama Presidential Center. 5120-26 S. Michigan Ave. boasts an excellent unit mix, with spacious units ranging from one to four bedrooms. Specifically, the building offers (3) 1Bd/1Ba units measuring 800sf, 700sf, and 560sf, (2) 3Bd/2Ba units measuring 1,920sf, and (3) 4Bd/2Ba units measuring 2,140sf. The three one-bedroom units are located entirely on the second floor of the 5124 tier and were partitioned from their original-sized single unit. If desired, a future investor can convert these units back into the original floor plan of over 2,000sf to create a single unit. In recent years, the building has undergone significant improvements, including but not limited to roof repairs, exterior painting, tuckpointing, HVACs, plumbing, common areas, and perimeter fence. The units have also been updated with granite countertops and modern appliances. 5120-26 S. Michigan Ave. provides an investor with a unique and valuable opportunity. An investor can acquire an existing cash-flowing asset from day one with a ProForma Cap Rate at approximately +/-9.20%, achievable with lease and management improvements. In addition, the current owners have architectural plans to add four garden-style 1Bd/1Ba units, increasing the gross rental income to approximately $45,000 per year. Work has already begun, including plumbing, laundry rooms, and furnaces. There is an ERAMP Agreement with Chicago's Dept of Housing, which expires in July 2026. The pro forma rents reflect the 2023 rental cap based on 60% of AMI. Please inquire for more details.