5609 South Michigan Avenue
- Twelve (12) 3Bd/2Ba, Twelve (12) 2Bd/1Ba, & One (1) 2Bd/2Ba Units
- Gut Renovated in 2006 - 1,200 Amp Electrical Service, Windows, Drywall & Copper Plumbing
- Modern Kitchen & Baths w/ Spacious Floorplans
- Prime Washington Park Location
Property Description
Kiser Group is pleased to exclusively present for purchase 5609 S. Michigan Ave., a 25-unit multifamily investment opportunity located in Chicago's historic Washington Park neighborhood. Situated just minutes from Washington Park, the University of Chicago, public transportation, and major thoroughfares, the property offers an excellent location with strong rental demand and continued investment throughout the surrounding area. The property features an attractive unit mix of one (1) 2Bd/2Ba, twelve (12) 2Bd/1Ba, and twelve (12) 3Bd/2Ba apartments, catering to a wide range of renters seeking spacious floor plans. The entire building underwent a comprehensive gut renovation in 2006, which included the installation of a new 1,200-amp electrical service, all new copper plumbing, new windows, modern kitchens and bathrooms, and numerous additional capital improvements. The asset is offered at an attractive 8.71% in-place cap rate with a 12.66% cash-on-cash return, delivering immediate cash flow from day one. Investors also have the opportunity to execute a value-add strategy through continued rental growth, increasing returns to a projected 10.52% pro forma cap rate and an impressive 19.91% pro forma cash-on-cash return, creating substantial upside while benefiting from strong in-place performance.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $2,850,000 |
| No. of Units: | 25 |
| Opportunity Zone: | No |
| Price per unit: | $114,000 |
| Property Website | Click Here |
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