Receivership Sale | Vacant 20-Unit Rehab
- All 20 units are vacant, offering a clean value-add renovation and lease-up opportunity.
- Historic South Side location minutes from the Loop, Lake Michigan, and CTA Green Line access.
- Ten of twenty units are 3- and 4-bedroom layouts, rare in-demand family-sized inventory.
- The $3.1B museum campus opens June 2026, driving sustained South Side visitation and demand.
- Metro-wide vacancy fell to just 3.0% in Q2 2026, among the tightest of any major U.S. market.
- New construction, retail, and infrastructure upgrades are actively reshaping the surrounding blocks.
Property Description
Brokered by SVN Chicago Commercial and powered by RealINSIGHT Marketplace, 4901 S Michigan Ave is a 20-unit multifamily asset in Chicago's historic Bronzeville/Grand Boulevard neighborhood, offered fully vacant and ready for a ground-up value-add renovation. Built in 1930 on a 7,997 SF corner lot, the 21,615 SF building delivers a family-oriented unit mix of six 2-bedroom, six 3-bedroom, four 3-bedroom 1.5-bath, and four 4-bedroom 2-bath apartments. The property requires capital improvements to the boiler system, electrical service, and plumbing throughout, presenting a clean slate for a full gut renovation and lease-up at market rents. Pro-forma operations project $422,000 in total scheduled income and $212,000 of net operating income once stabilized. Located minutes south of the Loop and three miles from the $3.1B Obama Presidential Center opening June 2026, the asset sits within a corridor of active reinvestment, new construction, and retail growth. Chicago's metro-wide multifamily vacancy fell to just 3.0% in Q2 2026, among the tightest of any major U.S. market, positioning this South Side value-add opportunity for strong lease-up demand and long-term appreciation.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Auction |
| Property Types: | Affordable Housing |
| Price: | $250,000 |
| No. of Units: | 20 |
| Year Built: | 1930 |
| Building Size: | 21,615 Sq ft |
| No. of Stories: | 3 |
| Opportunity Zone: | No |
| Price per unit: | $12,500 |
| Property Website | Click Here |
Unit mix
| Description | No. of Units | Sq ft. | Avg. Monthly Rent |
|---|
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Brokers
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Remax Professionals
Re/Max Real Estate Professionals | New York
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout