5120-26 S Michigan

Chicago, IL 60615

5120-26 S. Michigan Ave., a spacious 8-unit center entrance walk up building located in the booming Washington Park/Bronzeville neighborhood on the south side of Chicago. The improvement sits on an over-sized lot (63' x160') offering renters large apartments and an enclosed on-site parking lot accommodating up to 11 vehicles. 5120-26 S. Michigan has a desirable unit mix and these units are large in square footage. The break-down are as follows: (3)1Bd/1Ba at 880sf, 700sf, & 560sf, (2) 3Bd/2Ba at 1,920sf, and (3)5Bd/2Ba boasting 2,140sf. Throughout the recent years, the building has undergone significant and extensive improvements consisting of, but not limited to: roof repairs, exterior painting, tuck pointing, HVACs, plumbing,common areas, and perimeter fence. The units have also have been improved with granite counter tops and updated appliances. This asset offers a true unique and value-add opportunity. As it currently stands, an investor can acquire an existing cash flowing asset from day one with a Cap Rate of 8.08%. In addition, plans were approved to add (4) 1Bd/1Ba units and increase the gross rental income to +/-$45,000 per year. Some work has started that includes, but not limited to: plumbing, laundry room and furnaces. Offering Memorandum available upon request. Inquire listing broker for more details. *Note: The total expense cost for utilities are accounted for under the"Fuel" expense on this listing. The Gross Income accounts for rent, parking, and pet rent.