5849 Michigan Ave Chicago, IL 60637
- Commercial real estate
- 9,600 SF
Current Use by Public Records
- Kings Tower chicago / Bed & Breakfast
- S T Investments / Investment Service
Property Details for 5849 Michigan Ave
- Property size
- 9,600 SF
- Property type
- Commercial real estate
Description
This eight-unit apartment building in Chicago's desirable Washington Park neighborhood presents a compelling investment opportunity. Boasting a 9.12% cap rate, the property features a mix of spacious units: six three-bedroom/one-bathroom units (nearly 1,300 sq ft each), one two-bedroom/one-bathroom unit (nearly 1,000 sq ft), and one one-bedroom/one-bathroom unit. Recent renovations include updated kitchens and bathrooms, new flooring and paint, newer lintels, a code-compliant porch, and updated hot water heaters. The building also benefits from a modern Weil-McLain boiler with R&D controls. Located on tree-lined Michigan Avenue, it's just four blocks from Washington Park and conveniently close to public transportation (Garfield and King Drive 'El' train stops). The property's strong cash flow and potential for increased returns through rent stabilization or unit modifications make it an attractive investment. The total square footage is 9,600 square feet. The asking price is $900,000. This well-maintained building offers a blend of classic charm and modern updates, making it an ideal addition to any investment portfolio.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Chicago
- County
- Cook
- State
- Illinois
- Longitude
- -87.6218553
- Latitude
- 41.7878599
