Washington Park Multifamily Investment
For Sale
$1,200,000
5833 South Michigan Avenue, Chicago, IL 60637
Eight-unit multifamily property in Chicago's Washington Park neighborhood.
Property Size9,375 SF
Price / SF$128
Days on Market251
Property Features for 5833 South Michigan Avenue
General Information
Standard status
Active
Size
9,375 SF
Property subtype
Multifamily
Listing Agency:
(847) 999-8818
Listed By:
Liam Moore · License #475178997
Source:
33realty
Added: Nov 21, 2025
Changed: Jul 6
Last Checked: Jul 30 at 4:00AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Liam Moore
Investment Insights
Based on property information with market context.
Located in the Washington Park neighborhood of Chicago, IL, the property at 5831-33 S Michigan Avenue features eight units. The unit mix includes three 2-bed/2-bath and five 3-bed/2-bath apartments, designed in a condo style with spacious layouts. Each unit is equipped with gas forced air heat, individual water heaters, in-unit washer/dryer, and 100 AMPS of electricity. A surface parking lot secured by an electronic gate is located behind the building, accommodating parking for 10 vehicles. The parking lot is not currently monetized. The property is situated on a quiet residential street near the intersection of South Michigan Avenue and East 59th Street. The location provides easy access to I-94, which is a mile to the east. The units are in excellent condition, and the property was gut renovated within the past 10 years. The property is located in a highly sought-after neighborhood, a sister community to Hyde Park, with proximity to Lake Michigan, beaches, golf courses, nightlife, and the University of Chicago. Public transportation is easily accessible via the Metra, CTA Green Line, Red Line, Lakeshore Drive, and the Dan Ryan Expressway. The new Obama Center is under construction a 10-minute car ride away. There is the ability to raise rents an additional $150-$250 on each unit without significant renovations.
Key Highlights
- Excellent condition of units and ideal unit mix with three 2 bed/2 bath & five 3 bed/2 bath.
- Potential to increase rents by $150-$250 per unit.
- Enjoy the convenience of in‑unit washer and dryer in every unit.
Financial Insights For Industrial
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $88.4k | $9.43 |
| − Vacancy | −$4.4k | −$0.47 |
| EGI | $84.0k | $8.96 |
| − OpEx | −$25.2k | −$2.69 |
| NOI | $58.8k | $6.27 |
9,375 SF · lease $9.43/SF/yr · vacancy 5.00% · expense 30.00%
Alternative Uses
Best Use
Apartment 5plus
$2.05M
$1.80M – $2.40M
NOI $143,711 @ 7.0% cap · market cap 11.98%
Second Best
Retail
$1.85M
$1.62M – $2.16M
NOI $129,701 @ 7.0% cap · market cap 10.81%
Theoretical Best
Office A
$4.42M
$3.87M – $5.16M
NOI $309,420 @ 7.0% cap · market cap 25.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
803
Businesses Nearby
Explore this area
Business Placement
Demographics for 60637, IL
53,555
Population
26,717
Households
2
Avg Household Size
31
Median Age
37%
College-Educated
89%
High-School Grad
4.5 sq mi
ZIP Area
11,901
Density / Sq Mi
$42,080
Median Household Income
$33,227
Median Earnings
$1,170
Median Rent
$243,700
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Eight-unit multifamily property in Chicago's Washington Park neighborhood.
Where is this apartment building located?
The property is located at 5833 South Michigan Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Excellent condition of units and ideal unit mix with three 2 bed/2 bath & five 3 bed/2 bath.; Potential to increase rents by $150-$250 per unit.; Enjoy the convenience of in‑unit washer and dryer in every unit.
