North Kenwood Apartment
For Sale
$21,750,000
4625 South Drexel Boulevard, Chicago, IL 60653
62-unit building in Chicago's historic North Kenwood neighborhood.
Property Size94,200 SF
Price / SF$510.56
Days on Market201
Property Features for 4625 South Drexel Boulevard
General Information
Standard status
Active
Size
94,200 SF
Property subtype
Multifamily
Building Details
Building Size
94,200 SF
Listing Agency:
SVN | Chicago - Corporate
Listed By:
Joe Connelly
(630) 550-1515
Source:
Svn
Added: Mar 27
Changed: Sep 11
Last Checked: Oct 12 at 6:05PM
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 SVN | Chicago - Corporate
Investment Insights
Based on property information with market context.
Located on a quiet, tree-lined street in Chicago's historic North Kenwood neighborhood, 4625 S. Drexel is a sixty-two (62) unit building with curb appeal. The property is situated blocks away from Lake Michigan and Williams-Davis Park, providing easy access to S. Lake Shore Dr. and Chicago's downtown, along with close proximity to Hyde Park and the University of Chicago. The unit mix is comprised of thirty-nine (39) 1Bd/1Ba and twenty-three (23) 2Bd/1Ba units. The units are spacious and have undergone extensive renovations, including modern finishes. Typical unit features include hardwood floors, stainless steel appliances, individual laundry units, and HVAC furnaces. The property offers investors the opportunity to obtain a stabilized, cash-flowing asset in a rapidly appreciating neighborhood. The building has an in-place cap rate of 7% and a cash return of 12.84%. There is a current assumable loan on the building with a 3.32% interest rate with roughly 5 years left at roughly 78% LTV. The property size is 42600 square feet.
Key Highlights
- Assumable loan with a 3.32% interest rate and roughly 5 years remaining at approximately 78% LTV.
- In‑place cap rate of 7%** and a cash return of 12.84%.
- Sixty‑two (62) unit building with a desirable mix of 1Bd/1Ba and 2Bd/1Ba units.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$653,022
Cap Rate
3.00%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$13,060,440
$13.1M
Cap Rate 7%
$9,328,886
$9.3M
Cap Rate 9%
$7,255,800
$7.3M
Market Conditions
NOI Build-Up for 42,600 SF
Gross rent
$1.25M $29.40/SF
− Vacancy
−$65.1K −$1.53/SF
EGI
$1.19M $27.87/SF
− OpEx
−$534.3K −$12.54/SF
NOI
$653.0K $15.33/SF
Area
Chicago, IL
Vacancy
5.20%
Lease Rate
$29.40 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$13,060,440
Cap Rate 7%
$9,328,886
Cap Rate 9%
$7,255,800
Alternative Uses
Best Use
Apartment 5plus
$9.33M
$8.16M – $10.88M
NOI $653,022 @ 7.0% cap · market cap 3.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$20.09M
$17.58M – $23.43M
NOI $1,406,004 @ 7.0% cap · market cap 6.46%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,587
Businesses Nearby
Explore this area
Business Placement
Demographics for 60653, IL
33,146
Population
18,279
Households
1.8
Avg Household Size
37
Median Age
38%
College-Educated
90%
High-School Grad
2.4 sq mi
ZIP Area
13,811
Density / Sq Mi
$39,565
Median Household Income
$49,335
Median Earnings
$856
Median Rent
$347,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Apartment building - 62-unit building in Chicago's historic North Kenwood neighborhood.
Where is this apartment building located?
The property is located at 4625 South Drexel Boulevard Chicago, IL.
What is the asking price?
The asking price for this property is $21,750,000.
What are key features of this property?
This property features: Assumable loan with a **3.32% interest rate** and roughly 5 years remaining at approximately 78% LTV.; In‑place cap rate of 7%** and a cash return of 12.84%.; Sixty‑two (62) unit building with a desirable mix of 1Bd/1Ba and 2Bd/1Ba units.
