Eight-Unit Multifamily
5616 S Michigan Ave Chicago, IL 60637
5616 S Michigan Ave, Chicago, IL, 60637
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For Sale
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Eight-unit multifamily property with six larger 4Bd/2Ba units and two 2Bd/1Ba units, with individual HVAC systems.
Property Size8,772 SF
Price / SF$168.15
Days on Market17
Property Features for 5616 S Michigan Ave
General Information
- Standard status
- Active
- Size
- 8,772 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1905
Listing agency
Kiser Group
(773) 293-5032
Listed by
Aaron Sklar · License #IL 475161507
Source
Crexi
Added: Jul 6 Updated: Jul 22 at 12:02PM Checked: Jul 22 at 12:02PM
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 Kiser Group
Investment Insights
Based on property information with market context.
5616 S. Michigan is an eight-unit multifamily building with six 4-bedroom, 2-bath units and two 2-bedroom, 1-bath units. The apartments are described as having open floor plans, with kitchens that include granite countertops and stainless steel appliances, along with modern bathrooms featuring custom finishes.
Capital improvements noted include copper plumbing, updated porches, and individual HVAC systems for the units.
This property is being offered for sale as an income-producing asset with in-place performance noted by the seller as an in-place cap rate exceeding 9%.
Capital improvements noted include copper plumbing, updated porches, and individual HVAC systems for the units.
This property is being offered for sale as an income-producing asset with in-place performance noted by the seller as an in-place cap rate exceeding 9%.
Key Highlights
- 8‑unit multifamily building built in 1905
- Unit mix: six 4Bd/2Ba units and two 2Bd/1Ba units
- Capital improvements include copper plumbing and updated porches
Local Financial Insights For Apartment 5plus
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 | $257.9k | $29.40 |
| − Vacancy | −$13.4k | −$1.53 |
| EGI | $244.5k | $27.87 |
| − OpEx | −$110.0k | −$12.54 |
| NOI | $134.5k | $15.33 |
8,772 SF · lease $29.40/SF/yr · vacancy 5.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.92M
$1.68M – $2.24M
NOI $134,467 @ 7.0% cap · market cap 9.12%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.14M
$3.62M – $4.83M
NOI $289,518 @ 7.0% cap · market cap 19.63%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Eight-unit multifamily property with six larger 4Bd/2Ba units and two 2Bd/1Ba units, with individual HVAC systems.
Where is this apartment building located?
The property is located at 5616 S Michigan Ave Chicago, IL.
What is the asking price?
The asking price for this property is $1,475,000.
What are key features of this property?
This property features: 8‑unit multifamily building built in 1905; Unit mix: six 4Bd/2Ba units and two 2Bd/1Ba units; Capital improvements include copper plumbing and updated porches
