Overview
Bronzeville Multifamily Investment Opportunity
Located within the gated, landmarked Groveland Park community in Chicago’s Bronzeville neighborhood, 619 E. Groveland Park is a 7-unit multifamily property. Constructed in the early 1900s and revitalized, the property encompasses approximately 5,697 square feet. The unit mix consists of (3) 2-bedroom + den / 1-bath units and (4) 1-bedroom / 1-bath units, plus a garden unit. Unit sizes range from approximately 525–950 SF, with the garden unit at approximately 650 SF. The property is currently generating $127,800 in gross annual rental income ($10,650/month). With a 4% vacancy assumption (-$5,152) and $1,008 in annual laundry income, effective gross income totals approximately $123,656. Operating expenses are efficiently managed at approximately $30,171 (a 24% expense ratio), resulting in a current NOI of $93,484. A $50,000 renovation budget (light interior enhancements and unit turns) supports mark-to-market rent growth from $10,650/month to $13,200/month (gross annual rent from $127,800 to $158,400). Under the pro forma scenario (still assuming 4% vacancy and $1,008 in laundry income), effective gross income increases to approximately $153,032, with total expenses of approximately $31,377 (a 21% expense ratio), producing a pro forma NOI of $121,655. The property benefits from its setting within a gated historic park environment, offering residents a quiet, residential atmosphere while still providing convenient access to Lake Shore Drive, major employment centers, public transit, and continued investment activity throughout Bronzeville. It is suited for investors seeking durable in-place income with measured value-add upside, minimal operational disruption, and strong long-term appreciation fundamentals.
