5345 University Ave Chicago, IL 60615

Property Details for 5345 University Ave

Year built

1909

Lot size

0.22 lot acres

Property size

12,954 SF

Property type

Retirement homes

Property subtype

Dormitories

APN

20-11-319-028-0000

Description

This 12,954 sq ft, three-story brick building in Chicago's Hyde Park presents a unique redevelopment opportunity. Currently zoned RS-3, it offers flexibility for various uses, including a single-family home, group home, or community center. Potential rezoning to RT-4 could allow for approximately eight units. The property boasts 10 bedrooms, 6 bathrooms, 3 sun porches, 2 large common areas, and a 3-car garage with a 2-bedroom/1-bathroom apartment above. Extensive renovations since 2008, totaling over $2 million, include roof upgrades (2017, garage 2023), tuckpointing (2016), window replacements, landscaping (2022), and a complete electrical system upgrade (2024). Located steps from the University of Chicago, the lakefront, and downtown Hyde Park amenities, this property is also a short drive from the Loop. The property is eligible for federal and state tax incentives. The asking price is $1,606,000, with a pro-forma NOI of $112,905 and a pro-forma cap rate of 7.03%. The building was constructed in 1909 and extensively renovated in 2024. The 0.22-acre lot is situated at 5345 S University Ave, Chicago, IL 60615 (APN: 20-11-319-028-0000). The property is currently vacant, with an occupancy date of September 11, 2024. The building features two structures and three stories. Utilities include a single electric, water, and gas meter with a boiler heating system. The garage apartment has separately metered utilities and window air conditioning.