4153-57 Prairie Ave Chicago, IL 60653

Property Details for 4153-57 Prairie Ave

Year built

2024

Property size

13,500 SF

Property type

Apartment buildings

Description

This exceptional investment opportunity presents a meticulously maintained, three-building apartment complex in Chicago's vibrant Bronzeville neighborhood. The property comprises nine units, each a spacious three-bedroom, two-bathroom 3-flat with a private rear patio/deck and a three-car garage. Built in 2024, these Class A apartments boast high-end finishes including clean white cabinetry, stainless steel appliances, quartz islands, and wide-plank LVT flooring. Open living spaces feature dedicated dining areas and breakfast nooks. Primary suites offer walk-in closets and spa-like bathrooms. Each unit includes high-efficiency furnaces, tankless water heaters, in-unit laundry, and full window treatments. The property sits on a lot ranging from 9,200 to 9,400 square feet, with a total building square footage between 13,500 and 14,000 square feet and a net rentable area of 13,050 square feet. Currently operating at 89% occupancy (as of September 1, 2023), the property generates a substantial net operating income (NOI) of $218,437, resulting in a compelling 6.62% capitalization rate. Annual expenses are estimated at $56,423, including property taxes, insurance, management fees, water, and electricity. The asking price is $3,300,000, translating to $366,667 per unit. The property is zoned RM5 and offers a turnkey investment opportunity, ideal for owner-occupancy or a 1031 exchange. A one-year warranty is included. Located just blocks from Mariano's and a short walk from the Indiana Green Line, this property offers unparalleled convenience and exceptional value in a rapidly growing area.