4522 Calumet Ave Chicago, IL 60653

Property Details for 4522 Calumet Ave

Property type

Commercial real estate

Description

This exceptional investment opportunity presents a meticulously renovated six-unit apartment building located in Chicago's vibrant Bronzeville neighborhood. The property, situated on a desirable block amidst new construction, seamlessly blends historic charm with modern luxury. Its prime location offers convenient access to the amenities of Hyde Park, Kenwood, and Bronzeville, attracting high-quality tenants. The building comprises a desirable unit mix: two spacious three-bedroom, one-and-a-half-bathroom duplex units and four well-appointed two-bedroom, one-bathroom simplex units. Each apartment features updated kitchens with modern, open layouts and renovated bathrooms, appealing to discerning renters. A complete gut renovation in 2015 addressed all aspects, from plumbing and electrical systems to flooring, ceilings, and roofing, ensuring minimal maintenance costs for years to come. Additional features include a fenced backyard and on-site parking for four vehicles. The property boasts a 7.93% cap rate and a net operating income of $78,525, representing a compelling return on investment. This turnkey asset offers significant upside potential in a rapidly appreciating market, making it an ideal addition to any portfolio. The building sits on a 6,250 square foot lot and is a three-story structure. The asking price is $990,000, or $165,000 per unit. Currently, the building enjoys 100% occupancy.