5610 South Michigan Avenue
5610 South Michigan Avenue
$965,000
27
8
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Description
Key Details: Building Type: Multifamily Units: 7 total (4) units: 4-bedroom (2)units: 3-bedroom (1) unit: 2-bedroom Listing Price: $965,000 Net Operating Income (NOI): $77,980 Capitalization Rate (Cap Rate): 8.08% Location & Market Insights The property is situated in a vibrant area of Chicago with ongoing urban development, making it highly desirable for potential renters. It is conveniently located near essential amenities such as grocery stores, restaurants, schools, and parks, which enhance the...Key Details: Building Type: Multifamily Units: 7 total (4) units: 4-bedroom (2)units: 3-bedroom (1) unit: 2-bedroom Listing Price: $965,000 Net Operating Income (NOI): $77,980 Capitalization Rate (Cap Rate): 8.08% Location & Market Insights The property is situated in a vibrant area of Chicago with ongoing urban development, making it highly desirable for potential renters. It is conveniently located near essential amenities such as grocery stores, restaurants, schools, and parks, which enhance the quality of life for residents. Additionally, its proximity to major transit routes ensures easy commutes, making it an ideal location for working professionals. The neighborhood boasts various cultural attractions, further adding to its appeal. The tenant demographics are diverse, ranging from families to young professionals, reducing the risk of vacancies. Market trends indicate that the cap rate aligns well with average rates in the area, signaling a well-priced investment opportunity relative to its income generation potential. Investment Highlights Investing in this property offers the potential for a steady income stream due to its diverse unit mix, which reduces vacancy risk and increases rental appeal. The competitive cap rate of 8.08% reflects a strong return on investment. Additionally, the property's proximity to ongoing developments supports long-term capital growth, offering prospects for value appreciation. The building's potential for rental rate increases and improved occupancy rates adds to its investment appeal. Its strategic location enhances its desirability for potential renters and supports stable demand, making it an excellent choice for those looking to expand their real estate portfolio with a multifamily residence that provides immediate rental returns and promising long-term capital growth prospects.
- Listed by Anthony Hardy • Keller Williams ONEChicago
- Listed by Travis Montgomery • Keller Williams ONEChicago
Property Details for 5610 South Michigan Avenue
Area
CHI - Washington Park
Location
LISTING UPDATED: 05/20/2024 12:07 AM
Property Details for 5610 South Michigan Avenue
Status | Active |
---|---|
MLS # | 12056555 |
Days on Market | 27 |
Taxes | $8,526 / year |
HOA Fees | - |
Condo/Co-op Fees | - |
Compass Type | Multi Family |
MLS Type | Multi Family 5+ / Multi Family 5+-Other |
Year Built | 1895 |
Lot Size | 0.16 AC / 7,050 SF |
County | Cook County |
Location
Building Information for 5610 South Michigan Avenue
Stories-Residences7Year Built1895Building Size-Lot Size0.16 AC / 7,050 SF
Payment Calculator
$5,977 per month
The Payment Calculator is for illustrative purposes only.
Property Information for 5610 South Michigan Avenue
Property History for 5610 South Michigan Avenue
Date | Event & Source | Price | Appreciation |
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Date | Event & Source | Price |
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For completeness, Compass often displays two records for one sale: the MLS record and the public record.
Public Records for 5610 South Michigan Avenue
Taxable ValueLand$3,877Additions$37,448Total$41,325
Tax Record2022$8,526 ($711 / month)
Home Facts
Baths6Total Finished SqFt8,748 SqFtAbove Grade Finished SqFt8,748 SqFtStories3Lot Size7,050 SqFtStyleMulti-Family Res (5+ Units)Year Built1900CountyCOOKAPN20-15-108-027
Schools near 5610 South Michigan Avenue
This home is within City Of Chicago School District 299.
Rating | School | Type | Grades | Distance |
---|---|---|---|---|
Public - | PK to 8 | |||
Public - | 9 to 12 | |||
Charter - | 9 to 12 | |||
Public - | PK to 8 |
Rating | School | Distance |
---|---|---|
Carter Elementary School PublicPK to 8 | ||
Phillips Academy High School Public9 to 12 | ||
Ace Technical Charter High School Charter9 to 12 | ||
Beasley Elementary Magnet Academic Center PublicPK to 8 |
School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.
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