4220 S. Michigan is a 26-unit property located Chicago's historic Bronzeville neighborhood. The asset is ideally situated on a beautiful, tree-lined street just blocks away from Metcalfe Park, providing easy access I-90 and Chicago's downtown. 4220 S. Michigan is comprised of an incredibly desirable unit mix, consisting of one (1) studio, seven (7)2BD/1BA, and eighteen (18) 3BD/1BA units. All Units are incredibly spacious and have gone through updates both cosmetically and mechanically. Recent improvements to the building includes but are not limited to, newer roofs, renovated kitchens & bathrooms, in-unit HVAC, and copper plumbing. 4220 S. Michigan provides investors with the unique opportunity to obtain a stabilized, cash flowing asses in one of Chicago's most rapidly appreciating neighborhoods. From day one, an investor will realize an in-place cap rate over 6.05% and a cash return of just under 7%. Additionally, an investor has the option to assume the existing debt (terms below) through Freddie Mac. 4220 S Michigan Ave: - $2, 464, 000 - 3.67% Rate -2 Years Remaining
Property Features
Bathrooms
Land Info
- Lot Size Acres: 0.372314
- Lot Size Dimensions: 102' X 159'
- Lot Size Square Feet: 16218
Homeowners Association
- Association: No
- Calculated Total Monthly Association Fees: 0
Multi-Unit Info
- Number of Units: 26
- Bedrooms in Unit-1: 3
- Bedrooms in Unit-2: 2
- Bedrooms in Unit-3: 1
- Total Bathrooms in Unit-1: 1
- Total Bathrooms in Unit-2: 1
- Total Bathrooms in Unit-3: 1
- Full Bathrooms in Unit-1: 1
- Full Bathrooms in Unit-2: 1
- Full Bathrooms in Unit-3: 1
- Total Rooms in Unit-1: 5
- Total Rooms in Unit-2: 4
- Total Rooms in Unit-3: 3
Rental Info
- Tenant Pays: Electricity, Heat, Hot Water
Other Property Info
- Annual Tax Amount: 37538.90
- Source Listing Status: Active
- County: Cook
- Directions: Heading West on East 43rd Street, head past the 43rd Street CTA Station for two blocks, then turn right onto South Michigan Avenue, where the property sits four buildings in on the left.
- Tax Year: 2022
- Source Property Type: Multi-Family
- Parcel Number: 20031190180000
- Property Subtype: Multi Family 5+
- Source System Name: C2C
Commercial Info
- Net Operating Income: 269062
Building and Construction
- Year Built: 1916
- Property Age: 108
- Levels or Stories: 4