5120-26 South Michigan AvenueChicago, IL 60615Price: $1,175,000

  • Price: $1,175,000
  • 143 Days on Market
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Federal 30-year interest rate: 6.49% last updated on Dec 1, 2022
* All Figures are estimates. Check with your bank or proposed mortgage company for actual interest rates.
This product uses the FRED® API but is not endorsed or certified by the Federal Reserve Bank of St. Louis.
  • 0.25Acreage
  • 12,500Square Feet
  • 1886Year Built

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Jameson Commercial is pleased to exclusively present 5120-26 S. Michigan Ave., a spacious 8-unit center entrance walk up building located in the booming Washington Park/Bronzeville neighborhood on the south side of Chicago. The improvement sits on an over-sized lot (63' x160') offering renters large apartments and an enclosed on-site parking lot accommodating up to 11 vehicles. 5120-26 S. Michigan has a desirable unit mix and these units are large in square footage. The break-down are as follows: (3)1Bd/1Ba at 880sf, 700sf, & 560sf, (2) 3Bd/2Ba at 1,920sf, and (3)5Bd/2Ba boasting 2,140sf. Throughout the recent years, the building has undergone significant and extensive improvements consisting of, but not limited to: roof repairs, exterior painting, tuck pointing, HVACs, plumbing,common areas, and perimeter fence. The units have also have been improved with granite counter tops and updated appliances. This asset offers a true unique and value-add opportunity. As it currently stands, an investor can acquire an existing cash flowing asset from day one with an in-place Cap Rate of 8.09% and Cash-on-Cash return of nearly 10%. In addition, the current owners have plans and permit to add four garden-style 1Bd/1Ba units and increase the gross rental income to +/-$45,000 per year. Some work has started that includes, but not limited to: plumbing, laundry room and furnaces. Note: in the financial section of this MLS listing and in the "fuel" line item, the dollar amount represents the combined annual utility costs for gas (hot water), water and common area electric. Please inquire for an Offering Memorandum.

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Listed by Marco Cesario of Jameson Commercial

Based on information submitted to MRED  as of December 3, 2022 . All data is obtained from various sources and has not been, and will not be, verified by broker or MRED.   All information should be independently reviewed and verified for accuracy.  Properties may or may not be listed by the office/agent presenting the information. NOTICE: Many homes contain recording devices, and buyers should be aware they may be recorded during a showing.

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