Address
4220 S Michigan Avenue, Chicago, IL
Price
$ 4,450,000
Property Attributes
  • MLS#11976342
  • TypeMulti-Family
  • CountyCOOK
  • CityChicago
  • AreaCHI - Grand Boulevard
  • NeighborhoodGrand Boulevard
  • Zip60653
  • Style
  • Year Built1916
  • Taxes$ 37538
  • Price$ 4,450,000
  • Bedrooms6
  • Full Bathrooms0
  • Half Bathrooms0
Data Source:
Midwest Real Estate Data (MRED)
Property Description

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

Price History
2/28/2024 Listed $4,450,000

General Features

Year Built 1916
Tenant Pays Electricity,Heat,Hot Water
Stories 4
Tax Year 2022
Gross Income 419760
County Cook
Net Operating Income 269062
Operating Expense 129710
Insurance Expense 17398
Property Type Commercial Sale
MaintenanceExpense 7500
Status Active
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.
City Chicago
Total Units 26
MLS Area CHI - Grand Boulevard
Street Name Michigan
Tax Annual Amount 37538.9
Electric Expense 5161
Fuel Expense 14674
Trash Expense 3301
Water Sewer Expense 12199
Additional Parcels Y/N No
Days on Market 42
Standard Status Active
Property Type Multi Family 5+

Interior Features

Street Suffix Avenue

Exterior Features

Lot Dimensions 102' X 159'

Amenities

  • Foreclosure
  • Views
  • Short Sale
  • New Construction
  • Adult 55+
  • Lease To Own
  • No HOA Fees
  • Furnished
  • Primary On Main
  • Air Conditioning
  • Seller Finance
  • Green
  • Fixer Upper
  • Horse
  • Golf
  • Fireplace
  • Deck
  • Garage
  • Basement
  • Pool

Property vs Multi-Family Average in 60653

Price
AVG $1.03M
$4.45M
Taxes
AVG $8,474
$37,538
Visits
AVG 128
322
Data Provided by Inside Real Estate®
Year Built
AVG 1942
1916