5450 S. Indiana Aven..
- 27 Units
Buildings like this don't come onto the market very often.
Located just a few blocks north of Chicago's gentrified Hyde Park area, this Kenwood neighborhood property is a rare opportunity. Sales cap rates in the neighborhood have been compressing continuously, accentuating its investment potential.
This is an unusually large and beautifully landscaped courtyard building. 22 to 25 of its 44 units will be targeted for CHA voucher tenants.
The building will receive a full overhaul of its electrical system, a new roof, and parapet wall restoration. Plumbing repairs will be made in sections of the building, and as existing tenants move out, the units will receive upgrades as needed in order to generate the desired income.
Located on beautiful, tree-lined stretch of Drexel Boulevard that stretches down to Washington Park, the property is also easy walking distance to Jackson Park - recently announced as the future home of the Obama Presidential Library (regardless of where you stand politically, presidential libraries have a record of raising area property values) -- and Burnham Park, Chicago's six-mile long park that stretches down the shore of Lake Michigan.
The building is near churches, restaurants, shops and schools. The campus of the University of Chicago lies just to the south. It is convenient to public transportation, with the 47th Street stations for both the Green Line L Train and the Metrarail nearby, along with multiple bus stops.
Our analysis indicates that the property will generate more than enough revenue to cover mortgage payments on the building as well as all of the property's operating expenses, and still return positive cash flow. This is why we consider this multi-unit building to be an excellent investment opportunity.
The property is priced at $5,250,000.
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