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4220 S Michigan Avenue, Chicago, IL 60653
$4,450,000
4220 S Michigan Avenue, Chicago, IL 60653View this property at 4220 S Michigan Avenue, Chicago, IL 60653
4220 S Michigan AvenueChicagoIL60653
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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
Full Property Details
Full Property Details for 4220 S Michigan Ave
General
- Price: $4,450,000
- HOA FEE: $7,500
- Taxes: $37,538 (2022)
- Status: Active
- Type: Commercial
- MLS ID: 11976342
- Updated: 2/28/2024
- Added to Site: 80 day(s) ago
Location
- Area: CHI - Grand Boulevard
- County: Cook
- Driving 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.
Heating & Cooling
- Heating Type: Individual Furnaces
Utilities
- Trash: 3301
Structural Information
- Stories/Levels: 4
- Year Built: 1916
- Built Before 1978: Yes
Lot Features
- Lot Dimensions: 102' x 159'
Financial Considerations
- Maint. Fee: $7,500
- Insurance Fee: $17,398
- Operating Expenses: $129,710
- Other Fee: $6,000
- Assessment Year: 1916
- Tax Amount: $37,538.9
- Tax Year: 2022
- Tenant Pays: Electricity, Heat, Hot Water
- Pays Electric: 5161
- Pays Trash: 3301
Disclosures and Reports
- Property ID: 20031190180000
Listed by Kiser Group Realty Inc
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Schools
Schools serving 4220 S Michigan Ave
School District:Chicago Public Schools
Rating | Name | Grades | Distance |
---|---|---|---|
25 W 47th St, Chicago, IL 60609 | PK-8 | 0.7 mi | |
244 E Pershing Rd, Chicago, IL 60653 | 9-12 | 0.5 mi |
Disclaimer: School ratings provided by
GreatSchools. Ratings are on a scale of 1-10.
Learn more about GreatSchools ratings.
School attendance boundaries provided by Pitney Bowes and are for reference only. Contact the school directly to verify enrollment eligibility.
Price & Sales History for 4220 S Michigan Ave
Date
Details
Price
Change
Source
2/07/2024
Listed
$4,450,000
—
MLS
Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
Tax History
Tax History for 4220 S Michigan Ave
Year
Property Taxes
Change
Tax Assessment
Change
2022
$37,539
2%
$181,940
—
2021
$36,696
54%
$181,940
70%
2020
$23,875
11%
$107,174
—
2019
$21,533
26%
$107,174
24%
2018
$17,032
3%
$86,222
12%
2017
$16,548
66%
$76,870
54%
2016
$9,970
-29%
$49,779
-35%
2015
$14,066
51%
$76,758
53%
2014
$9,327
-3%
$50,271
-5%
2013
$9,597
20%
$52,768
18%
2012
$8,009
—
$44,633
—
Disclaimer: Historical tax information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
Estimate the Cost
Estimate the Cost for 4220 S Michigan Ave
4220 S Michigan Avenue, Chicago, IL 60653 (MLS# 11976342) is a Commercial property. 4220 S Michigan Avenue is currently listed for $4,450,000 and was received on February 07, 2024. Want to learn more about 4220 S Michigan Avenue? Do you have questions about finding other Commercial real estate for sale in Grand Boulevard? You can browse all Grand Boulevard real estate or contact a Coldwell Banker agent to request more information.