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5610 S Michigan Avenue, Chicago, IL 60637
$965,000
5610 S Michigan Avenue, Chicago, IL 60637View this property at 5610 S Michigan Avenue, Chicago, IL 60637
5610 S Michigan AvenueChicagoIL60637
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Property Description
Key Details: Building Type: Multifamily Units: 7 total (4) units: 4-bedroom (2)units: 3-bedroom (1) unit: 2-bedroom Listing Price: $965,000 Net Operating Income (NOI): $77,980 Capitalization Rate (Cap Rate): 8.08% Location & Market Insights The property is situated in a vibrant area of Chicago with ongoing urban development, making it highly desirable for potential renters. It is conveniently located near essential amenities such as grocery stores, restaurants, schools, and parks, which enhance the quality of life for residents. Additionally, its proximity to major transit routes ensures easy commutes, making it an ideal location for working professionals. The neighborhood boasts various cultural attractions, further adding to its appeal. The tenant demographics are diverse, ranging from families to young professionals, reducing the risk of vacancies. Market trends indicate that the cap rate aligns well with average rates in the area, signaling a well-priced investment opportunity relative to its income generation potential. Investment Highlights Investing in this property offers the potential for a steady income stream due to its diverse unit mix, which reduces vacancy risk and increases rental appeal. The competitive cap rate of 8.08% reflects a strong return on investment. Additionally, the property's proximity to ongoing developments supports long-term capital growth, offering prospects for value appreciation. The building's potential for rental rate increases and improved occupancy rates adds to its investment appeal. Its strategic location enhances its desirability for potential renters and supports stable demand, making it an excellent choice for those looking to expand their real estate portfolio with a multifamily residence that provides immediate rental returns and promising long-term capital growth prospects.
Full Property Details
Full Property Details for 5610 S Michigan Ave
General
- Price: $965,000
- Taxes: $8,526 (2022)
- Status: Active
- Type: Commercial
- MLS ID: 12056555
- Updated: 5/20/2024
- Added to Site: 27 day(s) ago
Location
- Area: CHI - Washington Park
- County: Cook
- Driving Directions: Take W Garfield Blvd to S Michigan Ave Merge onto S Wells St Turn left onto W Garfield Blvd Turn right onto S Michigan Ave
Heating & Cooling
- Heating Type: Forced Air
Structural Information
- Stories/Levels: 3
- Year Built: 1895
- Built Before 1978: Yes
Lot Features
- Lot Dimensions: 7050
Financial Considerations
- Assessment Year: 1895
- Tax Amount: $8,526
- Tax Year: 2022
- Tenant Pays: Electricity, Heat
Disclosures and Reports
- Property ID: 20151080270000
Listed by Keller Williams ONEChicago
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Schools
Schools serving 5610 S Michigan Ave
School District:Chicago Public Schools
Rating | Name | Grades | Distance |
---|---|---|---|
5740 S Michigan Ave, Chicago, IL 60637 | PK-8 | 0.2 mi | |
244 E Pershing Rd, Chicago, IL 60653 | 9-12 | 2.2 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 5610 S Michigan Ave
Date
Details
Price
Change
Source
5/14/2024
Listed
$965,000
3.76%
MLS
10/12/2022
Sold
$930,000
—
Public Record
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 5610 S Michigan Ave
Year
Property Taxes
Change
Tax Assessment
Change
2022
$8,526
2%
$41,325
—
2021
$8,335
36%
$41,325
50%
2020
$6,138
11%
$27,555
—
2019
$5,536
123%
$27,555
119%
2018
$2,487
-28%
$12,590
5%
2017
$3,439
-45%
$12,004
-62%
2016
$6,252
9%
$31,215
—
2015
$5,720
14%
$31,215
15%
2014
$5,027
2%
$27,093
—
2013
$4,928
1%
$27,093
—
2012
$4,862
—
$27,093
—
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 5610 S Michigan Ave
5610 S Michigan Avenue, Chicago, IL 60637 (MLS# 12056555) is a Commercial property. 5610 S Michigan Avenue is currently listed for $965,000 and was received on May 14, 2024. Want to learn more about 5610 S Michigan Avenue? Do you have questions about finding other Commercial real estate for sale in Washington Park? You can browse all Washington Park real estate or contact a Coldwell Banker agent to request more information.