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5720 S Michigan Avenue, Chicago, IL 60637
$1,125,000
5720 S Michigan Avenue, Chicago, IL 60637View this property at 5720 S Michigan Avenue, Chicago, IL 60637
5720 S Michigan AvenueChicagoIL60637
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Property Description
5720 S. Michigan is a recently gut renovated six (6) unit building located in the Washington Park neighborhood of Chicago's South Side. Sitting just blocks from Washington Park and bordering the prestigious Hyde Park community, the asset also sits just four (4) blocks away from the CTA Green Line 'El Station,' providing tenants easy, affordable, and quick transportation to and from Chicago's Downtown. 5720 S. Michigan is has an incredibly desirable unit mix comprised of five (5) 3Bd/1Ba units and one (1) 2Bd/1Ba unit. All of which, however, feature hardwood floors, new kitchens with stainless steel appliances and granite countertops, modern bathrooms with ceramic tile, and an abundance of natural light. Additionally, the building underwent a complete gut renovation in 2020, including, but not limited to, new electric service & wiring, copper plumbing, new porches, and individual HVAC units. 5720 S. Michigan provides an incredibly rare opportunity for an investor to acquire a true turn key investment in one of Chicago's most appreciating neighborhoods just outside of Hyde Park. From day one, a new investor will capitalize on an incredibly strong tenant base with an in place cap rate exceeding 7% with an abundance of value add opportunities. Solely by stabilizing the rent roll to what is currently being achieved in the building, there is an opportunity to further increase .
Full Property Details
Full Property Details for 5720 S Michigan Ave
General
- Price: $1,125,000
- HOA FEE: $2,500
- Taxes: $7,840 (2022)
- Status: Active
- Type: Commercial
- MLS ID: 11945118
- Updated: 12/17/2023
- Added to Site: 144 day(s) ago
Location
- Area: CHI - Washington Park
- County: Cook
- Driving Directions: From I-90/94, exit onto Garfield Blvd and turn east, right onto Michigan Ave to property.
Heating & Cooling
- Heating Type: Individual Furnaces
Utilities
- Trash: 1300
Structural Information
- Stories/Levels: 3
- Year Built: 1906
- Built Before 1978: Yes
Lot Features
- Lot Dimensions: 49' x 159'
Financial Considerations
- Maint. Fee: $2,500
- Insurance Fee: $3,000
- Operating Expenses: $28,436
- Other Fee: $1,000
- Assessment Year: 1906
- Tax Amount: $7,840
- Tax Year: 2022
- Tenant Pays: Electricity, Heat, Hot Water
- Pays Electric: 1000
- Pays Trash: 1300
Disclosures and Reports
- Property ID: 20151140180000
Listed by Kiser Group Realty Inc
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Schools
Schools serving 5720 S Michigan Ave
School District:Chicago Public Schools
Rating | Name | Grades | Distance |
---|---|---|---|
5740 S Michigan Ave, Chicago, IL 60637 | PK-8 | 0.1 mi | |
244 E Pershing Rd, Chicago, IL 60653 | 9-12 | 2.4 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 5720 S Michigan Ave
Date
Details
Price
Change
Source
12/11/2023
Listed
$1,125,000
28.57%
MLS
12/10/2021
Sold
$875,000
—
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 5720 S Michigan Ave
Year
Property Taxes
Change
Tax Assessment
Change
2022
100%
100%
2021
100%
100%
2020
100%
100%
2019
—
—
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 5720 S Michigan Ave
5720 S Michigan Avenue, Chicago, IL 60637 (MLS# 11945118) is a Commercial property. 5720 S Michigan Avenue is currently listed for $1,125,000 and was received on December 11, 2023. Want to learn more about 5720 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.