Essex Realty Group, Inc. has been exclusively engaged to market for sale 4320 S Michigan Ave, an 11-unit multifamily building located in Chicago’s Bronzeville neighborhood.

This turnkey property features an immensely favorable unit mix of almost entirely two-, three-, and four-bedroom units with two bathrooms in a majority of the apartments. These units were all recently gut renovated and feature high end finishes with individual furnaces and in-unit washer/dryer throughout, allowing an investor to achieve top of the market rents in one of Chicago’s most appreciating submarkets. There is no deferred maintenance with this property.

Further contributing to this building’s cash flow is the assumable debt. There is an assumable loan with favorable leverage and a below-market 4.43% interest rate. This, combined with a strong history of high occupancy and collections, will enable an investor to achieve above-market cash-on-cash returns, with room to further increase rents.

4320 S Michigan presents the rare opportunity for an investor to acquire a fully-renovated building with large apartments in the appreciating Bronzeville neighborhood and achieve stellar cash-on-cash returns by assuming the below-market interest rate, higher-leverage debt.

Bronzeville, a historic neighborhood in Chicago, is experiencing a rapid resurgence, making it an attractive investment opportunity. This vibrant community, known for its rich cultural heritage, is undergoing a transformation with new developments and a surge in rent growth, making it an ideal location for multifamily investments.

One of the key factors driving the appreciation of property values in Bronzeville is its proximity to the University of Chicago. The university’s expansion and the influx of students and faculty have increased the demand for housing in the area. Additionally, the university’s presence has spurred the development of new amenities and services, further enhancing the neighborhood’s appeal.

Bronzeville’s strategic location also makes it an attractive investment option. The neighborhood offers easy access to I-90, making it convenient for commuters to travel to downtown Chicago and other parts of the city. This accessibility, combined with the area’s growing popularity, has contributed to the increase in rental rates.

Furthermore, Bronzeville’s rich history and cultural significance add to its allure. The neighborhood is home to several landmarks, including Unity Hall and the Chicago Defender Building, which attract tourists and residents alike. Bronzeville’s combination of new developments, rent growth, proximity to the University of Chicago, and easy access to I-90 make it a compelling choice for multifamily investors looking to capitalize on the neighborhood’s resurgence.

• Favorable Assumable Debt, Current Balance of $1.32MM 4.43% IR
• 100% Gut Renovated Units with In-Unit Washer/Dryer Throughout
• Favorable Mix of Entirely Two, Three, and Four Bedroom Units; Most Units Have Two Bathrooms
• Stabilized, Cash-Flowing Building With Strong Rental Upside for Top-Quality Units
• All Subsidy Tenants
• Professionally Operated and Meticulously Maintained by Local Owner
• Opportunity for Investor to Achieve Stellar Cash Returns With Assumable Below-Market Interest Rate Debt
• Low Property Taxes Due to ASHAP Designation