Asking Price: $2,600,000
Building Size: 19,200 SQ FT
Cost per Square Foot: $135.42
Kiser Group is pleased to exclusively present for purchase 227 E. 51st, an eighteen (18) unit mixed-use property located in the heart of Chicago’s historic neighborhood, Bronzeville. This turnkey investment sits less than one block from Bonzeville’s 51st Green Line “L” subway station as well as all the amenities the neighborhood has to offer, which includes restaurants and entertainment, sporting events, as well as historic parks and regularly occurring neighborhood festivals.
227 E. 51st St is comprised of a total of twelve (12) residential apartment units and six (6) retail storefronts. All of the residential units are spacious 3b/1ba units boasting over 1,200 square feet of living space equipped with condo quality finishes. Additionally, the retail storefronts have all been recently renovated and are all occupied with strong tenants. The building underwent a massive gut renovation that was finalized and completed in 2017 with no detail overlooked. Capital improvements consist of, but not limited to: all in-unit electric wiring and a 1200 amp service, all plumbing lines constructed with copper piping, in-unit separate and individual HVAC units and 40gal water tanks, new vinyl windows, lintels and masonry and tuckpointing, and an aluminum coated roof.
227 E. 51st St truly embodies a turnkey investment. On the current financials, this opportunity provides a new investor a 8.0% cap rate at list price as well as nearly a 14% cash return on conventional financing. As of 2018, region of Bronzeville has been recognized as a federal opportunity zone. With its proximity to both Hyde Park and Downtown Chicago, the neighborhood is poised to continue to appreciate and see further capital investments, thus further improving and increasing the value of assets.
Key Points: Complete Gut Rehab (2017) 100% Occupied Condo Quality Finishes Turnkey Investment 8.04% Cap Rate at List Price