5400 W Madison St - Apartments FOR SALE


Chicago, IL 60644- Austin
$1,900,000 USD
248-977-0226
5400 W Madison St, Chicago, IL for Sale
$1,900,000 USD
Apartments - FOR SALE
1/15
null | 8.91% Cap Rate

5400 W Madison St
Chicago, IL 60644
Austin


HIGHLIGHTS

  • Highly desirable unit mix of 1, 2, 3, & 4 bedroom layouts.
  • 20+ units have seen cosmetic updates featuring kitchens, baths, flooring.
  • Significant value add opportunity through increasing rental rates to market levels.
  • Ability to drive NOI through leasing of commercial store fronts off Madison Ave.
  • Long standing tenant Madison Food Mart under lease through 2026.

OVERVIEW

Interra Realty has been exclusively engaged to present for sale 5400-5408 W. Madison Ave. & 8-14 N. Long Ave. The subject property is a 27 unit mixeduse asset located in Chicago's South Austin neighborhood. The courtyard along Long Ave. features 19 units consisting of 1 and 2 Bedroom unit layouts and the mixed use asset along Madison Ave. features 4 apartments consisting of 3 and 4 bedrooms overtop 4 commercial store front. 20/23 apartment units have been renovated featuring newer kitchens, baths, and flooring. The property has been outfitted with furnaces in 3/23 apartments. A qualified investor has the opportunity to acquire a sizeable asset in an appreciating neighborhood located off a prominent commercial thoroughfare with a diverse unit mix and the ability to significantly drive NOI through the remaining lease up of the 3 vacant store fronts.

FOR SALE DETAILS

PRICE

$1,900,000 USD

PRICE/SF

$80 USD /SF

# OF UNITS

27

PRICE/UNIT

$70,370

CAP RATE

8.91%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Madison 27

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1928

PARKING SPACES

-

LAND DETAILS

LAND ACRES

-

LAND SF

-

ZONING

-

APN/PARCEL ID

16-09-320-031-0000

ASK ABOUT THIS PROPERTY

Max GrossmanInterra RealtyMore Info
248-977-0226

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Max GrossmanInterra RealtyMore Info
248-977-0226

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.