For Sale $5,575,000
Property Type Multi-Family
Property Size 16,000 SF
Units 0
Date Updated Apr 6, 2024

The Multifamily Investment Advisors Team with KW Commercial and Keller Williams ONEChicago is proud to present the multifamily asset located at 5017 S. Drexel Blvd., Chicago, IL, within the

vibrant Kenwood neighborhood. This renovated 8-unit building, featuring (7) 5-bedroom/3- bathroom units and (1) 3-bedroom/3-bathroom unit, stands as a unique blend of modern living and

strategic location. With renovations completed in 2023, the property integrates contemporary amenities and a bespoke leasing approach—half of the units under standard leases and the other

half offered as mid-term per room leases—catering to a broad tenant demographic, including students and professionals from the nearby University of Chicago.

The property's financial dynamics are compelling, with a total gross building area of 16,000 SF and an asking price of $5,575,000, translating to $348 per SF. The pro forma analysis forecasts a Net

Operating Income (NOI) of $405,573, indicating a CAP rate of 7.27% and a Gross Rent Multiplier (GRM) of 10.41, underscoring robust investment metrics.

Beyond the immediate financials, the property's location in Kenwood, adjacent to Hyde Park and near the University of Chicago, places it in a cultural and educational hub of Chicago. The area's

demographic and economic profiles are promising, with a 2023 population within a 3-mile radius of 230,498 and a median household income of $61,677, highlighting the surrounding community's

growth and affluence. The median home value within this radius stands at $251,201, reflecting a stable residential market conducive to investment.

This offering memorandum, thus, not only details a real estate investment with strong income potential and growth prospects but also contextualizes the investment within the broader

economic and demographic landscape of the Kenwood neighborhood. It underscores the strategic blend of modern renovations, a diversified leasing strategy, and a prime location that

collectively enhance the property's appeal to prospective investors looking for stability, income, and capital appreciation in one of Chicago's most sought-after neighborhoods.