Multifamily

5501 S Cornell Ave

5501 S Cornell Ave, Chicago, IL 60637

Listing Price: $6,000,000

Cap Rate
5.21%
Number of Units
35
GRM
11.57
Occupancy
95.0%
Price/Unit
$171,429
Price/Gross SF
$279.59
Gross SF
21,460

Investment Overview

Marcus & Millichap is pleased to present 5501 South Cornell Avenue located in Chicagos highly desirable and historic Hyde Park neighborhood. The subject property is a vintage, mixed-use building containing 10 retail spaces (approximately 750 square feet) with long-term tenants and 25 apartment units consisting of 24 studios (approximately 350-575 square feet) and one, one-bedroom / one-bathroom unit (approximately 585 square feet). In 2016, the property received a newer tear-off roof and improvement to the gutters and downspouts.

Built in 1928 by prominent architects Henry Newhouse and Felix M. Burnham, the subject property was originally known as the Goodfriend Store and Flat Building. The building is recognized in the Chicago Historic Resources Survey (CHRS) as an Orange property, which is known for its architectural features and historical association that made it significant in the context of the surrounding community. Located just six miles south of the Loop, Hyde Park is a multi-generational and diverse neighborhood, home to the University of Chicago (approximately one mile west of the subject property). More than 32,000 University and Medical Center students and staff reside in the immediate area, providing a dense, unique renter pool. Additionally, Hyde Park serves as a major regional draw, housing some of Chicagos most popular tourist destinations including the Museum of Science and Industry (approximately three blocks south of the subject property) and numerous green spaces with the lakefront parks such as Midway Plaisance, Washington Park and Jackson Park. Additionally, 5501 South Cornell Avenue is located approximately three blocks from the Metra Electric and South Shore Line 55th-56th-57th Street station. This investment is an opportunity to acquire an extremely well-located mixed-use commercial property in the Hyde Park neighborhood of Chicago close to Lake Michigan and the University of Chicago. A new investor could potentially achieve more cash-flow through renovation to the apartment units and gradually increasing rents.

Investment Highlights

  • Highly Desirable and Historic Hyde Park Location
  • Three Blocks North of the Museum of Science and Industry
  • One-Half Mile West of Promontory Point and Lake Michigan
  • One Mile East of the University of Chicago
  • Recent Capital Improvements Include: Newer Roof, Steel Porches, Boiler, Tuckpointing
  • Forty-Year Owner, Rarely Available Asset

Exclusively Listed By

  • Eric P. Bell

    Senior Managing Director Investments

    (630) 570-2157

    Email Eric

    License(s): IL: 475.144220

    Chicago Oak Brook

Listing Price: $6,000,000

Cap Rate
5.21%
Number of Units
35
GRM
11.57
Occupancy
95.0%
Price/Unit
$171,429
Price/Gross SF
$279.59
Gross SF
21,460

Investment Highlights

  • Highly Desirable and Historic Hyde Park Location
  • Three Blocks North of the Museum of Science and Industry
  • One-Half Mile West of Promontory Point and Lake Michigan
  • One Mile East of the University of Chicago
  • Recent Capital Improvements Include: Newer Roof, Steel Porches, Boiler, Tuckpointing
  • Forty-Year Owner, Rarely Available Asset

Investment Overview

Marcus & Millichap is pleased to present 5501 South Cornell Avenue located in Chicagos highly desirable and historic Hyde Park neighborhood. The subject property is a vintage, mixed-use building containing 10 retail spaces (approximately 750 square feet) with long-term tenants and 25 apartment units consisting of 24 studios (approximately 350-575 square feet) and one, one-bedroom / one-bathroom unit (approximately 585 square feet). In 2016, the property received a newer tear-off roof and improvement to the gutters and downspouts.

Built in 1928 by prominent architects Henry Newhouse and Felix M. Burnham, the subject property was originally known as the Goodfriend Store and Flat Building. The building is recognized in the Chicago Historic Resources Survey (CHRS) as an Orange property, which is known for its architectural features and historical association that made it significant in the context of the surrounding community. Located just six miles south of the Loop, Hyde Park is a multi-generational and diverse neighborhood, home to the University of Chicago (approximately one mile west of the subject property). More than 32,000 University and Medical Center students and staff reside in the immediate area, providing a dense, unique renter pool. Additionally, Hyde Park serves as a major regional draw, housing some of Chicagos most popular tourist destinations including the Museum of Science and Industry (approximately three blocks south of the subject property) and numerous green spaces with the lakefront parks such as Midway Plaisance, Washington Park and Jackson Park. Additionally, 5501 South Cornell Avenue is located approximately three blocks from the Metra Electric and South Shore Line 55th-56th-57th Street station. This investment is an opportunity to acquire an extremely well-located mixed-use commercial property in the Hyde Park neighborhood of Chicago close to Lake Michigan and the University of Chicago. A new investor could potentially achieve more cash-flow through renovation to the apartment units and gradually increasing rents.

Exclusively Listed By

  • Eric P. Bell

    Senior Managing Director Investments

    (630) 570-2157

    Email Eric

    License(s): IL: 475.144220

    Chicago Oak Brook

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