Property Description

4819-21 S. Calumet Ave is a six-unit multifamily property in the heart of Bronzeville, one of Chicago's most historic and rapidly evolving neighborhoods. Comprised of exceptionally large apartment layouts, the property features six 4-bedroom units, which is increasingly difficult to replicate in today's development environment and rarely offered for sale. The asset presents a compelling value-add opportunity through interior renovations and strategic unit reconfiguration. Given the substantial unit sizes, investors have the ability to modernize the apartments while potentially adding additional bathrooms, creating more desirable 3-bedroom/2-bathroom and 4-bedroom/2-bathroom layouts that align with current renter preferences. Current rents remain significantly below market, providing investors with a clear path to increasing revenue through a targeted renovation program. Bronzeville continues to benefit from significant public and private investment throughout Chicago's South Side. Rich in architectural character and cultural history, the neighborhood has emerged as one of the city's most sought-after multifamily investment markets. The property's location offers convenient access to Downtown Chicago, Hyde Park, Kenwood, the University of Chicago, and the lakefront. Additionally, the highly anticipated Obama Presidential Center is scheduled to open in nearby Jackson Park on Juneteenth 2026, further enhancing the area's long-term residential and economic growth trajectory. At an asking price of $889,900, investors have the opportunity to acquire the asset at approximately $148,317 per unit. With a projected renovation budget of approximately $30,000 per unit, the property offers an attractive all-in basis of roughly $178,317 per unit. The combination of oversized floor plans, below-market rents, and the potential to improve unit functionality through the addition of bathrooms creates a compelling value-add opportunity. Following renovations, investors can reposition the asset to better compete with newer housing stock while capitalizing on the strong demand for large apartment units throughout Bronzeville and Chicago's South Side.

Property Features