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Listed by Ryan Blakeof Nara Advisors, Inc
$ 4,700,000
Est. payment | /mo
$ 4,700,000
Est. payment | /mo
Key Details
Property Type Commercial
Sub Type Multi Family 5+
Listing Status Active
Purchase Type For Sale
MLS Listing ID 12516194
Year Built 1913
Annual Tax Amount $22,619
Tax Year 2023
Lot Dimensions 50' x 199'
Property Sub-Type Multi Family 5+
Property Description
Nara Advisors has been exclusively engaged to market for sale Drexel House [5017 S DrexelBlvd], an 8-unit, 38-bedroom multifamily property in Chicago's Hyde Park neighborhood.5017 S Drexel is a gut-rehabbed property showcasing a rare and highly functional unit configuration: [7] spacious five-bedroom apartments and [1] three-bedroom unit, all equipped with three bathrooms. Each residence has been meticulously updated, offering modern, high-end finishes, quality furnishings, private furnaces, and in-unit laundry.These extensive upgrades support strong investment potential and market-leading returns in one of Chicago's most upward-trending submarkets. The building operates with both short-term rental flexibility and long-term lease stability.The property is situated in close proximity to numerous attractions of Chicago's desirableHyde Park neighborhood, including The University of Chicago, The Northwestern MedicalCenter, and the future Obama Presidential Library.The owner has successfully implemented a hybrid long-term/short-term rental strategy that caters to the University of Chicago community. Ownership has achieved high occupancy and strong in-place rental income off their hybrid model.
Location
State IL
County Cook
Interior
Fireplace N
Exterior
View Y/N true
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Brian O'Neill
REALTOR® | Lic# 475.188292