4358 S Prairie Avenue
Chicago, IL 60653

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Description

7.5 CAP Welcome to TPAL, The Prairie Ave Lofts, a Crown Jewel of the Bronzeville Collection spans 125 x 160.58 just under a 1/2 acre perfectly positioned on a prime corner in well located high growth Bronzeville 1/4 block to Green Line and Pendleton Park. An Iconic Classic Chicago All Masonry 31-unit prominent walk up with distinctive 5 entrances, steel rear decks, private all masonry entertainment size front terraces plus 19 gated parking spaces. A complete gut renovation, electric, plumbing, roof, windows, unit interiors with meticulous attention to detail . The development team embraced this extensive undertaking showcasing superior craftsmanship and attention to detail with fully documented capital improvements and have hit every metric of turnkey asset offering abundant choice for numerous investment objectives. TPAL is a true testament to timeless design and modern functionality. Expansive,intelligent and diverse floor plans feature: (4) Stunning 3-bedroom, 2.5-bath duplexes that feel like single-family homes. (1) Spacious 4-bedroom, 2-bath simplex. (14) Elegant 2-bedroom, 2-bath units. (14) Highly sought-after 1-bedroom + den, 1-bath layouts. Fluid integration of endless details and appointments consistent throughout, Sophisticated open flow, professional modernist kitchens, full back splash, under cabinet lighting, quartz and granite, intricate tile applications, accessory niches, vessel sinks with banjo granite, hardwood floors laid on diagonal, exposed brick, premium mill work, individual HVAC, washer dryers in unit, custom closets organizers, window treatments, dimmers, hi style designer lighting, heated floors, private attached walk out entertainment size masonry terraces and oversized steel decking, common area rival boutique hotel luxury, skylights, commercial grade glass entry, art deco tile, professional grade art offer a branded lifestyle that resonates with discerning residents and a soft sampling of the exhausting list of building and unit features. Rarely vacant . An unparalleled investment opportunity. See Brokers Private remarks for further scaling opportunities.

Features

• Property Type: Commercial
• Sub Type: Multi Family 5+
• Listing Status: Active
• County/Area: Cook County
• Zip Code: 60653
• Year Built: 1900
• Stories: 4
• Units: 31 units
• Basement: Finished, Partially Finished, Exterior Entry
• Zoning: MULTI
• # Of Dishwashers: 31
• # Of Dryers: 31
• # Of Ranges: 31
• # Of Refrigs: 31
• # Of Washers: 31
• Approximate Age: Older
• Built Before 1978 (Y/N): Yes
• Cap Rate: 7.5
• Construction Materials: Brick, Stone
• Cooling: Central Air
• Directions: MLK Drive to 44th, West on 44th to Prairie.
• Electric: Circuit Breakers
• Electric Expense: 2047
• Fire Protection: Fire Extinguisher/s, Smoke or Fire Protectors, Carbon Monoxide Detector(s)
• Foundation Details: Concrete Perimeter
• Fuel Expense Source: Actual
• Gross Income: 841522
• Gross Rent Multiplier: 9.9
• Gross Scheduled Income: 835248
• Heat/Ventilation: Forced Air
• Information: List Broker Must Accompany
• Insurance Expense: 14230
• Insurance Expense Source: Actual
• Janitor Expense: 13740
• Land Amenities: Curbs and Gutters, Lighting/Exterior, Security Entrance, Sidewalks, Other, Cable Ready
• Lot Size Square Feet: 20072
• Main Type: Commercial Sale
• Maintenance Expense: 15000
• Misc Outside: Balcony/ies, Patio, Security Gate, Security Lighting, Security System, Storms and Screens (as exist), Sun Deck, Other
• Operating Expense: 173686
• Other Expense: 109478
• Other Expense Source: Actual
• Outdoor Parking: 19-30 Spaces
• Ownership Type: Limited Liability Corp
• Repairs-Decor Expense Source: Owner Projection
• Roof Structure: Flat
• Tax Annual Amount: 61972
• Tax Year: 2023
• Tenant Pays: Electricity, Heat, Other, Hot Water
• Total Annual Expense Source: Actual
• Total Monthly Income: 69604
• Township: Hyde Park
• Trash Expense: 7201
• Trash Expense Source: Actual
• Type Multi-Family: Flats
• Water Expense Source: Actual
• Water Sewer Expense: 11990