Receiver Sale: 4901 S Michigan Ave | Vacant 20-Unit Rehab

Highlights:

• Vacant Asset Ready for Full Stabilization: All 20 units are vacant, offering a clean value-add renovation and lease-up opportunity.
• Prime Bronzeville Address Near the Loop: Historic South Side location minutes from the Loop, Lake Michigan, and CTA Green Line access.
• Family-Sized Unit Mix Across 20 Apartments: Ten of twenty units are 3- and 4-bedroom layouts, rare in-demand family-sized inventory.
• 3 Miles From the Obama Presidential Center: The $3.1B museum campus opens June 2026, driving sustained South Side visitation and demand.
• Chicago Multifamily Vacancy Near Record Lows: Metro-wide vacancy fell to just 3.0% in Q2 2026, among the tightest of any major U.S. market.
• Zoned RM-5 in a Reinvestment-Driven Corridor: New construction, retail, and infrastructure upgrades are actively reshaping the surrounding blocks.

Description:

For more information visit:
https://rimarketplace.com/auction/3340/multifamily/chicago/il?utm_source=brevitas&utm_medium=listing_paid&utm_campaign=october21_2026&utm_content=multifamily_3340


Brokered by SVN Chicago Commercial and powered by RealINSIGHT Marketplace, 4901 S Michigan Ave is a 20-unit multifamily asset in Chicago's historic Bronzeville/Grand Boulevard neighborhood, offered fully vacant and ready for a ground-up value-add renovation. Built in 1930 on a 7,997 SF corner lot, the 21,615 SF building delivers a family-oriented unit mix of six 2-bedroom, six 3-bedroom, four 3-bedroom 1.5-bath, and four 4-bedroom 2-bath apartments. The property requires capital improvements to the boiler system, electrical service, and plumbing throughout, presenting a clean slate for a full gut renovation and lease-up at market rents. Pro-forma operations project $422,000 in total scheduled income and $212,000 of net operating income once stabilized. Located minutes south of the Loop and three miles from the $3.1B Obama Presidential Center opening June 2026, the asset sits within a corridor of active reinvestment, new construction, and retail growth. Chicago's metro-wide multifamily vacancy fell to just 3.0% in Q2 2026, among the tightest of any major U.S. market, positioning this South Side value-add opportunity for strong lease-up demand and long-term appreciation.


Location
4901 S Michigan Ave sits at E 49th St in Chicago's historic Bronzeville/Grand Boulevard neighborhood, just minutes south of the Loop and McCormick Place. Residents walk to Robert Taylor Park, Kimbark Plaza's Target and Ross Dress for Less, and the CTA Green Line, with the Obama Presidential Center 3 mi away and Lake Michigan a short ride east via Lake Shore Drive.


Bidding Opens
Oct 19 12:00 PM
Bidding Closes
Oct 21 12:00 PM

Documents: