23 Unit Master Lease Opportunity in Austin

$2,900,000

4952 W Madison Ave, Chicago, IL 60644

For Sale

Multifamily Garden Low Rise

Active

Last Updated: 03/28/2025

Details:

Cap Rate: 8.72%

NOI: $252,798.98

Building Size: 27,000 sqft

Lot Area: 0.302 acres

Occupancy: 100%

Class: C

Units: 23

Year Built: 1924

Floors: 3

Highlights:

- Master Lease to strong non profit group with community vision
- Building is Managed by Single Tenant
- 3% Annual Rental Increases through 2034 with extension option
- Completely Renovated in 2020

Description:

33 Realty is pleased to present for purchase 4952 W Madison Ave., a gut rehabbed 23-unit mixed use property in Chicago's Austin neighborhood with a master lease from a strong non profit organization. The property went through a full renovation in 2019 (details on page 4). The tenant, Primo Center, took occupancy in 2020 and has a master lease that runs through 2034 at a current rate of $338,745 per annum, with an escalation amount of three percent (3%) per annum.

The property is composed of five (5) one-bed / one-bath units, six (6) two-bed / one-bath units, six (6) three-bed / two-bath units, four (4) three-bed / one-bath units, one (1) four-bed / two-bath unit and a commercial space comprised of 3700 square feet.

The property was extensively rehabbed in the last two years. The 2019-2020 rehab included: Upgraded Electric and Conduit Wiring, Brand New Water and Gas Service, New Copper Plumbing Throughout, Brand New Furnaces and Water Heaters for all Units, New Tear-Off Roof and Parapets, New Kitchens & Baths, LTV Flooring.

Northeast corner of Madison and Lavergne