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23 Unit Master Lease Opportunity in Austin

$2,899,000

4952 W Madison Ave, Chicago, IL 60644

Active
Last Updated: 07/23/2025

9.14

Cap Rate

264,914.91

NOI

Details:
Cap Rate:    9.14%
NOI:    $264,914.91
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
  • - Modified Net Lease
Description:

33 Realty is pleased to present for purchase 4952 W Madison Ave., a gut rehabbed fully-occupied 23-unit mixed use property in Chicago's Austin neighborhood. The property is master-leased to a strong non profit organization on a modified-net lease through 2034 (with a 5 year option). The property went through a full renovation in 2019/2020. The tenant took occupancy in 2020 with a rent increase of 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 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 and Masonry.

Northeast corner of Madison and Lavergne

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