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

Starting Bid $250,000

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.

20-Unit Multifamily Asset, Fully Vacant: Bronzeville/Grand Boulevard building is ready for a complete ground-up value-add renovation.

Family-Oriented Two- to Four-Bedroom Mix: Six 2-bedroom, six 3-bedroom, and eight larger units fill the building built in 1930.

$212,000 in Projected Stabilized NOI: Pro forma totals $422,000 in scheduled income once renovated and leased at market rates.

Near the $3.1B Obama Presidential Center: Site sits three miles from the June 2026 opening amid active neighborhood reinvestment.

Auctioneer: Scott Bowers

Auctioneer License: 040000273

Auctioneer Company: Fisher Auction Company Inc.