Updated SRO Hotel Near Provident Hospital
No Longer Available For Sale
5020 S. Michigan Ave.
Chicago, IL 60615
40 Units
Single Room Occupancy Hotel
The Details
- 40 unit single room occupancy hotel
- SRO II License from City of Chicago
- 15 private bathrooms
- On-site laundry for residents
- 2 blocks from Green Line El stop
- Near Provident Hospital of Cook County
- Short distance from Dan Ryan
- Recent improvements to increase income
- Est. Gross Income: $334,174
- Est. NOI: $180,000
- Zoning: RM-5, 47th/King TIF
- Taxes (2014): $5,651
This single room occupancy hotel in the Washington Park neighborhood features 40 rentable units, more than a third of which have en suite bathrooms. The Michigan Avenue Hotel historically has had a high occupancy rate, benefiting from close proximity to the Provident Hospital of Cook County as well as several major transportation routes. A number of recent improvements were made to increase the property’s income.
Washington Park, just west of the University of Chicago, is located just seven miles south of the Loop. The largely residential neighborhood includes the 372 acre park originally built for the 1892 World’s Fair. A number of public transportation routes provide service to the area in addition to the Dan Ryan Expressway.