5517 South Michigan Avenue

5517 South Michigan Avenue has been categorized by the local assessors in Chicago, IL as a commercial type of property. The building on the property was first built in 2005 and is 19 years old. The area measurement of the land has been determined as 8,050 square feet.

Want to learn more? We've sourced additional information from the local assessor's office that we've shared on this page with you. We've gathered and summarized the following transaction history in an effort to provide more transparency and up-to-date information for our users. According to our sources, 5517 South Michigan Avenue sold most recently in Jul 1, 2021 for a total of $75,000. Before that, the property was also sold for $440,000 in May 13, 2011. There could be many factors that caused the property to sell at a lower price and decrease in value. Tax-wise, the current owner is expected to pay close to $0 in taxes each year. 5517 South Michigan Avenue was most recently assessed in 2023. During this assessment, the property's total value was estimated to be about $136,160. If we break it down further, the land itself was valued at $18,115. Improvements to the property, however, were assessed at a total of $118,045. Homeowners who care about taxes, will be happy to see that the property's total assessed value has been marked as less than the total market value. If possible, try to put down at least 20% towards the down payment during your home purchasing process. While you may be able to buy a home with less than a 20% down payment, your lender may then require you to pay for a private mortgage insurance (PMI). PMI protects the lenders and lowers their financial risk in case the borrower defaults. Generally, you'll need to pay more PMI when your total loan amount is higher. However, certain factor such as your credit score, loan type, loan term, and loan-to-value ratio can all impact your PMI as well.Sadly, this property is not available for sale but we are constantly updating our inventory in real time. Sign up for a RealtyHop account and add this property to your favorites to get updates on when this property is back on the market. Or alternatively, you can check back frequently for updates.