7270 S South Shore Drive , Chicago, IL 60649
Chicago, IL 60649
Description
Pleased to present the multifamily property at 7270 S. South Shore Dr. This asset represents a compelling investment opportunity in a vibrant community. The subject property is a 53-unit multifamily elevator building with a rooftop space located in the heart of Chicago's tree-lined South Shore neighborhood. It is conveniently situated fifteen minutes from the Loop and one block from the Lakefront, offering easy access to Lake Shore Drive. The property underwent a comprehensive gut renovation in 2018 and provides excellent in-place cash flow with potential for value-add investors. The property sits on a 20,555 square foot parcel. Freddie Mac Assumable Loan: This property includes an assumable Freddie Mac loan, offering a loan assumption amount of $3,808,690 at a competitive interest rate of 3.12%, with a maturity date set for May 2027. This favorable financing structure enhances the property's investment appeal, reducing the need for new financing. Fully Renovated: The property was fully renovated in 2018, featuring new plumbing, electric, and tear-off roofs. All mechanicals, including copper plumbing, hot water tanks, boiler, and sewer line to the city, are new. Modern Amenities: The building includes stainless steel appliances, dishwashers, and new baths in all units. On-Site Management: There is a dedicated on-site building manager. Laundry Facilities: The building has ten credit card operable laundry machines. Common Areas: The property includes ample on-site office and maintenance space, three common bathrooms, and a 3,800 square foot penthouse common area lounge with a roof deck offering breathtaking lake views. Elevators: Two upgraded elevators (one passenger and one passenger/freight). Electrical Capacity: The property has high capacity electrical service with room for two additional electrical meters (1600A building and 400A elevators). Parking: There are 18 dedicated surface parking spots, with potential expansion up to 22 spots. Tenant Utilities: All units are electric, with tenants responsible for baseboard heat. Unit Mix: (9) Two-bedroom units (42) One-bedroom units (1) Studio unit Rooftop Space Investment Highlights: Location: Situated in the desirable South Shore neighborhood of Chicago, close to the Loop and Lakefront. Upside Potential: With the property's strong in-place cash flow and modern infrastructure, there is significant potential for value-add opportunities. On-Site Amenities: High-quality amenities and common areas enhance tenant satisfaction and retention. Parking and Utilities: Sufficient parking and tenant responsibility for electric baseboard heating contribute to operational efficiency. This multifamily property represents a robust investment opportunity with steady cash flow, potential for value addition, and a strategic location in one of Chicago's prominent neighborhoods.
Details
| MLS# | 12193235 |
|---|---|
| Listing Type | For Sale |
| Style | Town House |
| Sub-Type | Resale |
| Status | Active |
| Year | 1970 |
| Days On Site | 92 |
| Listing Provided By | Keller Williams ONEChicago | Anthony Hardy |
Features
| SQ Feet | 40,000 |
|---|---|
| Story(s) | 5 |
| Units | 52 |
| Zoning | MULTI |
Market Activity 60649
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Learn More About This Property
| State | IL |
|---|---|
| County | Cook |
| City | Chicago |
| Zip Code | 60649 |
| Area | CHI South Shore |
| Listing VS Median (in 60649) | |
Price: $7,300,000 low | high Med: $119,500 SqFt: 40,000 low | high Med: 1,300 $ / SqFt: $183 low | high Med: $92 On Site: 92 low | high Med: 656.000000 | |