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3064-3066 E 79th St

9 Unit Block of Flats £701,502 (£77,945/Unit) 8.75% Net Initial Yield Chicago, IL 60649

Investment Highlights

  • Complete Gut Renovation
  • All 2bd/1ba Units
  • Just off Lake Michigan
  • All New Plumbing, HVAC, and Electric
  • Desirable South Shore Location

Executive Summary

Kiser Group is pleased to exclusively offer for purchase 3064 E. 79th, an incredibly spacious (9) unit property located in Chicago’s South Shore neighborhood. Right off of Lake Michigan and Rainbow Beach Park, the building sits within walking distance of an abundance of public transportation options. Additionally, for quick and convenient transportation, the asset is nearby to
Chicago’s Lake Shore Drive which provides tenants easy access to Chicago’s downtown in roughly fifteen
minutes.
3064 E. 79th is currently comprised of nine (9) Oversized 2b/1ba units. The units all feature hardwood
flooring throughout and updated tiling in the kitchen. Furthermore, additional improvements to the building
consist of but are not limited to, updated electric, newer windows, an updated and newly coated roof, separate and individual HVAC furnaces, and a paved parking lot in the rear. Given the location and size of the units, there is an incredibly large demand for apartments such as these.
3064 E. 79th presents an investor with a unique opportunity to acquire a strong, positive cash flowing
building with an in-place cap rate of over 8.2%. Given the quality of the units coupled with the prime location, by releasing and increasing rents to levels already being achieved in the building, an investor could increase the cap rate to just under 10.00%.

Property Facts

Price £701,502
Price Per Unit £77,945
Sale Type Investment
Net Initial Yield 8.75%
No. Units 9
Property Type Residential
Property Subtype Apartment
Apartment Style Low Rise
Building Class C
Lot Size 0.14 AC
Building Size 8,817 SF
Average Occupancy 95%
Number of Floors 3
Year Built 1960
Parking Ratio 0.56/1,000 SF
Opportunity Zone Yes

Unit Amenities

  • Tub/Shower

Site Amenities

  • 24 Hour Access

Unit Mix Information

Description No. Units Avg. Rent.Mo SF
2+1 9 - 1,000

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
21-30-417-023-0000
Land Assessment
£4,316
Improvements Assessment
£46,151
Total Assessment
£50,467

zoning

Zoning Code R5, Chicago
R5, Chicago
  • Listing ID: 31050185

  • Date on Market: 26/02/2024

  • Last Updated:

  • Address: 3064-3066 E 79th St, Chicago, IL 60649

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