6557 S Minerva Ave
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6557 S Minerva Ave
10 Unit Block of Flats £1,301,850 (£130,185/Unit) 7.48% Net Initial Yield Chicago, IL 60637
Investment Highlights
- 7.37% Cap Rate
- Five (5) 2Bd/2Ba, Four (4) 3Bd/2Ba, & One (1) 3Bd/3Ba
- In-Unit Washer/Dryers
- Duplexed & Penthouse Units
- Individual HVAC & Hot Water Tanks
- 100% Copper Plumbing and Updated Electric Service
Executive Summary
We are pleased to present for sale 6557 S Minerva, a three-story 10-unit apartment building located in the East Woodlawn neighborhood of Chicago. The property is located ~six blocks west of the Jackson Park Golf Course and ~5 blocks south of The University of Chicago, in immediate proximity to the future Obama Presidential Library.
The property experienced a complete gut rehab in 2004 deconverting unit count from 12 to 10 for multi-floor, condo-quality residences. The unit makeup is: five (5) 3 Bed/2 Bath & five (5) 2 Bed/2 Bath. All units feature hardwood flooring and tile throughout and modern kitchen features: granite countertops, modern cabinets, updated appliances, and dishwashers. The property also features copper plumbing, in-unit updated electric boxes, in-unit laundry facilities, and individual in-unit hot water tanks.
From an economic perspective, the property features residents with below-market rental rates that allows a future operator to benefit from the opportunity to bring leases to market rental rates in a location that benefits from long-term economic improvement investment stability.
The property experienced a complete gut rehab in 2004 deconverting unit count from 12 to 10 for multi-floor, condo-quality residences. The unit makeup is: five (5) 3 Bed/2 Bath & five (5) 2 Bed/2 Bath. All units feature hardwood flooring and tile throughout and modern kitchen features: granite countertops, modern cabinets, updated appliances, and dishwashers. The property also features copper plumbing, in-unit updated electric boxes, in-unit laundry facilities, and individual in-unit hot water tanks.
From an economic perspective, the property features residents with below-market rental rates that allows a future operator to benefit from the opportunity to bring leases to market rental rates in a location that benefits from long-term economic improvement investment stability.
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
---|---|---|
Gross Rental Income | £150,901 | £13.72 |
Other Income | - | - |
Vacancy Loss | £7,545 | £0.69 |
Effective Gross Income | £143,356 | £13.03 |
Taxes | - | - |
Operating Expenses | £46,216 | £4.20 |
Total Expenses | £46,216 | £4.20 |
Net Operating Income | £97,140 | £8.83 |
Financial Summary (Actual - 2023)
Gross Rental Income | |
---|---|
Annual | £150,901 |
Annual Per SF | £13.72 |
Other Income | |
---|---|
Annual | - |
Annual Per SF | - |
Vacancy Loss | |
---|---|
Annual | £7,545 |
Annual Per SF | £0.69 |
Effective Gross Income | |
---|---|
Annual | £143,356 |
Annual Per SF | £13.03 |
Taxes | |
---|---|
Annual | - |
Annual Per SF | - |
Operating Expenses | |
---|---|
Annual | £46,216 |
Annual Per SF | £4.20 |
Total Expenses | |
---|---|
Annual | £46,216 |
Annual Per SF | £4.20 |
Net Operating Income | |
---|---|
Annual | £97,140 |
Annual Per SF | £8.83 |
Property Facts
Price | £1,301,850 | Apartment Style | Mid Rise |
Price Per Unit | £130,185 | Building Class | C |
Sale Type | Investment | Lot Size | 0.14 AC |
Net Initial Yield | 7.48% | Building Size | 11,000 SF |
No. Units | 10 | Number of Floors | 3 |
Property Type | Residential | Year Built/Renovated | 1903/2004 |
Property Subtype | Apartment | Opportunity Zone |
Yes
|
Price | £1,301,850 |
Price Per Unit | £130,185 |
Sale Type | Investment |
Net Initial Yield | 7.48% |
No. Units | 10 |
Property Type | Residential |
Property Subtype | Apartment |
Apartment Style | Mid Rise |
Building Class | C |
Lot Size | 0.14 AC |
Building Size | 11,000 SF |
Number of Floors | 3 |
Year Built/Renovated | 1903/2004 |
Opportunity Zone |
Yes |
Unit Mix Information
Description | No. Units | Avg. Rent.Mo | SF |
---|---|---|---|
2+2 | 5 | - | 1,200 |
3+2 | 4 | - | 1,300 |
3+3 | 1 | - | 1,400 |
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Transit Score ®
Excellent Transit (71)
PROPERTY TAXES
Parcel Number | 20-23-119-021-0000 | Total Assessment | £84,817 (2024) |
Land Assessment | £6,035 (2024) | Annual Taxes | £0 (£0.00/sf) |
Improvements Assessment | £78,782 (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
20-23-119-021-0000
Land Assessment
£6,035 (2024)
Improvements Assessment
£78,782 (2024)
Total Assessment
£84,817 (2024)
Annual Taxes
£0 (£0.00/sf)
Tax Year
2023
zoning
Zoning Code | RT-4 (RT-4) |
RT-4 (RT-4) |
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6557 S Minerva Ave
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