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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.

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
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
Transit Score ®
Excellent Transit (71)
What is a Walk Score®, Transit Score® & Bike Score®?
Walk Score® measures the walkability of any address.
Transit Score® measures access to public transit.
Bike Score® measures bikeability of a location.
What is a Walk Score®
, Transit Score® & Bike Score?
Walk Score® measures the walkability
of any address. Transit Score®
measures access to public transit. Bike Score®
measures bikeability of a location.®

PROPERTY TAXES

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)
  • Listing ID: 33296317

  • Date on Market: 18/03/2024

  • Last Updated:

  • Address: 6557 S Minerva Ave, Chicago, IL 60637

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