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Woodlawn Courtyard with 3.69% Assumable Debt 6650-6660 S University Ave

21 Unit Block of Flats £2,125,764 (£101,227/Unit) Chicago, IL 60637

Investment Highlights

  • Ideal Woodlawn location.
  • Attractive Assumable Debt: 3.69% Interest Rate through 2042.
  • Highly Desirable Unit Mix of 2 & 3 Bedroom Units, some with 2 bathrooms.
  • Outdoor Gated Parking for 9 Cars.

Executive Summary

Interra Realty has been exclusively engaged to market 6650-6600 S. University Avenue for sale. Located in Chicago's historic Woodlawn neighborhood, the subject investment property is comprised of 19 apartments and 2 non conforming garden units. The property is a courtyard apartment building with high curb appeal. In addition, the property is walking distance to the University of Chicago and the 63rd Street Metra Train Line Stop.
The building is comprised of a mixture of 2Bdr and 3Bdr layouts, the majority of which have two full bathrooms. All of the units boast granite countertops, stainless steel appliances, newer cabinetry and refinished wood floors. Approximately half of the units feature individual hot water storage tanks and are heated by individual furnaces (tenant-paid), with the other half of the building heated by a Peerless steam boiler installed in 2015. There is a gated parking lot in the rear of the property featuring parking for nine (9) cars, which provides for extra income along with common area laundry for added tenant convenience.
The property presents qualified investors with a unique opportunity to own a stabilized apartment building while gaining immediate scale in a submarket currently experiencing substantial growth. The terms of the existing mortgage on the property are a balance of $1,745,000, 3.69% interest and April 2042 maturity. The mortgage, if assumed, entails a 1% fee + legal review fees.

Property Facts

Price £2,125,764
Price Per Unit £101,227
Sale Type Investment
No. Units 21
Property Type Residential
Property Subtype Apartment
Apartment Style Mid Rise
Building Class C
Lot Size 0.28 AC
Building Size 18,000 SF
Average Occupancy 100%
Number of Floors 4
Year Built 1926
Parking Ratio 1.11/1,000 SF
Opportunity Zone Yes

Unit Amenities

  • Air Conditioning
  • Microwave
  • Heating
  • Granite Countertops
  • Refrigerator
  • Stainless Steel Appliances
  • Tub/Shower

Site Amenities

  • Laundry Facilities

Unit Mix Information

Description No. Units Avg. Rent.Mo SF
1+1 1 - -
2+1 10 - -
2+2 3 - 1,000
3+2 7 - -
Transit Score ®
Excellent Transit (70)
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.®

zoning

Zoning Code RT-4, Chicago (Residential Two-Flat, Townhouse and Multi-Unit District)
RT-4, Chicago (Residential Two-Flat, Townhouse and Multi-Unit District)
  • Listing ID: 32124622

  • Date on Market: 13/06/2024

  • Last Updated:

  • Address: 6650-6660 S University Ave, Chicago, IL 60637

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