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

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.