6724-6734 S Chappel Ave

Interra Realty has been exclusively engaged to market 6724-34 S. Chappel Avenue, Chicago, for sale. The subject investment property is a 44 unit, courtyard style, multifamily asset in the Jackson Park Highlands submarket of South Shore. The property offers an attractive and diverse unit mix ranging from large studio to two-bedroom apartments. The property also features a large central lobby, on site laundry and recently installed steam boiler. Current ownership has modernized a portion of units to include subway tile backsplashes,
stainless steel appliances and new cabinetry in kitchens and as well as subway tile shower surrounds and new vanities in bathrooms. The turnover of legacy units has translated to into substantial rent roll growth. A new investor has the opportunity to continue the demonstrated value add strategy and acquire a high curb appeal multifamily asset in a Chicago submarket that has experienced strong appreciation and rent growth. The offering presents investors with a mix of stability, as the property is currently 95% occupied as well as operational upside. In addition, the property features an attractive assumable mortgage with an approximate balance of ~$2,650,000
3.21% rate and 3/1/2029 maturity. The assumption would entail a 1% fee + legal review fees.