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7801 S South Shore Dr

32 Unit Block of Flats £2,430,887 (£75,965/Unit) 7.36% Net Initial Yield Chicago, IL 60649

Executive Summary

Attractive 1960's era, 32 unit brick building in great location in booming South Shore. Appealing unit mix of 5 studios, 9-1/1's, 15-2/1's and 3-3/1's. Roof, Porches, Masonry/Tuckpointing, and Electrical work done within last 5-8 yrs. Every unit updated with Bath and Kitchen reno during same period. Laundry in basement area and outdoor parking in rear for 16-20 cars. Located 1/2 block from Rainbow Beach Park and Rainbow Beach on the shore of beautiful Lake Michigan. The CTA 26, 6, 71, and N5 buses serve this location with both north and south bound stops at 78th and S. South Shore Dr, and the Metra Line (commuter rail) stop is just a short 2 block walk away. Less than 3 miles to world renowned University of Chicago, the new Obama Presidential Library, and the soon to be renovated Jackson Park Golf course, and less than 11 miles to the center of downtown Chicago. This property was in need of new management to stabilize rents, and they have just hired a new, top notch, management company.

Property Facts

Price £2,430,887
Price Per Unit £75,965
Sale Type Investment
Net Initial Yield 7.36%
Gross Rent Multiplier 7.42
No. Units 32
Property Type Residential
Property Subtype Apartment
Apartment Style Mid Rise
Building Class C
Lot Size 0.48 AC
Building Size 27,850 SF
Average Occupancy 97%
Number of Floors 4
Year Built 1961
Parking Ratio 0.54/1,000 SF

Unit Amenities

  • Heating
  • Kitchen
  • Refrigerator
  • Oven

Unit Mix Information

Description No. Units Avg. Rent.Mo SF
Studios 2 - 500
1+1 4 - 700
2+1 26 - 900

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
21-30-415-028-0000
Land Assessment
£16,546
Improvements Assessment
£197,676
Total Assessment
£214,222

zoning

Zoning Code R5, Chicago
R5, Chicago
  • Listing ID: 32898861

  • Date on Market: 20/08/2024

  • Last Updated:

  • Address: 7801 S South Shore Dr, Chicago, IL 60649

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