Cheltenham Place 7846 S South Shore Dr

Jameson Commercial Real Estate has been exclusively engaged to market a recently renovated 60-unit apartment building at 3075 E. Cheltenham. This property is situated in the vibrant South Shore neighborhood of Chicago, a densely populated and culturally diverse area on the city’s south side. The building comprises four different floor plans, which are broken down into (2) studios and (58) one-bedroom one-bath units. The property was built in 1951 and has undergone a comprehensive transformation, featuring significant capital improvements including, but not limited to, new windows, doors, plumbing, electrical, and boiler systems. The parapet walls have also been extensively replaced, and the roof has been repaired to ensure the building's structural integrity. This property sits on a 27,400 sq ft lot with up to 34 exterior parking spaces.
The market analysis indicates that there is a strong demand for affordable and quality housing in the area, and this property delivers and has the potential of being one of South Shore’s in-demand housing for local residents. 3075 E. Cheltenham is currently over 90% occupied, of which 70% are subsidized tenants and other additional revenue, generating a potential annual gross income of approximately $719,069 and a net operating income (NOI) of $477,152. Resulting in an 8.02% cap rate on the asking price. This investment has a positive cash flow and a high return on investment. The cash flow after debt service is projected to be $133,582 and an estimated 13.43% total return in year one.
3075 E. Cheltenham provides an investor the opportunity to purchase a fully renovated, well-maintained, and strategically located property in a neighborhood that is growing. There are several scenarios for value creation and appreciation, such as leveraging the property’s prime location, enhancing the property’s curb appeal and reputation, capitalizing on the market demand and rent growth, and benefiting from tax advantages and incentives of owning and operating a multi-family property in South Shore. This investment aims to offer the residents of the South Shore neighborhood a high-quality and cost-effective housing option while also providing a sustainable and profitable investment opportunity for the new owner.
For more detailed information and to discuss potential investment opportunities, please contact us for at your earliest convenience.