100% Occupied South Chicago 6-Unit
9335-37 S. South Chicago Avenue,
Chicago, IL 60617
11.79% In-Place Cap Rate
$425,000
Offering Price
6
Number of Units
$70,833
Price Per Unit
8,265
Building SF
11.79%
Cap Rate
6,500
Land SF
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$425,000
Offering Price
6
Number of Units
$70,833
Price Per Unit
8,265
Building SF
11.79%
Cap Rate
6,500
Land SF
Investment Summary
The Subject building is a three-story walk-up residential apartment building of masonry construction with a flat roof, constructed in 1886. Containing a total of six units, the 8,265-SF building sits on a 6,500-SF lot. The exterior envelope is of red brick with white concrete/stone trim. The Property contains six 2bed/1bath units. Each unit contains an additional den/office and has its own furnace and 40-gallon hot water tank. The units have hardwood floors throughout with tile in the kitchens and bathrooms. Each unit is accessed by way of its own private exterior door. The building has one large enclosed wooden porch system that was completely rebuilt within the last five years. The Property has a large rear yard consisting of a grassy area and a concrete barbecuing area. The yard also contains a structure that houses three large storage units. The building has no on-site laundry, however, there is a laundromat 3.5 blocks away. 5 of 6 units are currently occupied.
Location Summary
The South Chicago community is one of Chicago’s 16 lakefront neighborhoods near the southern rim of Lake Michigan 11 miles south of downtown. A working-class neighborhood, it is bordered by East 79th Street on the north, South Chicago Avenue (the Chicago Skyway) on the southwest, a small stretch of East 95th Street on the south. Much of the business and shopping in South Chicago is done along Commercial Avenue. Several privately owned businesses such as clothing stores, furniture and retail, and beauty salons, can be found along Commercial Avenue. Restaurants from Nigerian to Italian cuisine are found in South Chicago. Despite the slow economy, more “Mom and Pop” stores flourish throughout South Chicago’s residential areas than in any other neighborhood. East 83rd Street, East 87th Street and south along Commercial Avenue to East 95th Street have attracted corporations, businesses and new banks into the community. Commercial Avenue is also home to many non-profit organizations including Healthy South Chicago, the Alianza Leadership Institute, Centro Comunitario Juan Diego, El Valor, Centro de Trabajadores Unidos, and SEDCOM. Just to the north of South Chicago, lies the South Shore community. South Chicago residents can take advantage of the many attractions found just to the north, including the South Shore Cultural Center. The South Shore Cultural Center features an impressive array of galleries, dance studios and public beaches. A longstanding symbol of community pride, it was the sight of President Barack Obama and First Lady Michelle’s wedding reception and was added to the National Register of Historic Places in 1975. The building also boasts a nine-hole golf course and the Paul Roberson Theatre, a 600-seat space that hosts the South Shore Opera Company.
The Subject building is a three-story walk-up residential apartment building of masonry construction with a flat roof, constructed in 1886. Containing a total of six units, the 8,265-SF building sits on a 6,500-SF lot. The exterior envelope is of red brick with white concrete/stone trim. The Property contains six 2bed/1bath units. Each unit contains an additional den/office and has its own furnace and 40-gallon hot water tank. The units have hardwood floors throughout with tile in the kitchens and bathrooms. Each unit is accessed by way of its own private exterior door. The building has one large enclosed wooden porch system that was completely rebuilt within the last five years. The Property has a large rear yard consisting of a grassy area and a concrete barbecuing area. The yard also contains a structure that houses three large storage units. The building has no on-site laundry, however, there is a laundromat 3.5 blocks away. 5 of 6 units are currently occupied.
FOR MORE DETAILS CONTACT
Michael Tolliver
Broker
(312) 617-8095
michael@atlasmanagementcorp.com
Edward N. Bluemel II
Senior Associate
(630) 709-3581
edward@atlasmanagementcorp.com
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