Location Summary

• The Subject property is located in the Chatham neighborhood on Chicago's south side, approximately 10 miles from the CDB. A strong history of African American-owned businesses established a solid base for a successful Chicago neighborhood that is still present in Chatham and spills over into residential blocks and a viable commercial and dining district. Chatham is mostly single-family units owing to its very middle-class history going back sixty years. For the most part, Chatham residents live in classic and frame houses with small green yards and shaded front sidewalks. The neighborhood still hosts traditional Chicago apartments for those looking to live on their own. There’s no single designated housing area in the neighborhood, but near Grand Crossing Park is a popular destination for those raising families. Along the main thoroughfares dozens of restaurants, takeout places, and neighborhood bars line the street, welcoming familiar faces to enjoy a meal and relax after a long day. Scattered among the eateries are a good selection of clothing stores and unique boutiques, with a Target on hand for the best in one-stop shopping. Chatham has a number of bars and clubs that are popular among locals and those living in bordering neighborhoods. Another option for a night out is live music at one of the few jazz-friendly lounges in the area. For those looking for a different crowd on their Friday nights, there's always a chance to catch a movie at the local theater. Chatham has long been home to many city employees which has given it a heavy middle-class influence. The area is largely populated by families and that is related to the high quality of schools in the area, including the well known Simeon Career Academy. Because there are so many long-time residents, not much has changed in Chatham over the years.
• Atlas Asset Management Realty is pleased to present, for sale, 8810 S. Cottage Grove Avenue, an 8-unit multifamily apartment building in Chicago's Chatham neighborhood. The Subject property is a two-story, psuedo-California style, masonry building that sits on a quiet, residential stretch of the typically busy and vibrant Cottage Grove Avenue. The unit mix is as follows: 4 1bed/1bath units 4 2bed/1bath units Ownership acquired the Subject in 2013 and it is currently 100% leased, with one unit expected to turn in March-2019. Four of the eight units have undergone renovation since acquisition. Rehab finishes include refinishing of hardwood flooring, granite countertops, new appliances, new kitchen cabinetry, new bathroom vanities and tile floors (only two units have had bathrooms remodeled). The other four units remain occupied with legacy tenants inherited from previous ownership. Those unit finishes consist of formica countertops, a mixture of kitchen appliances, and hardwood floors. The building has a central boiler heating system and a central hot water tank located in the building's basement area. There are five surface parking spaces located in the Property's rear. The Subject property is ripe for an increase in cash flow and value. Of the four tenants that ownership inherited, three are on leases that are significantly below current market levels. Even in their current condition, it is reasonable to expect increases of at least $200 per unit, per month. With some upgrades, the monthly rent increases could be even greater. This opportunity presents investors with the opportunity to earn a stable double-digit returns on asset with solid bones in a favorable location.