Location Summary

• Historic parks and extensive beaches meet down-to-earth, affordable living in South Shore. It is a sprawling community that encompasses expansive public recreation space and ambitious civic organizations. The neighborhood cultural center acts as a hub for outdoor amusement with lengthy walking trails, a bird sanctuary, all-ages sports programs, and waterfront grounds that offer breathtaking views of downtown Chicago. When night falls in the summer, movies and live music take place at the center, bringing neighbors and families together. A healthy retail corridor along 71st Street gives the area a cosmopolitan touch and the selection of down-home cooking available at the restaurants in South Shore is enough to satisfy any comfort food craving. South Shore neighborhood offers Chicagoans an attractive and affordable mix of housing options. Recent years have seen a mini-boom in residential development down here with many new constructions going up as we speak. The most expensive housing (but still reasonable, compared with similar property to the north) is for lake lovers, who can opt for a new condo minutes from the beach and South Shore Drive. Many of these come with luxury trimmings like granite countertops, hardwood floors and stainless steel appliances. Families may favor the single-family homes, which have front lawns and small backyards. The majority of detached houses in the South Shore are found on tree-lined streets, intermingled with solid three- and four-story redbrick buildings with rental and condo units. Some residential high-rises vintage condominiums with ornate exterior stonework dot the neighborhood along South Shore Drive, affording breath-taking views of the water and the city skyline. The atmosphere here is laid back and neighborly. Residents enjoy front patios where they can sit and chat with neighbors, while children ride bikes on the sidewalks, though not all streets are well tended.
• The Subject property is 19-unit courtyard, U-shaped, multifamily building located in the South Shore neighborhood on Chicago's South Side. Located about one-half mile from the shores of Lake Michigan and just steps from Jackson Park Golf Course, this 3-story building is well-positioned within the submarket. The Property was acquired by ownership as part of a larger portfolio in December-2018. It is being marketed for sale to allow the seller to focus its acquisition efforts on larger targets. 17 out of the 19 units are occupied, or 89.5%. The unit mix is as follows: 10 1bed/1bath units 7 2bed/1bath units 2 3bed/1bath units The two vacant units are 1bed/1bath and are being renovated currently. The building sits on a land site totaling 11,250 SF that is zoned RM-5. The structure is of masonry construction, having a red brick exterior. There is a center exterior walkway which is accessible on the front/street side. The rear/side wooden porch systems are in excellent repair. The building is served by a central boiler system and central hot water tanks. Tenants utilities are separately metered for electric and cooking gas, which they pay for.