7270 South Shore Dr Chicago, IL 60649

Located in Chicago's South Shore neighborhood, this 53-unit multifamily elevator building offers a compelling investment opportunity. The property is situated one block from the Lakefront and fifteen minutes from the Loop. The building, resting on a 20,555 square foot parcel, underwent a comprehensive renovation in 2018, which included new plumbing, electric, and tear-off roofs. All mechanicals, including copper plumbing, hot water tanks, a boiler, and the sewer line to the city, are new. Each unit features stainless steel appliances, dishwashers, and new baths. The building has ten credit card operable laundry machines, ample on-site office and maintenance space, and three common bathrooms. A 3,800 square foot penthouse common area lounge includes a roof deck with lake views. There are two upgraded elevators, one for passengers and one for passenger/freight. The property has high-capacity electrical service with room for two additional electrical meters (1600A building and 400A elevators). Eighteen dedicated surface parking spots are available, with potential expansion up to 22 spots. The unit mix includes nine two-bedroom units, forty-two one-bedroom units, and one studio unit. All units are electric, with tenants responsible for baseboard heat. Ownership will sign a master lease for 12-24 months at $4,050 per month for the rooftop space, which they are currently utilizing as storage and property management space. There is a dedicated on-site building manager.