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    South Shore Multifamily Investment Opportunity Title is generated by Realmo AI

    7801 South Shore Drive, Chicago, IL 60649

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    For Sale
    $2,895,000

    MULTI_FAMILY - Chicago, IL

    Lot size:
    0.39 Acres
    Added:
    Feb 27, 2026
    Days on Market:
    98
    Last Refresh:
    Jun 5 at 12:06 pm

    Property Features for 7801 South Shore Drive

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    49
    Bathrooms
    32
    Rooms
    Bedroom 30, Bedroom 6, Bedroom 26, Bedroom 36, Bedroom 37, Bathroom 29, Bathroom 5, Bedroom 19, Bedroom 13, Bedroom 4, Bedroom 17, Bedroom 45, Bathroom 10, Bathroom 23, Bedroom 18, Bathroom 26, Bathroom 28, Bedroom 35, Bathroom 27, Bedroom 14, Bedroom 31, Bedroom 29, Bedroom 24, Bathroom 18, Bedroom 42, Bathroom 2, Bedroom 40, Bedroom 25, Bedroom 32, Bedroom 22, Bedroom 28, Basement, Bathroom 21, Bedroom 10, Bedroom 39, Bathroom 3, Bedroom 8, Bedroom 46, Bathroom 20, Bathroom 31, Bedroom 38, Bathroom 1, Bathroom 16, Bedroom 16, Bedroom 44, Bathroom 7, Bedroom 2, Bathroom 13, Bathroom 12, Bedroom 3, Bathroom 24, Bathroom 25, Bathroom 15, Bedroom 49, Bedroom 11, Bathroom 6, Bathroom 9, Bedroom 33, Bedroom 47, Bathroom 17, Bedroom 20, Bedroom 27, Bedroom 1, Bathroom 19, Bathroom 32, Bedroom 41, Bedroom 7, Bathroom 8, Bedroom 12, Bathroom 14, Bathroom 30, Bedroom 5, Bedroom 15, Bedroom 21, Bedroom 23, Bathroom 11, Bathroom 4, Bedroom 9, Bedroom 43, Bathroom 22, Bedroom 48, Bedroom 34
    Basement
    Finished
    Standard status
    Active
    APN
    21304150280000
    Lot size
    0.39 Acres

    Taxes and HOA fees

    Tax Year
    2023
    Tax Annual Amount
    39110

    Utilities

    Cooling system
    Window Unit(s)

    Building Details

    Year built
    1961
    Floors in Building
    4
    Number of units
    32
    Building materials
    Brick, Concrete

    We can help!

    Listing Contact
    David McLennan
    David McLennan

    Listing agent David McLennan License #475165323

    Listing office Pearson Realty Group 1000 N. MILWAUKEE AVE, Chicago, IL

    Listing date Feb 27, 2026

    MLS# 12579441 Listing URL

    Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Assumable loan in place with an attractive rate that will not adjust until 12‑1‑28, then floats off SOFR.
    • Prime location in the booming South Shore, close to Rainbow Beach Park and Lake Michigan.
    • Updated units with renovated baths and kitchens.
    • Recent significant capital improvements: roof, porches, masonry/tuckpointing, and electrical work within the last 5‑8 years.
    • Strong transportation access: proximity to CTA bus lines (26, 6, 71, N5) and Metra Line.
    • Close proximity to the University of Chicago, the Obama Presidential Library, the renovated Jackson Park Golf Course, and the Illinois Quantum and Microelectronics Park.

    Overview

    This is an attractive 32-unit brick building constructed in the 1960s, situated in the South Shore neighborhood. The unit mix includes 4 studios, 10 one-bedroom/one-bathroom units, 15 two-bedroom/one-bathroom units, and 3 three-bedroom/one-bathroom units. Renovations have been completed within the last 5-8 years, including the roof, porches, masonry/tuckpointing, and electrical systems. Each unit has been updated with bathroom and kitchen renovations during the same period. The building includes laundry facilities in the basement area and outdoor parking in the rear for 16-20 cars. The property is located a half-block from Rainbow Beach Park and Rainbow Beach on Lake Michigan. Public transportation is readily accessible, with the CTA 26, 6, 71, and N5 buses serving the location with north and south bound stops at 78th and S. South Shore Dr. It is also a short 2-block walk to the Metra Line (commuter rail) stop. The property is less than 3 miles from the University of Chicago, the new Obama Presidential Library, and the soon-to-be-renovated Jackson Park Golf course. Additionally, it is just 9 blocks from the campus of the soon-to-be-built, 1 million s.f. Illinois Quantum and Microelectronics Park and less than 11 miles to downtown Chicago. The lot size is 0.3874 acres. There is an assumable loan in place that will not adjust until 12-1-28, at which time it will float off SOFR.
    Property Profile Location Intelligence

    Current Use by Public Records

    Seniorlife Insurance Agency

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.551076
    Latitude
    41.755246

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    FAQs

    What type of property is this?
    Apartment building - 32-unit building near Lake Michigan and upcoming developments.
    Where is this apartment building located?
    The property is located at 7801 South Shore Drive Chicago, IL.
    What is the asking price?
    The asking price for this property is $2,895,000.
    What are key features of this property?
    This property features: Assumable loan in place with an attractive rate that will not adjust until 12‑1‑28, then floats off SOFR.; Prime location in the booming South Shore, close to Rainbow Beach Park and Lake Michigan.; Updated units with renovated baths and kitchens.
    (773) 325-2800
    We can help!
    Listing Contact
    David McLennan
    David McLennan
    Real Estate License ID: 475165323
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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