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    7840 South Yates Boulevard Chicago, IL 60649

    Sponsored
    For Sale
    $400,000

    Historic South Shore multifamily building, strong value-add potential.

    Property size:
    6,800 SF

    Description

    Added:
    Jan 17, 2025
    Days on Market:
    361
    This eight-unit walk-up building, located at 7840 South Yates Boulevard in Chicago's historic South Shore neighborhood, presents a compelling investment opportunity. The property comprises three one-bedroom, one-bathroom units and five two-bedroom, one-bathroom units. All units feature individual furnaces and hot water tanks. Five of the eight units are currently gutted to the studs, presenting a significant value-add opportunity for a new owner. Demolition work is already complete, allowing for immediate renovation and lease-up. The building benefits from recent upgrades including brand new porches and a new roof. South Shore is experiencing a revitalization, driven by its proximity to Lake Michigan, downtown Chicago, and the newly constructed Obama Presidential Library. The property's convenient location offers tenants easy access to Chicago's public transportation system. This property offers a blend of immediate rental income from the three finished units and the potential for substantial returns through the renovation of the remaining units. The 0.1561-acre lot and 6800 square foot building provide a solid foundation for a successful investment strategy. The asking price is $400,000.

    Property Features for 7840 South Yates Boulevard

    General Information

    Property type
    Multifamily properties
    Square Feet
    6,800 SF
    Price / Square Foot
    $58
    Elevators
    N/A
    Lot Size
    6,800 SF

    Building Details

    Buildings
    1
    Stories
    3
    Units
    8

    HighLights

    • Eight‑unit building in Chicago's South Shore neighborhood, offering strong value‑add potential.
    • Three 1‑bedroom/1‑bathroom and five 2‑bedroom/1‑bathroom units; five units need renovation.
    • Demolition complete, ready for renovation to maximize rental income and property value.
    Location Intelligence

    Current Use by Public Records

    Residential income homes

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    State
    Illinois
    Longitude
    -87.566591
    Latitude
    41.752373

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    FAQs

    What type of property is this?
    Multifamily property - Historic South Shore multifamily building, strong value-add potential.
    Where is this multifamily property located?
    The property is located at 7840 South Yates Boulevard Chicago, IL.
    What is the asking price?
    The asking price for this property is $400,000.
    What are key features of this property?
    This property features: Eight-unit building in Chicago's South Shore neighborhood, offering strong value-add potential.; Three 1-bedroom/1-bathroom and five 2-bedroom/1-bathroom units; five units need renovation.; Demolition complete, ready for renovation to maximize rental income and property value.
    (630) 209-3622
    Request Owner's contact information
    7840 South Yates Boulevard Chicago, IL 60649
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    Chicago, IL 60649
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    Realmo Value Estimation

    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.

    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.

    Alternative use

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

    More about this property
    7840 South Yates Boulevard Chicago, IL 60649
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