Chicago Multifamily Portfolio: 42
For Sale
$3,425,000
7318 S Ridgeland, Chicago, IL 60649
3 building portfolio, 42 units in Chicago's historic South Shore neighborhood.
Property Size41,800 SF
Lot Size0.96 Acres
Price / SF$81.94
Days on Market629
Property Features for 7318 S Ridgeland
General Information
Standard status
Active
Property type
Multifamily properties, Residential income homes, Other residential income properties, Residential income properties, Investment properties
Size
41,800 SF
Elevators
N/A
Lot size
0.96 Acres
Listed By:
Noah Birk
(630) 209-3622
Added: Jan 16, 2025
Changed: Mar 16
Investment Insights
Based on property information with market context.
This investment opportunity features a three-building portfolio consisting of 42 units in Chicago's South Shore neighborhood. The properties are located near the Obama Presidential Library, Jackson Park, and Lake Michigan. The unit mix is as follows: 7318 S. Ridgeland contains five 2-bedroom/1-bathroom units, three 3-bedroom/1-bathroom units, and two 3-bedroom/2-bathroom units; 7319 S. Ridgeland comprises twenty-six 1-bedroom/1-bathroom units; and 7405 S. Euclid includes six 1-bedroom/1-bathroom units. Recent renovations include modern boilers with R&D control systems, updated windows and porches, modernized kitchens and bathrooms, and extensive masonry and tuckpointing work. The property has a current cap rate of 9.8% and a cash return of 13.83%, with potential for increased returns through improved leasing and rent adjustments, projecting a 10.86% cap rate and an 18.03% cash return. An assumable loan is available with approximate terms of $2,130,000, a 4.5% interest rate, and four years remaining. The total building size is 41,800 square feet, situated on approximately 0.96 acres.
Key Highlights
- 9.18% Cap Rate
- Three (3) Building Portfolio
- Forty‑Two (42) Newly Renovated Units
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,327
Businesses Nearby
Explore this area
Business Placement
Demographics for 60649, IL
48,171
Population
28,249
Households
1.7
Avg Household Size
39
Median Age
25%
College-Educated
89%
High-School Grad
3.6 sq mi
ZIP Area
13,381
Density / Sq Mi
$40,142
Median Household Income
$36,474
Median Earnings
$1,066
Median Rent
$199,500
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Multifamily property - 3 building portfolio, 42 units in Chicago's historic South Shore neighborhood.
Where is this multifamily property located?
The property is located at 7318 S Ridgeland Chicago, IL.
What is the asking price?
The asking price for this property is $3,425,000.
What are key features of this property?
This property features: 9.18% Cap Rate; Three (3) Building Portfolio; Forty‑Two (42) Newly Renovated Units
