South Shore Multifamily Elevator
7270 South South Shore Drive, Chicago, IL 60649
- Added:
- Oct 21, 2024
- Days on Market:
- 580
- Last Refresh:
- Apr 3 at 5:00 am
Property Features for 7270 South South Shore Drive
General Information
- Standard status
- Active
- Lot size
- 0.47 Acres
- Property subtype
- MF
Building Details
- Year Built
- 1920
Listing agent Anthony Hardy License #475139834 (630) 570-2223
Listing office Keller Williams ONEChicago (630) 570-2223
Listing date Oct 21, 2024
Source Realnex
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All listing content including descriptions, pricing, images are the copyrighted material of Keller Williams ONEChicago
HighLights
- Comprehensive gut renovation in 2018 including new plumbing, electric, and tear‑off roofs
- Rooftop master lease for 12‑24 months at $4,050 per month
- Prime location in Chicago's South Shore, one block from the Lakefront and fifteen minutes from the Loop
- 53‑unit multifamily elevator building with a 3,800 sq ft penthouse lounge and roof deck offering lake views
- Strong in‑place cash flow with potential for value‑add opportunities
- Modern amenities including stainless steel appliances, dishwashers, and new baths in all units
Overview
Located in Chicago's South Shore neighborhood, this 53-unit multifamily elevator building presents a compelling investment opportunity. The property is situated one block from the Lakefront and fifteen minutes from the Loop. The building, located 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, boiler, and the sewer line to the city, are new. The units feature stainless steel appliances, dishwashers, and new baths. There are ten credit card operable laundry machines. The property has ample on-site office and maintenance space, along with three common bathrooms, and a 3,800 square foot penthouse common area lounge with a roof deck that offers lake views. Ownership will sign a master lease for 12–24 months at $4,050 per month for the rooftop space, which is currently used for storage and property management. The building has two upgraded elevators (one passenger and one passenger/freight). The property has high-capacity electrical service with capacity for two additional electrical meters (1600A building and 400A elevators). There are 18 dedicated surface parking spots, with potential expansion up to 22 spots. All units are electric, and tenants are responsible for baseboard heat. The unit mix includes nine two-bedroom units, 42 one-bedroom units, and one studio unit. There is a dedicated on-site building manager.
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- Chicago
- County
- Cook
- State
- Illinois
- Longitude
- -87.5611874
- Latitude
- 41.7640713
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - 53-unit building in Chicago's South Shore neighborhood.
Where is this apartment building located?
The property is located at 7270 South South Shore Drive Chicago, IL.
What is the asking price?
The asking price for this property is $7,000,000.
What are key features of this property?
This property features: Comprehensive gut renovation in 2018 including new plumbing, electric, and tear‑off roofs; Rooftop master lease for 12‑24 months at $4,050 per month; Prime location in Chicago's South Shore, one block from the Lakefront and fifteen minutes from the Loop
