Six-Unit Multifamily with 3BR
For Sale
Contact for pricing
7609-11 S Essex Ave, Chicago, IL 60649
A six-unit apartment building featuring large-format three-bedroom units with five occupied and one currently vacant.
Property Size7,440 SF
Price / SF$73.92
Days on Market66
Property Features for 7609-11 S Essex Ave
General Information
Standard status
Active
Size
7,440 SF
Class
D
Total Parking Spaces
6
Property subtype
Multifamily
Zoning
RT-4 - Multi-Family
Occupancy
83%
Investment Type
Value Add
Net Operating Income
$43,120
Building Details
Year Built
1924
Buildings
1
Stories
3
Units
6
Tenancy
Multi
Listing Agency:
Marblestone Property Group LLC
Listed By:
Jaiden Young · License #475.213987
Source:
Crexi
Added: Jun 10
Changed: Aug 12
Last Checked: Aug 13 at 11:52AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Marblestone Property Group LLC
Investment Insights
Based on property information with market context.
7609-11 S Essex Avenue is a six-unit multifamily property consisting entirely of large-format three-bedroom apartment homes. The building is currently 5 of 6 units occupied, with one unit (2S) vacant. Based on the provided in-place rent roll, current rents total $6,725 per month, or $80,700 annualized.
The property is positioned in Chicago’s South Shore / Grand Crossing corridor. The remarks indicate tenants pay their own electric and heat, which helps keep owner operating expenses lean. The vacant unit provides an immediate opportunity to restore rental income at lease-up.
For investors or owner-operators seeking a straightforward multifamily asset, this configuration concentrates demand around three-bedroom layouts while offering a clear path to stabilize occupancy. With five units already in place, an acquiring party can focus on preparing the currently vacant unit for re-rental and aligning rents to the directly comparable market activity cited in the offering materials. Unit economics and operational considerations are also simplified by the tenant-paid utilities model described for the building.
The property is positioned in Chicago’s South Shore / Grand Crossing corridor. The remarks indicate tenants pay their own electric and heat, which helps keep owner operating expenses lean. The vacant unit provides an immediate opportunity to restore rental income at lease-up.
For investors or owner-operators seeking a straightforward multifamily asset, this configuration concentrates demand around three-bedroom layouts while offering a clear path to stabilize occupancy. With five units already in place, an acquiring party can focus on preparing the currently vacant unit for re-rental and aligning rents to the directly comparable market activity cited in the offering materials. Unit economics and operational considerations are also simplified by the tenant-paid utilities model described for the building.
Key Highlights
- 6‑unit multifamily building built in 1924, featuring all large‑format 3‑bedroom units
- 5 of 6 units currently occupied; 1 unit (2S) is vacant for immediate income potential
- In‑place rent roll of $6,725/month ($80,700 annualized) from the current occupied units
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,068
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - A six-unit apartment building featuring large-format three-bedroom units with five occupied and one currently vacant.
Where is this apartment building located?
The property is located at 7609-11 S Essex Ave Chicago, IL.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: 6‑unit multifamily building built in 1924, featuring all large‑format 3‑bedroom units; 5 of 6 units currently occupied; 1 unit (2S) is vacant for immediate income potential; In‑place rent roll of $6,725/month ($80,700 annualized) from the current occupied units
