South Shore Multifamily Investment
For Sale
$2,895,000
7801 S South Shore Drive, Chicago, IL 60649
32-unit building near Lake Michigan and public transportation.
Property SizeContact for details
Days on Market177
Property Features for 7801 S South Shore Drive
General Information
Standard status
Active
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$39,110
Building Details
Year Built
1961
Stories
4
Units
32
Listing Agency:
Pearson Realty Group
(773) 325-2800
Listed By:
David McLennan · License #475165323
(773) 325-2800
Source:
Midwestrealestate
Added: Feb 27
Changed: Aug 23
Last Checked: Aug 22 at 3:41PM
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 Pearson Realty Group
Investment Insights
Based on property information with market context.
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. The building has undergone renovations within the last 5-8 years, including updates to the roof, porches, masonry/tuckpointing, and electrical systems. Each unit has been updated with bathroom and kitchen renovations during the same period. Laundry facilities are located in the basement area. Outdoor parking is available in the rear of the property for 16-20 cars. The property is located half a 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. The Metra Line (commuter rail) stop is a short 2-block walk away. The property is less than 3 miles from the University of Chicago, the future Obama Presidential Library, and the upcoming renovated Jackson Park Golf course. It is also located 9 blocks from the future Illinois Quantum and Microelectronics Park, and less than 11 miles from downtown Chicago. New property management is in place and is working to stabilize rents. There is an assumable loan in place at an attractive rate that will not adjust until 12-1-28, at which time it will float off SOFR.
Key Highlights
- Attractive assumable loan in place with a fixed rate until 12‑1‑28.
- Updated units with renovated baths and kitchens.
- Recent significant capital improvements: roof, porches, masonry/tuckpointing, and electrical work.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
546
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 - 32-unit building near Lake Michigan and public transportation.
Where is this apartment building located?
The property is located at 7801 S 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: Attractive assumable loan in place with a fixed rate until 12‑1‑28.; Updated units with renovated baths and kitchens.; Recent significant capital improvements: roof, porches, masonry/tuckpointing, and electrical work.
