Value-Add Apartment Building
8700 S Paxton Ave Chicago, IL 60617
For Sale
Contact for pricing
Pending
Two multifamily properties totaling 37 units include active 1-bedroom to 2-bedroom conversions and recent building upgrades.
Days on Market106
Property Features for 8700 S Paxton Ave
General Information
- Standard status
- Pending
- Property subtype
- Multifamily
Listing Agency:
Garda Investments
Listed By:
Kevin Piccolo · License #IL 475.166343
Source:
Crexi
Added: Apr 11
Changed: Jul 23
Last Checked: Jul 24 at 5:55PM
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 Garda Investments
Investment Insights
Based on property information with market context.
This value-add multifamily portfolio consists of two apartment properties with a total of 37 units. The Euclid property includes 13 one-bedroom apartments and 6 newly converted two-bedroom apartments. The Paxton property includes 11 one-bedroom apartments, 6 two-bedrooms, and 1 newly converted two-bedroom apartment. Seller has started a conversion strategy of one-bedroom units into two-bedrooms, with seven one-bedroom apartments converted as of the investment summary date. Rental increases took effect 1/1/2023.
Updates reported include apartment rehabs and building improvements at both properties. Paxton includes apartment rehabs to 12 of the 18 units, a brand-new tear-off shingle roof with insulated roof cavity, insulated hot water pipes, a new hot water main, underground replacement, a new efficient boiler, common area carpet, and security cameras. Euclid includes significant apartment rehabs to 17 of the 19 units, conversion of 6 units to two-bedrooms, a brand-new tear-off shingle roof on the Euclid side, insulated roof cavity throughout, a new insulated hot water main, a new efficient boiler, common area carpet, and security cameras.
The properties are described as centrally located with access to transportation options, including express busing to downtown, busing to the CTA train, and access to I-90 minutes away. The transaction is for sale, with financing options described as either assuming a low 3.5% fixed interest rate Fannie Mae non-recourse loan secured on both properties or paying off the loan with an all-cash transaction or refinancing (buyer responsible for any prepayment penalty).
Updates reported include apartment rehabs and building improvements at both properties. Paxton includes apartment rehabs to 12 of the 18 units, a brand-new tear-off shingle roof with insulated roof cavity, insulated hot water pipes, a new hot water main, underground replacement, a new efficient boiler, common area carpet, and security cameras. Euclid includes significant apartment rehabs to 17 of the 19 units, conversion of 6 units to two-bedrooms, a brand-new tear-off shingle roof on the Euclid side, insulated roof cavity throughout, a new insulated hot water main, a new efficient boiler, common area carpet, and security cameras.
The properties are described as centrally located with access to transportation options, including express busing to downtown, busing to the CTA train, and access to I-90 minutes away. The transaction is for sale, with financing options described as either assuming a low 3.5% fixed interest rate Fannie Mae non-recourse loan secured on both properties or paying off the loan with an all-cash transaction or refinancing (buyer responsible for any prepayment penalty).
Key Highlights
- Two‑property multifamily totaling 37 units: 8600 S. Euclid Ave (13 1BR, 6 newly converted 2BR) and 8700 S. Paxton Ave (11 1BR, 6 2BR, 1 newly converted 2BR).
- Active value‑add conversion program: 7 of the 1BR units have been converted to 2BR, with ~30% rent increases reported on converted 2BR units.
- Paxton upgrades: apartment rehabs to 12 of 18 units plus a brand new tear‑off shingle roof, new efficient boiler, new hot water main, and security cameras.
Property Analytics
Location Intelligence
Current Use by Public Records
Apartment buildings
FAQs
What type of property is this?
Apartment building - Two multifamily properties totaling 37 units include active 1-bedroom to 2-bedroom conversions and recent building upgrades.
Where is this apartment building located?
The property is located at 8700 S Paxton Ave Chicago, IL.
What are key features of this property?
This property features: Two‑property multifamily totaling 37 units: 8600 S. Euclid Ave (13 1BR, 6 newly converted 2BR) and 8700 S. Paxton Ave (11 1BR, 6 2BR, 1 newly converted 2BR).; Active value‑add conversion program: 7 of the 1BR units have been converted to 2BR, with ~30% rent increases reported on converted 2BR units.; Paxton upgrades: apartment rehabs to 12 of 18 units plus a brand new tear‑off shingle roof, new efficient boiler, new hot water main, and security cameras.
