6557 Minerva Ave Chicago, IL 60637

This 12,500 square foot apartment building, constructed in 1903 and located at 6557 S Minerva Ave, Chicago, IL 60637, presents a compelling investment opportunity. The property boasts ten units, comprised of five 2-bedroom/2-bathroom units, four 3-bedroom/2-bathroom units, and one 3-bedroom/3-bathroom unit. A complete gut renovation in 2004 converted the building from twelve to ten units, creating two spacious penthouse apartments. All units feature updated kitchens and bathrooms, in-unit washer/dryers, and individual HVAC and hot water tanks. The building also benefits from 100% copper plumbing and updated electrical service with in-unit breaker boxes. Situated in Chicago's East Woodlawn neighborhood, just blocks from the University of Chicago and the future Obama Presidential Library, this property enjoys a prime location. The current asking price is $1,700,000, offering a 7.37% cap rate. The building benefits from a stable, long-term tenant base, with significant potential for increased revenue through rent stabilization to current market levels. This is a rare opportunity to acquire a highly desirable multifamily property in a thriving Chicago neighborhood.