7801 South Shore Dr Chicago, IL 60649

Property Details for 7801 South Shore Dr

Year built

1961

Property type

Apartment buildings

Description

This exceptional 32-unit apartment building, located at 7801 S. South Shore Drive in Chicago, Illinois, presents a compelling investment opportunity. Built in 1961 and extensively renovated in 2018, this four-story brick building boasts a desirable unit mix: five studios, nine one-bedroom, fifteen two-bedroom, and three three-bedroom apartments. The property features updated kitchens and bathrooms in every unit, a new roof, updated electrical systems, and tuckpointing completed within the last 5-8 years. Residents enjoy on-site laundry facilities and ample outdoor parking for 16-20 vehicles. Situated just half a block from Rainbow Beach Park and Lake Michigan, the property benefits from its prime location in the thriving South Shore neighborhood. Convenient access to public transportation is provided by nearby CTA bus routes (26, 6, 71, and N5) and the Metra commuter rail line (a short two-block walk). The property's proximity to the University of Chicago, the Obama Presidential Library, and Jackson Park further enhances its appeal. The current occupancy rate is 85%, with a projected occupancy date of July 24, 2024. The Net Operating Income (NOI) is currently $217,569, with a pro-forma NOI of $244,559, resulting in a current cap rate of 7.02% and a pro-forma cap rate of 7.89%. The asking price is $3,099,000, representing a price per unit of $96,843.75. The property sits on a 16,875 square foot lot and is zoned RM-5. Assumable financing is available at a fixed rate of 4.79% until the first rate adjustment on December 1, 2028. New property management is in place to optimize rental income and further enhance the property's value. This is a rare opportunity to acquire a well-maintained, high-performing multifamily asset in a rapidly appreciating Chicago neighborhood.