7200 South Jeffery Boulevard Chicago, IL 60649

Property Details for 7200 South Jeffery Boulevard

Property type

Residential income homes

Property subtype

Residential income properties

Description

Kiser Group is pleased to exclusively present for purchase 7200 S. Jeffery, a rare value add opportunity located on Jeffery Boulevard just outside Jackson Park in Chicago's South Shore neighborhood. Over the past year, South Shore has seen a resurgence in new developments due to its proximity to Lake Michigan, as well as Chicago’s Downtown, most notably with the construction of the Obama Presidential Library. Convenient, the property shares a sidewalk with Chicago’s CTA bus stop, which provides express, and almost nonstop service to and from Chicago’s Downtown. 7200 S. Jeffery is current comprised of twenty-five (25) units, which consist of twenty-two (22) 1bd/1ba units, and three (3) 2bd/2ba units. All of which, however, are in varying degrees of condition with varying degrees of renovation needed. However, the pictures on the following pages are fairly indicative of the units needing the ‘heaviest’ degree of renovation. Recent improvements to the building consist of, but are not limited to, an updated porch system, an updated boiler system and separate how water boiler system, 100% copper plumbing, along with updated electric (800 Amps), as well. Additionally, the building also has three updated, and newer roofs, however, the fourth roof requires patching (see images). 7200 S. Jeffery currently has a high degree of vacancy. Additionally, the Seller is currently in the process of removing ten (10) AESRAP tenants. There are roughly five (5) market rate tenants in the building, and the remaining ten (10) units are vacant slated for renovation. These numbers are subject to change, but the Seller is in the process of increasing the vacancy rate to deliver a property primed for renovation.