7318 S. Ridgeland Chicago, IL 60649

Property Details for 7318 S. Ridgeland

Property type

Residential income homes

Property subtype

Residential income properties

Description

This exceptional investment opportunity presents a three-building portfolio encompassing 42 units in Chicago's vibrant South Shore neighborhood. Strategically located near the Obama Presidential Library, Jackson Park, and Lake Michigan, this portfolio boasts a desirable unit mix: 7318 S. Ridgeland features five 2-bedroom/1-bathroom, three 3-bedroom/1-bathroom, and two 3-bedroom/2-bathroom units. 7319 S. Ridgeland comprises twenty-six 1-bedroom/1-bathroom units, while 7405 S. Euclid includes six 1-bedroom/1-bathroom units. Significant recent renovations include modern boilers with R&D control systems, updated windows and porches, modernized kitchens and bathrooms, and extensive masonry and tuckpointing work. The property offers an attractive current cap rate of 9.8% and a cash return of 13.83%, with potential for increased returns through improved leasing and rent adjustments, projecting a 10.86% cap rate and an 18.03% cash return. An assumable loan is available with approximate terms of $2,130,000, a 4.5% interest rate, and four years remaining. This portfolio represents a rare chance to acquire a substantial, newly renovated multifamily asset in a rapidly appreciating area of Chicago. The total building size is 41,800 square feet, situated on approximately 0.96 acres.