Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    7318 S. Ridgeland Chicago, IL 60649
    Back to Search
    Property profile & analytics

    7318 S. Ridgeland Chicago, IL 60649

    View on Map
    • Residential income homes
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Residential income homes

    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.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    State
    Illinois

    Comparable in this City

    • $400,000
      6,800 SF

      8-Unit South Shore Investment

      Historic South Shore multifamily building, strong value-add potential.
      7840 South Yates Boulevard, Chicago, IL 60649
      View Details
    • Contact for pricing
      1,150 SF

      Rehabbed Co-op in South Shore

      Recently rehabbed 2-bed, 1-bath co-op with rental income.
      2052 E 69Th St, Chicago, IL 60649
      View Details
    • $525,000

      South Shore Multifamily Investment Property

      Six-unit building near lakefront and 79th Street retail corridor.
      7800 S Exchange Ave, Chicago, IL 60649
      View Details
    • $900,000

      South Shore Multifamily Investment Property

      13-unit multifamily building in Chicago's South Shore neighborhood.
      7655 S Coles Ave, Chicago, IL 60649
      View Details
    • $340,000
      Pending

      South Shore Three-Unit Building

      Spacious three-unit building in Chicago's South Shore neighborhood.
      7712 S Ridgeland Ave, Chicago, IL 60649
      View Details
    • $499,000
      0.24 Acres

      South Shore Mixed-Use Investment Opportunity

      28-unit mixed-use building in Chicago's South Shore neighborhood.
      7847 S Essex Ave, Chicago, IL 60649
      View Details

    Similar Nearby for Sale

    • $400,000
      6,800 SF

      8-Unit South Shore Investment

      Historic South Shore multifamily building, strong value-add potential.
      7840 South Yates Boulevard, Chicago, IL 60649
      View Details
    • Contact for pricing
      1,150 SF

      Rehabbed Co-op in South Shore

      Recently rehabbed 2-bed, 1-bath co-op with rental income.
      2052 E 69Th St, Chicago, IL 60649
      View Details
    • $525,000

      South Shore Multifamily Investment Property

      Six-unit building near lakefront and 79th Street retail corridor.
      7800 S Exchange Ave, Chicago, IL 60649
      View Details
    • $900,000

      South Shore Multifamily Investment Property

      13-unit multifamily building in Chicago's South Shore neighborhood.
      7655 S Coles Ave, Chicago, IL 60649
      View Details
    • $340,000
      Pending

      South Shore Three-Unit Building

      Spacious three-unit building in Chicago's South Shore neighborhood.
      7712 S Ridgeland Ave, Chicago, IL 60649
      View Details
    • $499,000
      0.24 Acres

      South Shore Mixed-Use Investment Opportunity

      28-unit mixed-use building in Chicago's South Shore neighborhood.
      7847 S Essex Ave, Chicago, IL 60649
      View Details

    Similar Nearby for Lease

    • $22 SF/Yr

      Retail Space on Jeffery Boulevard

      Retail space available in stable strip center near South Shore.
      7619 S Jeffery Ave, Chicago, IL 60649
      View Details
    • Contact for pricing

      Vanilla-Box Retail Storefront

      Street retail storefront in vanilla-box condition, ready for customization.
      7134 S Jeffery Ave, Chicago, IL 60649
      View Details
    • Contact for pricing

      South Shore Storefront for Lease

      Commercial storefront available for lease in Chicago's South Shore.
      2459 East 79Th St, Chicago, IL 60649
      View Details
    • Contact for pricing

      High-Visibility Retail Space Available

      12,000 SF retail space in vibrant South Shore neighborhood.
      2015 E 79Th St, Chicago, IL 60649
      View Details
    • Contact for pricing

      South Shore Commercial Space Available

      5,055 SF commercial space in Chicago's South Shore neighborhood.
      7100 South Shore Dr, Chicago, IL 60649
      View Details
    • Contact for pricing

      Turnkey Retail Opportunity on 79th

      12,375 SF former Dollar General for rent in Chicago.
      2649 E 79Th St, Chicago, IL 60649
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    7318 S. Ridgeland
    Chicago, IL 60649
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    7318 S. Ridgeland , Chicago, IL, 60649
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!