7515 Phillips Ave Chicago, IL 60649

Property Details for 7515 Phillips Ave

Year built

1926

Property size

8,970 SF

Property type

Commercial real estate

Description

This exceptional 6-unit apartment building in Chicago's South Shore neighborhood offers a compelling investment opportunity. Built in 1926, the property boasts 8,970 square feet, with 7,800 square feet of net rentable space. Each of the six large two-bedroom apartments features a living room, formal dining room, spacious kitchen with pantry, sunroom, and a potential third bedroom/office. On-site laundry and six detached garages add significant value. The property is ideally situated just four blocks from Lake Michigan, providing convenient access to public transportation, including CTA bus routes and Metra train stops. The strong rental demand in the revitalized South Shore area, fueled by proximity to Lake Michigan, Hyde Park, the University of Chicago, and the Obama Presidential Library, contributes to a 9% cap rate and a substantial NOI of $48,622. The asking price is $540,000, or $90,000 per unit, with a price per square foot of $60.20. The potential to convert each unit into a three-bedroom apartment further enhances the property's long-term investment potential. Ample off-street parking is also available. This is a rare opportunity to acquire a well-maintained multifamily property in a rapidly appreciating Chicago neighborhood.