7270 S South Shore Drive

Chicago, IL 60649

Pleased to present the multifamily property at 7270 S. South Shore Dr. This asset represents a compelling investment opportunity in a vibrant community. The subject property is a 53-unit multifamily elevator building with a rooftop space located in the heart of Chicago's tree-lined South Shore neighborhood. It is conveniently situated fifteen minutes from the Loop and one block from the Lakefront, offering easy access to Lake Shore Drive. The property underwent a comprehensive gut renovation in 2018 and provides excellent in-place cash flow with potential for value-add investors. The property sits on a 20,555 square foot parcel. Freddie Mac Assumable Loan: This property includes an assumable Freddie Mac loan, offering a loan assumption amount of $3,808,690 at a competitive interest rate of 3.12%, with a maturity date set for May 2027. This favorable financing structure enhances the property's investment appeal, reducing the need for new financing. Fully Renovated: The property was fully renovated in 2018, featuring new plumbing, electric, and tear-off roofs. All mechanicals, including copper plumbing, hot water tanks, boiler, and sewer line to the city, are new. Modern Amenities: The building includes stainless steel appliances, dishwashers, and new baths in all units. On-Site Management: There is a dedicated on-site building manager. Laundry Facilities: The building has ten credit card operable laundry machines. Common Areas: The property includes ample on-site office and maintenance space, three common bathrooms, and a 3,800 square foot penthouse common area lounge with a roof deck offering breathtaking lake views. Elevators: Two upgraded elevators (one passenger and one passenger/freight). Electrical Capacity: The property has high capacity electrical service with room for two additional electrical meters (1600A building and 400A elevators). Parking: There are 18 dedicated surface parking spots, with potential expansion up to 22 spots. Tenant Utilities: All units are electric, with tenants responsible for baseboard heat. Unit Mix: (9) Two-bedroom units (42) One-bedroom units (1) Studio unit Rooftop Space Investment Highlights: Location: Situated in the desirable South Shore neighborhood of Chicago, close to the Loop and Lakefront. Upside Potential: With the property's strong in-place cash flow and modern infrastructure, there is significant potential for value-add opportunities. On-Site Amenities: High-quality amenities and common areas enhance tenant satisfaction and retention. Parking and Utilities: Sufficient parking and tenant responsibility for electric baseboard heating contribute to operational efficiency. This multifamily property represents a robust investment opportunity with steady cash flow, potential for value addition, and a strategic location in one of Chicago's prominent neighborhoods.

Listing Courtesy of MRED as distributed by MLS Grid of Keller Williams ONEChicago



Based on information submitted to the MLS GRID as of 2024-10-30 12:00 AM UTC. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
Data last updated: 2024-10-30 12:00 AM UTC
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