3064-3066 E 79th St
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3064-3066 E 79th St
9 Unit Apartment Building $891,000 ($99,000/Unit) 8.75% Cap Rate Chicago, IL 60649
Investment Highlights
- Complete Gut Renovation
- All 2bd/1ba Units
- Just off Lake Michigan
- All New Plumbing, HVAC, and Electric
- Desirable South Shore Location
Executive Summary
Kiser Group is pleased to exclusively offer for purchase 3064 E. 79th, an incredibly spacious (9) unit property located in Chicago’s South Shore neighborhood. Right off of Lake Michigan and Rainbow Beach Park, the building sits within walking distance of an abundance of public transportation options. Additionally, for quick and convenient transportation, the asset is nearby to
Chicago’s Lake Shore Drive which provides tenants easy access to Chicago’s downtown in roughly fifteen
minutes.
3064 E. 79th is currently comprised of nine (9) Oversized 2b/1ba units. The units all feature hardwood
flooring throughout and updated tiling in the kitchen. Furthermore, additional improvements to the building
consist of but are not limited to, updated electric, newer windows, an updated and newly coated roof, separate and individual HVAC furnaces, and a paved parking lot in the rear. Given the location and size of the units, there is an incredibly large demand for apartments such as these.
3064 E. 79th presents an investor with a unique opportunity to acquire a strong, positive cash flowing
building with an in-place cap rate of over 8.2%. Given the quality of the units coupled with the prime location, by releasing and increasing rents to levels already being achieved in the building, an investor could increase the cap rate to just under 10.00%.
Chicago’s Lake Shore Drive which provides tenants easy access to Chicago’s downtown in roughly fifteen
minutes.
3064 E. 79th is currently comprised of nine (9) Oversized 2b/1ba units. The units all feature hardwood
flooring throughout and updated tiling in the kitchen. Furthermore, additional improvements to the building
consist of but are not limited to, updated electric, newer windows, an updated and newly coated roof, separate and individual HVAC furnaces, and a paved parking lot in the rear. Given the location and size of the units, there is an incredibly large demand for apartments such as these.
3064 E. 79th presents an investor with a unique opportunity to acquire a strong, positive cash flowing
building with an in-place cap rate of over 8.2%. Given the quality of the units coupled with the prime location, by releasing and increasing rents to levels already being achieved in the building, an investor could increase the cap rate to just under 10.00%.
Property Facts
| Price | $891,000 | Building Class | C |
| Price Per Unit | $99,000 | Lot Size | 0.14 AC |
| Sale Type | Investment | Building Size | 8,817 SF |
| Cap Rate | 8.75% | Average Occupancy | 95% |
| No. Units | 9 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1960 |
| Property Subtype | Apartment | Parking Ratio | 0.56/1,000 SF |
| Apartment Style | Low Rise | Opportunity Zone |
Yes
|
| Price | $891,000 |
| Price Per Unit | $99,000 |
| Sale Type | Investment |
| Cap Rate | 8.75% |
| No. Units | 9 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.14 AC |
| Building Size | 8,817 SF |
| Average Occupancy | 95% |
| No. Stories | 3 |
| Year Built | 1960 |
| Parking Ratio | 0.56/1,000 SF |
| Opportunity Zone |
Yes |
Unit Amenities
- Tub/Shower
Site Amenities
- 24 Hour Access
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 9 | - | 1,000 |
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PROPERTY TAXES
| Parcel Number | 21-30-417-023-0000 | Improvements Assessment | $37,569 |
| Land Assessment | $4,934 | Total Assessment | $42,503 |
PROPERTY TAXES
Parcel Number
21-30-417-023-0000
Land Assessment
$4,934
Improvements Assessment
$37,569
Total Assessment
$42,503
zoning
| Zoning Code | R5, Chicago |
| R5, Chicago |
-
Noah Birk -
Aaron Sklar -
Kiser Group
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3064-3066 E 79th St
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