6557 S Minerva Ave
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6557 S Minerva Ave
10 Unit Apartment Building $1,650,000 ($165,000/Unit) 7.48% Cap Rate Chicago, IL 60637
Investment Highlights
- 7.37% Cap Rate
- Five (5) 2Bd/2Ba, Four (4) 3Bd/2Ba, & One (1) 3Bd/3Ba
- In-Unit Washer/Dryers
- Duplexed & Penthouse Units
- Individual HVAC & Hot Water Tanks
- 100% Copper Plumbing and Updated Electric Service
Executive Summary
We are pleased to present for sale 6557 S Minerva, a three-story 10-unit apartment building located in the East Woodlawn neighborhood of Chicago. The property is located ~six blocks west of the Jackson Park Golf Course and ~5 blocks south of The University of Chicago, in immediate proximity to the future Obama Presidential Library.
The property experienced a complete gut rehab in 2004 deconverting unit count from 12 to 10 for multi-floor, condo-quality residences. The unit makeup is: five (5) 3 Bed/2 Bath & five (5) 2 Bed/2 Bath. All units feature hardwood flooring and tile throughout and modern kitchen features: granite countertops, modern cabinets, updated appliances, and dishwashers. The property also features copper plumbing, in-unit updated electric boxes, in-unit laundry facilities, and individual in-unit hot water tanks.
From an economic perspective, the property features residents with below-market rental rates that allows a future operator to benefit from the opportunity to bring leases to market rental rates in a location that benefits from long-term economic improvement investment stability.
The property experienced a complete gut rehab in 2004 deconverting unit count from 12 to 10 for multi-floor, condo-quality residences. The unit makeup is: five (5) 3 Bed/2 Bath & five (5) 2 Bed/2 Bath. All units feature hardwood flooring and tile throughout and modern kitchen features: granite countertops, modern cabinets, updated appliances, and dishwashers. The property also features copper plumbing, in-unit updated electric boxes, in-unit laundry facilities, and individual in-unit hot water tanks.
From an economic perspective, the property features residents with below-market rental rates that allows a future operator to benefit from the opportunity to bring leases to market rental rates in a location that benefits from long-term economic improvement investment stability.
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$191,664
|
$17.42
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$9,583
|
$0.87
|
| Effective Gross Income |
$182,081
|
$16.55
|
| Taxes |
-
|
-
|
| Operating Expenses |
$58,700
|
$5.34
|
| Total Expenses |
$58,700
|
$5.34
|
| Net Operating Income |
$123,381
|
$11.22
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $191,664 |
| Annual Per SF | $17.42 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $9,583 |
| Annual Per SF | $0.87 |
| Effective Gross Income | |
|---|---|
| Annual | $182,081 |
| Annual Per SF | $16.55 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | $58,700 |
| Annual Per SF | $5.34 |
| Total Expenses | |
|---|---|
| Annual | $58,700 |
| Annual Per SF | $5.34 |
| Net Operating Income | |
|---|---|
| Annual | $123,381 |
| Annual Per SF | $11.22 |
Property Facts
| Price | $1,650,000 | Apartment Style | Mid Rise |
| Price Per Unit | $165,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.14 AC |
| Cap Rate | 7.48% | Building Size | 11,000 SF |
| No. Units | 10 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1903/2004 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Price | $1,650,000 |
| Price Per Unit | $165,000 |
| Sale Type | Investment |
| Cap Rate | 7.48% |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid Rise |
| Building Class | C |
| Lot Size | 0.14 AC |
| Building Size | 11,000 SF |
| No. Stories | 3 |
| Year Built/Renovated | 1903/2004 |
| Opportunity Zone |
Yes |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+2 | 5 | - | 1,200 |
| 3+2 | 4 | - | 1,300 |
| 3+3 | 1 | - | 1,400 |
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Transit Score ®
Excellent Transit (71)
PROPERTY TAXES
| Parcel Number | 20-23-119-021-0000 | Total Assessment | $78,000 |
| Land Assessment | $5,507 | Annual Taxes | $0 ($0.00/SF) |
| Improvements Assessment | $72,493 | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
20-23-119-021-0000
Land Assessment
$5,507
Improvements Assessment
$72,493
Total Assessment
$78,000
Annual Taxes
$0 ($0.00/SF)
Tax Year
2023
zoning
| Zoning Code | RT-4 (RT-4) |
| RT-4 (RT-4) |
-
Gene Hart -
33 Realty
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6557 S Minerva Ave
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