6938 S Clyde Ave
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6938 S Clyde Ave
27 Unit Apartment Building $2,650,000 ($98,148/Unit) 8.48% Cap Rate Chicago, IL 60649
Investment Highlights
- High Curb Appeal Vintage Courtyard.
- Attractive Unit Mix with 1, 2 and 3 Bedroom Layouts (Majority Are Duplex Style).
- Operational Upside.
- Desirable Jackson Park Highlands Location.
- On Site Laundry.
- Assumable Mortgage - 4.2%, ~$1,675,000 Balance, 2031 Maturity.
Executive Summary
Interra Realty has been exclusively engaged to market 6938 S. Clyde Avenue, Chicago for sale. The subject investment property is a 27 unit, courtyard style, multifamily asset in the Jackson Park Highlands submarket of South Shore.
The property boasts a large lobby, an on site management office and on site laundry for added tenant convenience. The attractive and diverse unit mix at the property ranges from large one bedroom to three bedroom apartments, twenty one of which have unique duplex floorplans. The units are heated via baseboard hot water and feature individual circuit breaker panels in each apartment. Recently, ownership has installed new common area hallway doors.
A new buyer has the opportunity to take advantage of below market rents and capitalize on strong leasing momentum in the neighborhood. With high in place occupancy, the offering presents a mix of stability and operational upside. In addition, the property features an attractive assumable mortgage with an approximate balance of ~$1,675,000, 4.3% rate and 8/31/2031 maturity. The assumption would entail a 1% fee + legal review fees.
The property boasts a large lobby, an on site management office and on site laundry for added tenant convenience. The attractive and diverse unit mix at the property ranges from large one bedroom to three bedroom apartments, twenty one of which have unique duplex floorplans. The units are heated via baseboard hot water and feature individual circuit breaker panels in each apartment. Recently, ownership has installed new common area hallway doors.
A new buyer has the opportunity to take advantage of below market rents and capitalize on strong leasing momentum in the neighborhood. With high in place occupancy, the offering presents a mix of stability and operational upside. In addition, the property features an attractive assumable mortgage with an approximate balance of ~$1,675,000, 4.3% rate and 8/31/2031 maturity. The assumption would entail a 1% fee + legal review fees.
Property Facts
| Price | $2,650,000 | Building Class | C |
| Price Per Unit | $98,148 | Lot Size | 0.18 AC |
| Sale Type | Investment | Building Size | 28,240 SF |
| Cap Rate | 8.48% | Average Occupancy | 85% |
| Gross Rent Multiplier | 6.2 | No. Stories | 4 |
| No. Units | 27 | Year Built | 1928 |
| Property Type | Multifamily | Opportunity Zone |
Yes
|
| Property Subtype | Apartment |
| Price | $2,650,000 |
| Price Per Unit | $98,148 |
| Sale Type | Investment |
| Cap Rate | 8.48% |
| Gross Rent Multiplier | 6.2 |
| No. Units | 27 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | C |
| Lot Size | 0.18 AC |
| Building Size | 28,240 SF |
| Average Occupancy | 85% |
| No. Stories | 4 |
| Year Built | 1928 |
| Opportunity Zone |
Yes |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 10 | - | 650 |
| 2+1 | 10 | - | 900 |
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Walk Score ®
Very Walkable (75)
PROPERTY TAXES
| Parcel Number | 20-24-415-016-0000 | Improvements Assessment | $129,175 |
| Land Assessment | $11,625 | Total Assessment | $140,800 |
PROPERTY TAXES
Parcel Number
20-24-415-016-0000
Land Assessment
$11,625
Improvements Assessment
$129,175
Total Assessment
$140,800
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6938 S Clyde Ave
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