7147 S Constance Ave
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7147 S Constance Ave
13 Unit Apartment Building $850,000 ($65,385/Unit) 6.72% Cap Rate Chicago, IL 60649
Investment Highlights
- First time being offered for sale since 2007.
- Average 1 BD Rent: $687/Average 2 BD Rent:$851.
- Laundry room on-site.
- Signicant value add opportunity through increasing rental rates to market levels.
- Brand new hot water tanks.
- Pro forma cap rate of 11.7%.
Executive Summary
Interra Realty has been exclusively engaged to present for sale 7147-49 S. Constance Ave. The subject property is a 13 unit building featuring (6) 1 BD/1 BA units and (7) 2 BD/1 BA Units located in Chicago's historic South Shore neighborhood. The building has been pridefully maintained and managed and is being offered for sale for the first time since 2007.
The building present qualifed investors with the opportunity to acquire a stabilized asset with strong upside in NOI by bringing rents to market levels through cosmetic upgrades of the units. The average 1 BD Rent is $687 and the average 2 BD Rent is $851.
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.
The building present qualifed investors with the opportunity to acquire a stabilized asset with strong upside in NOI by bringing rents to market levels through cosmetic upgrades of the units. The average 1 BD Rent is $687 and the average 2 BD Rent is $851.
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.
Property Facts
| Price | $850,000 | Apartment Style | Mid Rise |
| Price Per Unit | $65,385 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.15 AC |
| Cap Rate | 6.72% | Building Size | 13,000 SF |
| No. Units | 13 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 1924 |
| Property Subtype | Apartment |
| Price | $850,000 |
| Price Per Unit | $65,385 |
| Sale Type | Investment |
| Cap Rate | 6.72% |
| No. Units | 13 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid Rise |
| Building Class | C |
| Lot Size | 0.15 AC |
| Building Size | 13,000 SF |
| No. Stories | 4 |
| Year Built | 1924 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 6 | - | - |
| 2+1 | 7 | - | - |
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Walk Score ®
Very Walkable (82)
PROPERTY TAXES
| Parcel Number | 20-25-107-013-0000 | Improvements Assessment | $78,725 |
| Land Assessment | $8,375 | Total Assessment | $87,100 |
PROPERTY TAXES
Parcel Number
20-25-107-013-0000
Land Assessment
$8,375
Improvements Assessment
$78,725
Total Assessment
$87,100
zoning
| Zoning Code | R4, Chicago |
| R4, Chicago |
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7147 S Constance Ave
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