36 Units | 8.5% Cap Rate 7251-7261 S Phillips Ave 36 Unit Apartment Building $3,250,000 ($90,278/Unit) 8.50% Cap Rate Chicago, IL 60649

Kiser Group is pleased to exclusively present for purchase, 7251 S. Phillips Ave, an absolutely beautiful, thirty-six (36) unit courtyard building located in Chicago's historic and booming South Shore Neighborhood. Sitting just blocks away from Lake Michigan to the East, the neighborhood has seen unprecedented growth and demand over the years. With an abundance of recent developments in the area, including the construction of the Obama Presidential Library, the neighborhood is poised for further growth and appreciation.
7251 S. Phillips has a unique unit composition comprised of studios, one, and two bedroom apartments. Currently, the building consists of eighteen (18) 0Bd/1Ba studios, six (6) 1Bd/1Ba apartments, and twelve (12) 2Bd/1Ba apartments. With the exception of just a few long term tenants, all of the apartments have been renovated with new kitchens and baths complete with stainless steel appliances and granite countertops. Additional improvements to the building consist of, but not limited to: an updated roof, a code
compliant exterior porch system, newer hot water tanks (2020 and 2021) along with masonry work.
7251 S. Phillips provides an investor immediate scale in one of Chicago’s most desirable appreciating neighborhoods. From day one, a new owner will realize an in place cap rate of 8.5% along with an in place cash return of 12.41%. Additionally, over 60% of the buildings tenant base is subsidized through CHA or similar organizations. Solely by increasing under market rents to market rates already being achieved in the building, an investor has the opportunity to realize a cap rate of nearly 10%.