Favorable Renter-Centric Area by South Shore 7635 S Coles Ave 13 Apartment Units Online Auction Sale Chicago, IL 60649
INVESTMENT HIGHLIGHTS
- Brick, 13-unit California-style apartment building within walking distance to Rainbow Beach and numerous public transportation routes in Chicago.
- Stabilized investment opportunity with the ability to add value through vacancy lease-up at market rents and add a potential on-site laundry facility.
- Strategically located along Lake Michigan’s Shoreline with ideal proximity to the Chicago Loop and numerous South Shore attractions and amenities.
- Beneficially surrounded by a prominently renter-centered community of more than 358,000 residents who live in 67% of renter-occupied households.
EXECUTIVE SUMMARY
Desirable 13-unit brick California-style apartment building within a five-minute walk to Rainbow Beach, one of the city's largest beaches, in Chicago, Illinois. This three-story, 11,475-square-foot multifamily property offers an excellent unit mix of three-, two-, and one-bedroom apartments averaging approximately 725 square feet. Solidly built in 1964 and renovated in 2015, each unit features ideal amenities comprising dishwashers, microwaves, granite countertops, wood floors, and upgraded bathrooms. There are seven parking spaces that are currently offered for free to the tenants on a first-come, first-serve basis, as there are numerous public transportation bus routes that surround the property within a one- to two-block walk. Each unit has a wall sleeve for tenant-supplied air conditioners. 7635 S Coles Avenue offers an opportunity for new ownership to convert a spacious storage area into a coin-operated laundry room, creating an additional stream of income.
Chicago's South Shore community is accessibly located 6 miles south of Chicago's Loop along Lake Michigan's Shoreline. South Shore is home to numerous attractions, including the South Shore Park, home to a nine-hole golf course with scenic lakefront views, and the Cultural Center, a historic landmark with an event venue, restaurant, and community programs. Tenants and guests can also appreciate 7635 S Coles Avenue’s convenience as the property is within an 11-minute drive of Jackson Park and its 18-hole golf course, 63rd Street and 57th Street Beaches, Griffin Museum of Science and Industry, and The University of Chicago.
Preferably surrounding the property within a 5-mile radius is a renter-centric community of 358,325 residents who live in 67% of renter-occupied households. This dense population takes home an ideal average household income of more than $60,000 and is joined by a daytime employment of 99,232 employees who may also choose to live close to work.
7635 S Coles Avenue exceptionally sits at 92% occupancy with one available unit primed to deliver upside through vacancy lease-up at increased market rents. This stabilized property is situated in the South Lakefront Submarket, which has experienced a 2.7% asking rent growth rate in the past 12 months, allowing this asset to primely present a sought-after investment with additional revenue growth capabilities.
Property tours are available by appointment only. Please contact the broker to schedule.
Chicago's South Shore community is accessibly located 6 miles south of Chicago's Loop along Lake Michigan's Shoreline. South Shore is home to numerous attractions, including the South Shore Park, home to a nine-hole golf course with scenic lakefront views, and the Cultural Center, a historic landmark with an event venue, restaurant, and community programs. Tenants and guests can also appreciate 7635 S Coles Avenue’s convenience as the property is within an 11-minute drive of Jackson Park and its 18-hole golf course, 63rd Street and 57th Street Beaches, Griffin Museum of Science and Industry, and The University of Chicago.
Preferably surrounding the property within a 5-mile radius is a renter-centric community of 358,325 residents who live in 67% of renter-occupied households. This dense population takes home an ideal average household income of more than $60,000 and is joined by a daytime employment of 99,232 employees who may also choose to live close to work.
7635 S Coles Avenue exceptionally sits at 92% occupancy with one available unit primed to deliver upside through vacancy lease-up at increased market rents. This stabilized property is situated in the South Lakefront Submarket, which has experienced a 2.7% asking rent growth rate in the past 12 months, allowing this asset to primely present a sought-after investment with additional revenue growth capabilities.
Property tours are available by appointment only. Please contact the broker to schedule.
DATA ROOM Click Here to Access
- Operating and Financials
- Purchase Agreement
- Third Party Reports
- Title and Insurance
- Miscellaneous
MARKET ANALYTICS Click Here to Access
$99,999
Asset Value
$99,999
12 Month Sales Volume
12 Month Sales Volume
Total
Lowest
Highest
Transactions
999
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Sales Volume
$99,999
$99,999
$99,999
Properties Sold
999
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Transacted Units
999
999
999
Average Units
999
999
999
9.9%
Market Cap Rate
9.9%
Market Sale Price/Unit Change (YOY)
12 Month Sales Price
Average
Lowest
Highest
Market
Cap Rate
9.9%
9.9%
9.9%
9.9%
Sale Price/Unit
$99,999
$99,999
$99,999
$99,999
Sale Price
$99,999
$99,999
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Sale vs Asking Price
-9.9%
-9.9%
-9.9%
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% Leased at Sale
9.9%
9.9%
9.9%
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Market Sale Price per Unit
Chicago - IL USA
Market Cap Rate
Chicago - IL USA
Market Sale Price per Unit by Star Rating
1 - 2 Star
3 Star
4 - 5 Star
Market Cap Rate by Star Rating
1 - 2 Star
3 Star
4 - 5 Star
Market Sale Price per Unit Distribution
Market Cap Rate Distribution
PROPERTY FACTS
| Sale Type | Investment |
| Sale Condition | Auction Sale |
| Type of Ownership | Fee Simple |
| No. Units | 13 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.23 AC |
| Building Size | 11,475 SF |
| Average Occupancy | 92% |
| No. Stories | 3 |
| Year Built/Renovated | 1964/2015 |
| Parking Ratio | 0.61/1,000 SF |
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ZONING
| Zoning Code | RT-4 |
SALE ADVISORS
SALE ADVISORS
Angelo Labriola, Senior Vice President
(312) 676-1870
Contact
Angelo Labriola serves as a Senior Vice President for SVN | Chicago Commercial, specializing in the sale of multi-family, mixed-use, development land, retail and industrial property. The Cawthon-Labriola team are specialists in the Pilsen neighborhood, with over 150 transactions completed in the neighborhood.
Prior to joining SVN he served as a commercial associate with the Chicago office of Inland Real Estate Brokerage, Inc. During his career Labriola has won numerous real estate awards for his achievements, both in-office and through the Chicago Association of Realtors.
In 2019 Paul Cawthon & Angelo Labriola of the Cawthon-Labriola Group were awarded the President's Circle Award and were a part of the top 2% of all SVN Advisors Internationally and the top 5% in 2020. Cawthon and Labriola of the Cawthon-Labriola Group of SVN | Chicago Commercial have been ranked in the top 7% of all SVN Advisors internationally since 2016. In addition to President's Circle, Cawthon and Labriola have been awarded the Achievers Award 5 years running and are Certified Specialists in Multi-Family.
He earned his B.S. in Finance with a minor in Economics and a focus in Real Estate from DePaul University in Chicago.
Mr. Labriola currently resides in Oak Park, enjoys the game of soccer, and spends as much of his spare time as he can with his wife, two children, and his dog.
Prior to joining SVN he served as a commercial associate with the Chicago office of Inland Real Estate Brokerage, Inc. During his career Labriola has won numerous real estate awards for his achievements, both in-office and through the Chicago Association of Realtors.
In 2019 Paul Cawthon & Angelo Labriola of the Cawthon-Labriola Group were awarded the President's Circle Award and were a part of the top 2% of all SVN Advisors Internationally and the top 5% in 2020. Cawthon and Labriola of the Cawthon-Labriola Group of SVN | Chicago Commercial have been ranked in the top 7% of all SVN Advisors internationally since 2016. In addition to President's Circle, Cawthon and Labriola have been awarded the Achievers Award 5 years running and are Certified Specialists in Multi-Family.
He earned his B.S. in Finance with a minor in Economics and a focus in Real Estate from DePaul University in Chicago.
Mr. Labriola currently resides in Oak Park, enjoys the game of soccer, and spends as much of his spare time as he can with his wife, two children, and his dog.
Paul Cawthon, Senior Vice President
(630) 640-1001
Contact
Paul Cawthon serves as a Senior Vice President for SVN | Chicago Commercial. He specializes in multi-family, sale and leasing of retail, as well as commercial development property. The Cawthon- Labriola team are specialists in the Pilsen neighborhood, with 150+ transactions completed in the neighborhood.
Prior to joining SVN he served as a senior commercial associate with the Chicago office of Inland Real Estate Brokerage, Inc. A business owner for over 15 years, Mr. Cawthon capitalizes on his entrepreneurial skills and experience by offering his clients in-depth analysis of real estate products and financial solutions for their real estate investments. During his extensive real estate career Cawthon has won numerous real estate awards for his achievements.
In 2019 Paul Cawthon & Angelo Labriola of the Cawthon-Labriola Group were awarded the President's Circle Award and were a part of the top 2% of all SVN Advisors Internationally. Cawthon and Labriola of the Cawthon-Labriola Group of SVN | Chicago Commercial have been ranked in the top 7% of all SVN Advisors internationally since 2016. In addition to President's Circle, Cawthon and Labriola have been awarded the Achievers Award 4 years running and are Certified Specialist in Multi-Family.
Prior to joining SVN he served as a senior commercial associate with the Chicago office of Inland Real Estate Brokerage, Inc. A business owner for over 15 years, Mr. Cawthon capitalizes on his entrepreneurial skills and experience by offering his clients in-depth analysis of real estate products and financial solutions for their real estate investments. During his extensive real estate career Cawthon has won numerous real estate awards for his achievements.
In 2019 Paul Cawthon & Angelo Labriola of the Cawthon-Labriola Group were awarded the President's Circle Award and were a part of the top 2% of all SVN Advisors Internationally. Cawthon and Labriola of the Cawthon-Labriola Group of SVN | Chicago Commercial have been ranked in the top 7% of all SVN Advisors internationally since 2016. In addition to President's Circle, Cawthon and Labriola have been awarded the Achievers Award 4 years running and are Certified Specialist in Multi-Family.
ABOUT THE AUCTION PLATFORM
Ten-X Commercial is the leading end-to-end digital transaction platform for commercial real estate. With over $26bn sold, Ten-X’s platform empowers brokers, sellers and buyers with data-driven technology and comprehensive marketing tools to expand market visibility and decrease time to close. Ten-X consistently yields trade rates at two times the industry average. Ten-X expedites the entire CRE transaction timeline by enabling brokers and sellers to tap into a digital platform that makes it easy to onboard properties, evaluate the success of complimentary omnichannel marketing campaigns and follow up on the strongest pre-qualified leads. Buyers are precision-matched with properties aligned with their investment goals, with unprecedented access to market analysis and due diligence documents to help them securely acquire properties online, with confidence.
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AUCTION CONTACT
Sophy Cardenas
Contact
Auctioneer License:
Ten-X Arlene Richardson RE Brkr 478027045
