7801 S South Shore Dr
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7801 S South Shore Dr
32 Unit Apartment Building $3,099,000 ($96,844/Unit) 7.36% Cap Rate Chicago, IL 60649
Executive Summary
Attractive 1960's era, 32 unit brick building in great location in booming South Shore. Appealing unit mix of 5 studios, 9-1/1's, 15-2/1's and 3-3/1's. Roof, Porches, Masonry/Tuckpointing, and Electrical work done within last 5-8 yrs. Every unit updated with Bath and Kitchen reno during same period. Laundry in basement area and outdoor parking in rear for 16-20 cars. Located 1/2 block from Rainbow Beach Park and Rainbow Beach on the shore of beautiful Lake Michigan. The CTA 26, 6, 71, and N5 buses serve this location with both north and south bound stops at 78th and S. South Shore Dr, and the Metra Line (commuter rail) stop is just a short 2 block walk away. Less than 3 miles to world renowned University of Chicago, the new Obama Presidential Library, and the soon to be renovated Jackson Park Golf course, and less than 11 miles to the center of downtown Chicago. This property was in need of new management to stabilize rents, and they have just hired a new, top notch, management company.
Property Facts
| Price | $3,099,000 | Apartment Style | Mid Rise |
| Price Per Unit | $96,844 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.48 AC |
| Cap Rate | 7.36% | Building Size | 27,850 SF |
| Gross Rent Multiplier | 7.42 | Average Occupancy | 97% |
| No. Units | 32 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 1961 |
| Property Subtype | Apartment | Parking Ratio | 0.54/1,000 SF |
| Price | $3,099,000 |
| Price Per Unit | $96,844 |
| Sale Type | Investment |
| Cap Rate | 7.36% |
| Gross Rent Multiplier | 7.42 |
| No. Units | 32 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid Rise |
| Building Class | C |
| Lot Size | 0.48 AC |
| Building Size | 27,850 SF |
| Average Occupancy | 97% |
| No. Stories | 4 |
| Year Built | 1961 |
| Parking Ratio | 0.54/1,000 SF |
Unit Amenities
- Heating
- Kitchen
- Refrigerator
- Oven
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 2 | - | 500 |
| 1+1 | 4 | - | 700 |
| 2+1 | 26 | - | 900 |
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PROPERTY TAXES
| Parcel Number | 21-30-415-028-0000 | Improvements Assessment | $252,006 |
| Land Assessment | $21,094 | Total Assessment | $273,100 |
PROPERTY TAXES
Parcel Number
21-30-415-028-0000
Land Assessment
$21,094
Improvements Assessment
$252,006
Total Assessment
$273,100
zoning
| Zoning Code | R5, Chicago |
| R5, Chicago |
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7801 S South Shore Dr
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