7801 S South Shore Drive
Chicago, IL 60649

More
Photos »

Tools & Resources:

Description

PRICE REDUCED for this attractive 1960's era, 32 unit brick building in great location in booming South Shore. Appealing unit mix of 4 studios, 10-1/1'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 it's just a short 2 block walk to the Metra Line (commuter rail) stop. Less than 3 miles to world renowned University of Chicago, the new Obama Presidential Library, the soon to be renovated Jackson Park Golf course, and just 9 blocks from the Campus of the soon to be built, 1 million s.f. Illinois Quantum and Microelectronics Park. Also, less than 11 miles to the center of downtown Chicago. New property management is in place and is working to stabilize rents. There is an ASSUMABLE loan in place at an attractive rate and it will not adjust until 12-1-28, at which time it will float off SOFR.

Features

• Property Type: Commercial
• Sub Type: Multi Family 5+
• Listing Status: Active
• County/Area: Cook County
• Zip Code: 60649
• Year Built: 1961
• Stories: 4
• Units: 32 units
• Basement: Finished
• # Of Dryers: 3
• # Of Ranges: 32
• # Of Refrigs: 32
• # Of Washers: 3
• Approximate Age: 36-50 Years
• Built Before 1978 (Y/N): Yes
• Cap Rate: 7.42
• Construction Materials: Brick, Concrete
• Cooling: Window Unit(s)
• Directions: north or south on S. South Shore Drive to 78th St. Property is on the SE corner of 78th and S. South Shore Drive.
• Electric: Circuit Breakers
• Electric Expense: 7150
• Electric Expense Source: Actual
• Expense Year: 2024
• Fire Protection: Alarm Monitored, Sprinklers
• Fuel Expense: 17221
• Fuel Expense Source: Actual
• Gross Income: 428184
• Gross Rent Multiplier: 6.76
• Gross Scheduled Income: 428184
• Heat/Ventilation: Central Bldg Heat
• Information: 24-Hr Notice Required
• Insurance Expense: 14398
• Insurance Expense Source: Actual
• Janitor Expense: 12625
• Lot Size Square Feet: 16875
• Main Type: Commercial Sale
• Maintenance Expense: 3948
• Manager Expense: 19010
• Manager Expense Source: AC
• Operating Expense: 191673
• Other Expense: 14825
• Other Expense Source: Actual
• Outdoor Parking: 13-18 Spaces, Common Parking, Open, Private Lot, Parking On-Site
• Ownership Type: Individual
• Repairs-Decor Expense Source: Actual
• Tax Annual Amount: 39110
• Tax Year: 2023
• Tenant Pays: Electricity
• Total Annual Expense Source: Combination
• Total Monthly Income: 35682
• Trash Expense: 3510
• Trash Expense Source: Actual
• Water Expense Source: Actual
• Water Sewer Expense: 15096