7831 S COLFAX Avenue
Chicago, IL 60649

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Description

Stunning 8-Unit Gem in South Shore! Just a few blocks from beautiful Lake Michigan, this fully occupied 8-unit building offers an incredible opportunity in one of Chicago's most vibrant neighborhoods. Featuring all-new electric, plumbing, and HVAC, plus a newer roof with skylight and two brand-new rear porches. All city violations have been cleared and title is clean.Each unit showcases spacious layouts with hardwood floors, ceramic tile kitchens and baths, and fire-rated unit doors for added safety. The building includes six oversized 3-bed/1-bath units with formal dining and living rooms, one large 2-bed/1-bath garden unit, and one 1-bed/1-bath garden unit-all generously sized. The property is fully occupied with clean, responsible tenants, and all tenants pay their own utilities. Current rents are well below market value, creating a prime value-add opportunity for investors. Whether you're seeking strong cash flow now or long-term upside through rent growth, this South Shore gem delivers both. Easy to Show - Show with Confidence!

Features

• Property Type: Commercial
• Sub Type: Multi Family 5+
• Listing Status: Active Under Contract
• County/Area: Cook County
• Zip Code: 60649
• Year Built: 1915
• Stories: 4
• Units: 8 units
• Zoning: MULTI
• Approximate Age: Older
• Built Before 1978 (Y/N): Yes
• Directions: 79TH ST. TO COLFAX NORTH TO PROPERTY
• Electric Expense: 1200
• Electric Expense Source: Broker Projection
• Fuel Expense Source: Broker Projection
• Gross Income: 88200
• Gross Rent Multiplier: 6.23
• Gross Scheduled Income: 88200
• Heat/Ventilation: Forced Air, Gas
• Information: List Broker Must Accompany
• Insurance Expense: 6000
• Insurance Expense Source: Broker Projection
• Janitor Expense: 3000
• Main Type: Commercial Sale
• Maintenance Expense: 2000
• Operating Expense: 24188
• Other Expense: 1000
• Other Expense Source: Broker Projection
• Repairs-Decor Expense Source: Broker Projection
• Tax Annual Amount: 7999.5
• Tax Year: 2023
• Tenant Pays: Electricity, Heat, Hot Water
• Total Annual Expense Source: Broker Projection
• Total Monthly Income: 7350
• Trash Expense: 6188
• Trash Expense Source: Broker Projection
• Type Multi-Family: Cluster
• Water Expense Source: Broker Projection
• Water Sewer Expense: 4800