Commercial: Multi Family 5+ - MLS# 12479990
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Description
Essex has been exclusively engaged to market for sale a 12-unit multifamily building at 7150 S Cornell Ave. Located in the heart of South Shore, the property is a well maintained courtyard building that showcases true pride of ownership since acquiring. The property features six spacious studio apartments and six large one bedroom units, providing a strong unit mix for both stability and rent growth. 7150 S Cornell has benefited from significant recent improvements including but not limited to, a complete tear-off roof completed in 2022, the installation of a new 100-gallon hot water tank in 2022, and an upgraded 600-amp electrical service, all of which provide long-term durability and reduced capital expenditures. Each unit is equipped with gas-forced heating. Looking forward, there is additional upside for a new owner to add laundry facilities, storage units, and the potential to add two garden units, which would enhance both the property's income and its overall value. With its strong existing operations, and clear value-add opportunities, this presents an excellent investment opportunity in one of Chicago's most historic and accessible lakefront communities.
Features
- Property Type: Commercial
- Sub Type: Multi Family 5+
- Listing Status: Active Under Contract
- County/Area: Cook County
- Zip Code: 60649
- Year Built: 1926
- Stories: 3
- Units: 12 units
- Zoning: MULTI
- Approximate Age: Older
- Built Before 1978 (Y/N): Yes
- Cap Rate: 7.48
- Construction Materials: Brick
- Cooling: Window Unit(s)
- Directions: STONEY ISLAND TO 71ST ST - E 1 BLK TO CORNELL S TO ADDRESS
- Electric: Service - 201 to 600 Amps
- Electric Expense: 3216
- Electric Expense Source: Actual
- Fuel Expense: 4080
- Fuel Expense Source: Actual
- Gross Income: 125640
- Gross Rent Multiplier: 6.65
- Gross Scheduled Income: 118101
- Heat/Ventilation: Separate Per Unit
- Information: 48-Hr Notice Required
- Insurance Expense: 6923
- Insurance Expense Source: Actual
- Janitor Expense: 7086
- Main Type: Commercial Sale
- Maintenance Expense: 6000
- Operating Expense: 56357
- Other Expense: 3000
- Other Expense Source: Broker Projection
- Repairs-Decor Expense Source: Broker Projection
- Roof Structure: Flat
- Tax Annual Amount: 15000
- Tax Year: 2023
- Total Annual Expense Source: Actual
- Total Monthly Income: 10470
- Township: South Chicago
- Trash Expense: 6444
- Trash Expense Source: Actual
- Type Multi-Family: Courtyard
- Water Expense Source: Actual
- Water Sewer Expense: 2208
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