6506 S Ellis Avenue
Chicago, IL 60637

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Description

6506-6508 S. Ellis Avenue is a rarely available six unit multifamily building located just blocks from the prestigious University of Chicago and the construction site of the future Obama Presidential Library. Building underwent major renovation in approximately 2012 (Newer framing, newer copper plumbing, newer electrical in all units, individual furnaces and hot water heaters in each unit). Hardwood floors in 5 of the 6 units. There are four (4) 2 bedroom, 1 bath units (located on the second and third floors), and two (2) 4 bedroom, 3 bath units on the first floor that are condo units that UTILIZE THE FIRST FLOOR AND THE LOWER LEVEL! FLOOR PLANS AVAILABLE FROM LISTING AGENT! Each unit has in-unit laundry, a dishwasher, and one (1) parking space per unit in the rear of the building. Units also have their own furnaces and TENANTS responsible for their own heat and electric. Water is not individually metered. Gated access to the building. Fenced-in yard space in the rear. Tenants also have access to a newer balcony in the rear of each unit. Common areas also remodeled. Because this neighborhood is being sought-after, two single family homes directly across the street (6501 & 6503 S. Ellis Avenue) from this building have sold for $739,000!!! And more to come with New Construction being built all around! Much more value to add to this building by stabilizing rents to current market value! Taxes have been reduced drastically thru an appeal process as the building previously had six different PINs. Owner has dissolved the HOA in late 2024 and the assessor will issue a single PIN in 2026. Other six unit buildings that have sold recently with a single PIN have their taxes around 13-14k for the last full tax year. Higher Rents and Less taxes will equal higher income!!! Email listing agent for any questions.

Features

• Property Type: Commercial
• Sub Type: Multi Family 5+
• Listing Status: Active
• County/Area: Cook County
• Zip Code: 60637
• Year Built: 1930
• Stories: 3
• Units: 6 units
• Zoning: MULTI
• # Of Dryers: 6
• # Of Ranges: 6
• # Of Refrigs: 6
• # Of Washers: 6
• Additional Parcels: Yes
• Approximate Age: New Rehab
• Built Before 1978 (Y/N): Yes
• Cap Rate: 7.73
• Construction Materials: Brick
• Cooling: Central Air
• Directions: 63rd Street to Ingleside, Ingleside to 65th Street, one block east to Ellis Ave.
• Electric: Circuit Breakers
• Electric Expense: 1363
• Expense Year: 2025
• Gross Income: 122700
• Gross Rent Multiplier: 9.58
• Gross Scheduled Income: 122700
• Heat/Ventilation: Forced Air
• Information: 48-Hr Notice Required
• Insurance Expense: 5846
• Janitor Expense: 600
• Main Type: Commercial Sale
• Operating Expense: 31862
• Other Expense: 1190
• Other Expense Source: Actual
• Tax Annual Amount: 16730
• Tax Year: 2024
• Tenant Pays: Electricity, Heat
• Total Annual Expense Source: Owner Projection
• Total Monthly Income: 10225
• Township: Hyde Park
• Trash Expense: 2553
• Water Sewer Expense: 2394