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7748 S Kingston Avenue - South Shore Neighborhood Apartments, Chicago, IL
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7748 S Kingston Avenue - South Shore Neighborhood Apartments
Chicago, IL 60649-4714 - South Shore MF Submarket
Number of Units:
.33 AC (14,540 SF)
For Sale Price:
This property is for sale (for $6,076,000) as part of a portfolio of 5 properties.
This three story multifamily apartment building is located in Chicago’s “South Shore” neighborhood. Located within a mile of Lake Michigan, the subject property has many recent upgrades, and, a unique rent roll. Upgrades include new windows , re-furbished roof , many upgraded apartments, new sewer lines , and, six brand new porches [06, 07]. The building is located close to shopping & public transportation.
The building has a rent roll with seven unit’s master -leased by a community organization, [Unity Parenting], seven units leased by the City of Chicago Department of Housing with three more to be added on for a total of ten units, one “Section 8” tenant, with the balance being regular pay tenants. The subsidized housing makes the monthly income very stable with timely rent payments.
The current 2nd mortgage is assumable to a qualified buyer with very favorable terms. The terms will be discussed with serious buyers. The existing rental situation along with the assumable 2nd mortgage makes this outstanding property a truly unique & financially attractive investment to the wise multifamily investor.
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FOR SALE CONTACTS
SVN l Chicago Commercial
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