7042-7048 S Michigan - Apartments FOR SALE


Chicago, IL 60637- Greater Grand Crossing
$1,700,000 USD
312-972-4381
7042-7048 S Michigan, Chicago, IL for Sale
$1,700,000 USD
Apartments - FOR SALE
1/5
null | 8.21% Cap Rate

7042-7048 S Michigan
Chicago, IL 60637
Greater Grand Crossing


HIGHLIGHTS

  • Six (6) 2Bd/1ba, Twenty (20) 1Bd/1Ba, & Six (6) Studios
  • Newer Boiler & Hot Water Tank
  • Significant Room to Increase Rents
  • Prime Grand Crossing Location

OVERVIEW

32-unit courtyard building in Chicago's Greater Grand Crossing submarket, offered at $1,700,000 ($53,125/unit | $75.89/SF). This 1925-built,~22,400 SF brick courtyard property spans four entrances (7042, 7044, 7046, 7048) and delivers immediate in-place income with clear upside baked into the rent roll. Sub-$60K/unit basis with income already in place, as only two units require lease-up. Rents are meaningfully below market across the entire mix, giving a new owner a straightforward, low-risk path to NOI growth without a heavy capex program. Porches were replaced in 2007, with permitted repairs completed in 2019. Situated in Greater Grand Crossing, a renter-dominant submarket with strong transit reliance, supporting durable workforce rental demand - a large share of households have no vehicle and rely on transit for commuting. Healthcare and education anchor local employment, with the Loop as the largest commuter destination. The property sits within a short drive of University of Chicago, UChicago Medicine, Jackson Park, the Du Sable Museum, and the Obama Presidential Center, with everyday retail (Walgreens, ALDI, Dunkin', Subway, Mobil) all within a mile. Offering Memorandum with staged interior photos available upon request.

FOR SALE DETAILS

PRICE

$1,700,000 USD

PRICE/SF

$76 USD /SF

# OF UNITS

32

PRICE/UNIT

$53,125

CAP RATE

8.21%

% LEASED

97%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

7042 South Michigan Ave

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Mid-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1925

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.16 AC

LAND SF

6,861 SF

ZONING

B3-1

APN/PARCEL ID

20-22-321-024-0000,20-22-321-025-0000

ASK ABOUT THIS PROPERTY

Kevin RocioROC Advisory Group - @properties CommercialMore Info
312-972-4381

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.

Kevin RocioROC Advisory Group - @properties CommercialMore Info
312-972-4381

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.