7308 S Crandon Ave - Apartments FOR SALE


Chicago, IL 60649- South Shore
$1,975,000 USD
773-293-5056
7308 S Crandon Ave, Chicago, IL for Sale
$1,975,000 USD
Apartments - FOR SALE
1/5
null | 10.11% Cap Rate

7308 S Crandon Ave
Chicago, IL 60649
South Shore


HIGHLIGHTS

  • 10% Cap Rate
  • Seven (7) 1Bd/1Ba, Twenty (20) Studios, and Seven (7) Commercial Storefronts
  • Tenant Paid Utilites - Electric Heat
  • Updated Kitchens & Baths w/ Hardwood Floors Throughout
  • Newer Roof and Porches
  • Newer Vinyl Windows | Significant Rental Upside

OVERVIEW

Kiser Group is pleased to exclusively offer for purchase the sale of 7308 S. Crandon Ave, a thirty-four (34) unit mixed-use building located in Chicago’s South Shore neighborhood. The property is ideally positioned just 0.3 miles from the South Shore Metra Station, offering tenants convenient access to downtown Chicago and the lakefront. This location also benefits from proximity to Jackson Park and the future Obama Presidential Center, enhancing long-term neighborhood appeal. 7308 S. Crandon Ave features a unit mix of twenty (20) studios, seven (7) 1Bd/1Ba apartments, and seven (7) commercial storefronts. The residential units are equipped with electric baseboard heating, newer vinyl flooring, and individual in-unit breaker boxes. Recent capital improvements include a new hot water heater, contributing to reduced maintenance costs and operational efficiency. This asset presents investors with a compelling opportunity to acquire a stabilized property with immediate cash flow and significant upside. The building currently operates at a 10% cap rate, with the potential to achieve a 12.06% cap rate through improved management and leasing strategies.

FOR SALE DETAILS

PRICE

$1,975,000 USD

PRICE/SF

$103 USD /SF

# OF UNITS

34

PRICE/UNIT

$58,088

CAP RATE

10.11%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Crandon Avenue Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1923

PARKING SPACES

6

LAND DETAILS

LAND ACRES

0.29 AC

LAND SF

12,632 SF

ZONING

R3, Chicago

APN/PARCEL ID

20-25-218-017-0000

ASK ABOUT THIS PROPERTY

John GeorgeKiser GroupMore Info
773-293-5056

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John GeorgeKiser GroupMore Info
773-293-5056

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