Ivy at Dorchester
75 Unit Apartment Building | $8,900,000 ($118,667/Unit) | Chicago, IL 60615
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $8,900,000
- Property Type
-
Multifamily
- Square Feet
- 28,370 SF
Listing Contacts
Joe Smazal
Verified Profile
Mark Dykstra
Verified Profile
- Property Info
Property Overview
Interra Realty has been exclusively engaged to market 5118 S. Dorchester Avenue, Chicago, for sale. The subject investment property is a 75 unit, mid-rise asset in the Hyde Park Neighborhood.
The property features primarily studio apartments, which are in high demand in this rental market that is heavily influenced by University of Chicago students. Finishes are average rental quality, which a new investor may elect to upgrade to push rent levels further.
The building features all aluminum windows, a steam boiler, and two passenger elevators. It has been well maintained and is professionally managed.
5118 S. Dorchester Avenue is being offered with attractive, assumable financing. The Freddie small balance, non-recourse loan is serviced by Greystone and is fixed at 4.53% until 12/1/28.
The property features primarily studio apartments, which are in high demand in this rental market that is heavily influenced by University of Chicago students. Finishes are average rental quality, which a new investor may elect to upgrade to push rent levels further.
The building features all aluminum windows, a steam boiler, and two passenger elevators. It has been well maintained and is professionally managed.
5118 S. Dorchester Avenue is being offered with attractive, assumable financing. The Freddie small balance, non-recourse loan is serviced by Greystone and is fixed at 4.53% until 12/1/28.
Property Details
- Class
- C
- Year Built
- 1923
- Stories
- 7
- Lot Size (sq. ft)
- 8,712 SF
- Units
- 75
Highlights
- Strong Location in the Hyde Park Neighborhood
- High-Curb Appeal Vintage Asset
- Walking Distance from University of Chicago
- Professionally Managed and Well-Maintained Property
- Updated Apartment Finishes and Common Areas
- Attractive, Assumable Financing In-Place at 4.53% Until 12/1/28
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