6557 Minerva Ave, Chicago, IL 60637
10 Unit Apartment Building | $1,850,000 ($185,000/Unit) | 7.37% Cap Rate | Chicago, IL 60637
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $1,850,000
- Property Type
-
Multifamily
- Square Feet
- 11,000 SF
Listing Contacts
Noah Birk
Verified Profile
Aaron Sklar
Verified Profile
Justin Turner
Verified Profile
- Property Info
Property Overview
Kiser Group is pleased to exclusively offer for purchase 6557 S. Minerva, a rarely available ten (10) unit walk-up located just outside of Hyde Park in Chicago’s East Woodlawn neighborhood. The property is located just blocks from the prestigious University of Chicago and the construction site of the future Obama
Presidential Library,
6557 S. Minerva is comprised of five (5) 2Bd/2Ba, four (4) 3Bd/2Ba, and one (1) 3Bd/3Ba units. During a complete gut rehab in 2004, all four (4) first floor units were duplexed down and the building was deconverted from twelve (12) to ten (10) units to create two (2) penthouse apartments by consolidating the third floor units in both tiers. All units feature incredibly spacious layouts with updated kitchens and baths. Throughout the years, the building has undergone extensive renovations consisting of, but not limited to: 100% copper plumbing, new electric service w/ in-unit breaker boxes, individual furnaces & hot water tanks, in-unit washer and dryers, and an abundance of cosmetic updates.
6557 S. Minerva presents an investor with the opportunity to acquire a rarely available and highly desirable building in one of Chicago’s best neighborhoods. From day one, a new owner will benefit from an incredibly stable and long-term tenant base. However, with most of the building’s current rents being substantially below current market levels-there is a tremendous amount of value to be added solely by stabilizing rents to levels already being achieved in the building.
Presidential Library,
6557 S. Minerva is comprised of five (5) 2Bd/2Ba, four (4) 3Bd/2Ba, and one (1) 3Bd/3Ba units. During a complete gut rehab in 2004, all four (4) first floor units were duplexed down and the building was deconverted from twelve (12) to ten (10) units to create two (2) penthouse apartments by consolidating the third floor units in both tiers. All units feature incredibly spacious layouts with updated kitchens and baths. Throughout the years, the building has undergone extensive renovations consisting of, but not limited to: 100% copper plumbing, new electric service w/ in-unit breaker boxes, individual furnaces & hot water tanks, in-unit washer and dryers, and an abundance of cosmetic updates.
6557 S. Minerva presents an investor with the opportunity to acquire a rarely available and highly desirable building in one of Chicago’s best neighborhoods. From day one, a new owner will benefit from an incredibly stable and long-term tenant base. However, with most of the building’s current rents being substantially below current market levels-there is a tremendous amount of value to be added solely by stabilizing rents to levels already being achieved in the building.
Property Details
- Class
- C
- Year Built
- 1903
- Stories
- 4
- Lot Size (sq. ft)
- 6,098 SF
- Units
- 10
Highlights
- 7.37% Cap Rate
- Duplexed & Penthouse Units
- Five (5) 2Bd/2Ba, Four (4) 3Bd/2Ba, & One (1) 3Bd/3Ba
- Individual HVAC & Hot Water Tanks
- In-Unit Washer/Dryers
- 100% Copper Plumbing and Updated Electric Service
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