3064-3066 79Th St, Chicago, IL 60649
9 Unit Apartment Building | $950,000 ($105,556/Unit) | 8.20% Cap Rate | Chicago, IL 60649
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $950,000
- Property Type
-
Multifamily
- Square Feet
- 8,817 SF
Listing Contacts
Noah Birk
Verified Profile
Aaron Sklar
Verified Profile
- Property Info
Property Overview
Kiser Group is pleased to exclusively offer for purchase 3064 E. 79th, an incredibly spacious (9) unit property located in Chicago’s South Shore neighborhood. Right off of Lake Michigan and Rainbow Beach Park, the building sits within walking distance of an abundance of public transportation options. Additionally, for quick and convenient transportation, the asset is nearby to
Chicago’s Lake Shore Drive which provides tenants easy access to Chicago’s downtown in roughly fifteen
minutes.
3064 E. 79th is currently comprised of nine (9) Oversized 2b/1ba units. The units all feature hardwood
flooring throughout and updated tiling in the kitchen. Furthermore, additional improvements to the building
consist of but are not limited to, updated electric, newer windows, an updated and newly coated roof, separate and individual HVAC furnaces, and a paved parking lot in the rear. Given the location and size of the units, there is an incredibly large demand for apartments such as these.
3064 E. 79th presents an investor with a unique opportunity to acquire a strong, positive cash flowing
building with an in-place cap rate of over 8.2%. Given the quality of the units coupled with the prime location, by releasing and increasing rents to levels already being achieved in the building, an investor could increase the cap rate to just under 10.00%.
Chicago’s Lake Shore Drive which provides tenants easy access to Chicago’s downtown in roughly fifteen
minutes.
3064 E. 79th is currently comprised of nine (9) Oversized 2b/1ba units. The units all feature hardwood
flooring throughout and updated tiling in the kitchen. Furthermore, additional improvements to the building
consist of but are not limited to, updated electric, newer windows, an updated and newly coated roof, separate and individual HVAC furnaces, and a paved parking lot in the rear. Given the location and size of the units, there is an incredibly large demand for apartments such as these.
3064 E. 79th presents an investor with a unique opportunity to acquire a strong, positive cash flowing
building with an in-place cap rate of over 8.2%. Given the quality of the units coupled with the prime location, by releasing and increasing rents to levels already being achieved in the building, an investor could increase the cap rate to just under 10.00%.
Property Details
- Class
- C
- Year Built
- 1960
- Stories
- 3
- Lot Size (sq. ft)
- 6,098 SF
- Units
- 9
Highlights
- Complete Gut Renovation
- All New Plumbing, HVAC, and Electric
- All 2bd/1ba Units
- Desirable South Shore Location
- Just off Lake Michigan
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