Listed by Kiser Group
$1,550,000
8005 S. Merrill Avenue
Details
Property Type Multifamily
Sub Type Apartment Building
Square Footage 19,050
Units 21
Multifamily | 21 Units
Marketing description
Kiser Group is pleased to offer for purchase 8005 S. Merrill, a beautiful, pristine, and rare twenty-one (21) unit corridor building located in Chicago’s South Shore neighborhood. Nestled amongst one of the most desirable pockets of South Shore lined with single family homes, the building sits less than three (3) blocks from the South Shore Hospital. The building also sits between Lake Michigan to the East and Jackson Park to the north, which is currently where the Obama Presidential Library is being developed. Additionally, for quick and convenient transportation, the asset sits directly between Chicago’s Lake Shore Drive and I-90, both of which provides tenants easy access to Chicago’s downtown in roughly fifteen minutes.
8005 S. Merrill is currently comprised of twenty-one (21) overly spacious units, made up of one (1), two (2) and three (3) bedroom apartments. All of which feature incredibly large great rooms, and dining rooms. The units all feature hardwood flooring throughout and an abundance of natural light. Furthermore, additional improvements to the building consist of, but not limited to, updated electric, 100% copper plumbing, updated windows, an updated porch system, a newer Weil-McLain boiler system, and an eight-car garage. Additionally, the building features an on-site laundry facility with both coin operated washers and dryers.
8005 S. Merrill presents an investor a unique opportunity to acquire an incredibly strong, positive cash-flowing building in one of South Shore’s most desirable pockets. While the building has a long history of staying fully occupied, rents are far below market levels. Solely by improved leasing and management, there is an opportunity to achieve a 10.47% cap rate.
Investment highlights
- Nine (9) 2Bd/1Ba, Nine (9) 1Bd/1Ba, & Three (3) 3Bd/1Ba Units
- Updated Kitchens & Baths
- Modern Weil-McLain Boiler
- 100% Copper Plumbing
- Significant Room to Increase Rents
Listing Contacts
Listed by Kiser Group
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