Listed by Kiser Group
$1,200,000
2440 E 75th St
Details
Property Type Multifamily
Sub Type Apartment Building
Square Footage 19,232
Units 21
Cap Rate 11.00%
Year Built 1923
Multifamily | 11.00% CAP | 21 Units
Marketing description
Kiser Group is pleased to exclusively offer for purchase 2440 E. 75th St, a rarely available twenty-one (21) unit walkup located in Chicago’s South Shore neighborhood. The asset is ideally situated just blocks from Lake Michigan and Rainbow Beach Park. 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.
2440 E. 75th is comprised of 21 total units, made up of four (4) commercial, eight (8) Studios, two (2) 1b/1ba, and seven (7) 2b/1ba units. All of the units have spacious layouts with hardwood flooring throughout. Additionally, the building was recently gut-renovated and consists of all copper plumbing, brand new 1200 amp electric service, individual furnaces (all from 2021), new hot water tank, and an on-site laundry facility.
2440 E. 75th presents an investor an incredible opportunity to acquire a stabilized, cash-flowing asset in Chicago’s South Shore neighborhood. With the current operation from day one, an investor will realize an 11% cap rate and a 21.49% cash return. By increasing rents already achieved in the area, an investor can achieve a cap rate of 13% and a cash return of over 30%.
Investment highlights
- Four (4) Reatil, Eight (8) Studios, Two (2) 1Bd/1ba, & Seven (7) 2Bd/1Ba Units
- Complete Gut Renovation
- 100% Copper Plumbing
- Brand New 1200 Amp Electrical Service
- Individual Furnaces
Listing Contacts
Listed by Kiser Group
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