7609-11 S Essex Ave
6-Unit | All 3BR | 7% Cap | Value-Add | South Shore | $550K | 18%+ Upside at Market Rent
Marketing description
7609-11 S Essex Avenue presents a value-add opportunity to acquire a 6-unit multifamily asset in Chicago's South Shore / Grand Crossing corridor. The building is all large-format 3-bedroom units — a configuration in chronic undersupply across the South Side — with 5 of 6 units occupied and an in-place rent roll of $6,725/month ($80,700 annualized). One unit (2S) is currently vacant.
Current in-place rents average $1,345/month against directly comparable recent market activity of $1,750–$2,000/month for 3BD/2BA units within blocks — representing 30–48% upside to market on lease rollover. Tenants pay their own electric and heat, keeping owner operating expenses lean. The vacant unit represents immediate income upside of ~$21,000+ annually at market rents.
Investment highlights
- Significant Rent Growth Runway — In-place rents of $1,150–$1,700/mo compare to $1,750–$2,000 for comparable 3BD/2BA units recently rented within blocks — 30–48% upside to market on lease rollover.
- Tenant-Paid Utilities — All tenants pay electric and heat, keeping owner operating expenses lean and NOI resilient to utility cost inflation.
- All Large-Format 3-Bedroom Units — 6×3BD/2BA — a unit type in chronic undersupply on the South Side, drawing strong demand from families, CHA voucher holders, and market-rate renters.
- South Shore / Grand Crossing Location — Rapidly improving submarket anchored by University of Chicago (1.5 mi), Obama Presidential Center (1 mi), CTA Green/Red Lines, and an expanding retail and dining corridor.
- Professionally Managed — Managed by Marblestone Property Group with full expense documentation, lease compliance, and operational transparency.
- $80,700 In-Place Gross Income — Current rent roll of $6,725/month with. Market rent potential of $11,775/month at full occupancy — substantial upside as leases roll.
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