Pullman Palace 10920-10930 S Vernon Ave 31 Unit Apartment Building $2,000,000 ($64,516/Unit) 8.61% Cap Rate Chicago, IL 60628

Marcus & Millichap is pleased to present this multi-family investment opportunity in the Historic Pullman neighborhood of Chicago. The subject property is at 10920 S. Vernon Avenue, Chicago, IL is located 15.6 miles south Chicago's downtown loop area, 1.3 miles south of the Bishop Ford Freeway and Dan Ryan Expressway Interchange, and 0.3 miles north of the Metra Electric 111th Street train station. The subject property has a unit mix that consists of twenty-two one-bedroom /one-bathroom units that measure approximately 650 square feet and eight two-bedroom / one-bathroom + den units that measure approximately 760 square feet, and one, unfinished one-bedroom / one-bathroom garden unit. Over the past 10 years the property has received numerous capital improvements including: new silicone roof, laundry room, boiler, hot water
heater, and units have been rehabbed. In addition, the hallways have been carpeted. The neighborhood of Pullman is a National Historic Landmark District that we first being developed back in the early 1880's. George Pullman, the designer of this neighborhood, built this around his rail-car factory with a vision of having a "town within a city".
The area surrounding Vernon Avenue benefits from Pullman’s designation as a National Monument and later as a National Historical Park, which has elevated the neighborhood’s profile and spurred renewed public and private investment. This recognition has brought increased tourism, infrastructure improvements, and preservation funding, reinforcing Pullman’s role as both a cultural destination and a stable residential community. The historic core of Pullman remains largely intact, offering a unique blend of affordability and architectural character that is increasingly rare within Chicago.
Over the past decade, Pullman has undergone meaningful revitalization driven by large-scale economic development initiatives and community-focused planning. Major investments in nearby Pullman Park, a former industrial site, have attracted distribution, manufacturing, and food production users, creating thousands of jobs and injecting new economic activity into the Far South Side. These employment centers have strengthened the local economy and supported demand for
housing and neighborhood services.
Residential revitalization has also played a key role in the area’s resurgence. Ongoing rehabilitation of historic homes, adaptive reuse of former institutional buildings, and the introduction of new affordable and mixed-income housing have helped stabilize the neighborhood and encourage long-term residency. Projects that blend preservation with modern living have reinforced Pullman’s identity while addressing contemporary housing needs.
Retail and community amenities have expanded alongside this growth, with new shopping, dining, and service options emerging in and around Pullman and neighboring communities such as Roseland. These additions have improved daily convenience for residents and reduced the need to travel outside the area for essential goods and services. Community centers, parks, and cultural institutions further enhance quality of life and strengthen neighborhood cohesion.
Overall, the area around 10920 S. Vernon Avenue reflects a neighborhood in transition, balancing its deep historic roots with sustained reinvestment and economic momentum. While parts of the broader South Side continue to face challenges, Pullman stands out as a long-term revitalization success story, supported by historic preservation, job creation, infrastructure investment, and growing interest from both residents and visitors.