446-458 E 79th St 38 Unit Apartment Building $1,520,000 ($40,000/Unit) 9.74% Cap Rate Chicago, IL 60619

Kiser Group is pleased to exclusively offer for purchase the sale of 7852 S. Eberhart, a majestic thirty-eight (38) unit property in Chicago’s highly desirable Chatham neighborhood. The building is nestled on a quiet, tree lined street, but also has strong visibility alongside Chatham’s commercial corridor, directly adjacent to the Whitney M. Young Library. Renters are attracted to Chatham given its suburban and residential feel while still maintaining its urban environment.
7852 S. Eberhart is currently comprised of both studio and one-bedroom apartments, as well as commercial storefronts. Currently, there are eighteen (18) spacious studio apartments and ten (10) large one-bedroom apartments. All of which are incredibly sizeable, feature hardwood flooring throughout and have been equipped with updated kitchens and bathrooms. Additionally, there are ten (10) commercial storefronts, five (5) of which are occupied and five (5) have been gutted awaiting new tenants. Recent capital improvements to the building consist of, but not limited to: a new tear off roof, a new high efficient central boiler system, new porches, newer windows, new electric, along with a fenced in parking lot for roughly twenty (20) cars.
7852 S. Eberhart presents an investor a unique opportunity to acquire a rare, thirty-eight (38) unit building in one of Chicago’s most desirable pockets of Chatham. From day one, an investor will realize an in place cap rate of 9.74% along with an equally impressive cash return exceeding 16%. Furthermore, while current rents are substantially below the market rate, there is an opportunity to drastically increase these returns through improved leasing and management.