Monarch Realty Partners is pleased to exclusively present for purchase 7852 S. Champlain, a 20 unit mixed-use investment property located in the historic neighborhood of Chatham. The property is comprised of 16 residential units consisting of six (6) 2BD/1BA units, five (5) 1BD/1BA units, and five (5) studios. Along 79th Street, there are four (4) retail spaces that are currently leased out.
Residents of 7852 S. Champlain pay their own electric and cooking gas, and heat is provided through a baseboard system. The residential units are in need of capital improvements throughout. Upon renovation and updates, a new owner can benefit by raising rent to market rates, and operate this mixed-use investment well above a 14% cap rate and achieve cash-on-cash returns as high as 40%.
7852 S. Champlain is located in an opportunity zone where investors can re-invest capital gains and receive a federal (IRS) tax break after ten years. The program encourages long-term investment and job creation in low-income areas of Illinois to fund new construction or renovation of buildings.
Chatham's vibrant community is centered around the 79th Street corridor which features long term dining establishments such as Harold's Chicken Shack, Billy's Gyros, and numerous Carribean Jerk Chicken hot spots. Local residents frequent the beauty parlors, nail salons, and neighborhood grocery and retail stores along the well known beacon of commerce. The neighborhood of Chatham is expecting completion of the $12 million renovation project of the Whitney M. Young Library in December of 2018. This will feature an early learning center for the youth, ample study areas, and a YOUmedia digital lab for teens. The 79th Street/Chatham Metra Station provides necessary transportation for those residents commuting to other areas of Chicago.
