6700 S Constance Ave 78 Unit Apartment Building $10,325,000 ($132,372/Unit) 8.50% Cap Rate Chicago, IL 60649

Interra Realty has been exclusively engaged to market 6700 S. Constance Avenue for sale. The subject investment property is a 78-unit multifamily asset in the Jackson Park Highlands submarket on Chicago’s south side. The property overlooks Jackson Park Golf Course and is steps from the Obama Presidential Center. Extensively rehabbed over the past 24 months, the unit mix at the property is comprised of one, two and three bedroom apartments, all with identical finishes.
All apartments feature a modern aesthetic with stainless steel appliances, granite kitchen counter tops, new cabinetry, newly refinished hardwood floors as well as completely updated bathroom showers and vanities. Further improvements include all new electrical service, all new copper plumbing and complete build out of four on-site laundry rooms. The property has also been awarded a 35% assessed value reduction through AHSAP, with two (2) 10 Yr Extension Options, which lowers property taxes 35% per year.
The property is being o?ered for sale free-and-clear of existing debt. A new investor has the opportunity to acquire a building that has been extensively rehabbed and o?ers attractive economies of scale in a highly sought after Chicago submarket with significant future upside.