6802-6808 S Prairie Ave 38 Unit Apartment Building $2,300,000 ($60,526/Unit) Chicago, IL 60637

6802 S Prairie Avenue represents a 38-unit multifamily redevelopment opportunity located in Chicago’s Greater Grand Crossing neighborhood. This large-scale courtyard property consists of a mix of one-bedroom and two-bedroom units, with significant infrastructure and renovation work already completed, offering a clear path to stabilization and long-term value creation.
Ownership has implemented substantial capital improvements to the property, including new copper plumbing throughout, major HVAC upgrades with ductwork and furnace installations in select units, updated electrical systems, roofing repairs with structural reinforcement, and plumbing preparations for future tankless water heating. Permits and approved plans for the entire property have been secured, allowing a new owner to advance renovations with reduced risk and added efficiency.
Currently 100% vacant, the property offers full control over lease-up strategy with minimal occupancy disruption. The renovation process is already in meaningful progress, including completed HVAC upgrades and partially finished units. Its location near major redevelopment anchors such as the Obama Presidential Center, the University of Chicago, and Jackson Park positions the property in an area with strong connectivity via CTA bus routes, Metra, and major expressways like I-90/94 and Lake Shore Drive.
This opportunity is ideal for investors seeking to complete renovations and unlock stabilized performance, benefiting from current progress and permitted plans.