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7022 S Perry Ave - 15 UNITS - Strong Income and Value add Upside 15 Unit Apartment Building Offered at $750,000 at a 8.78% Cap Rate Chicago, IL 60621
Executive Summary
7022 S Perry offers investors a 15-unit apartment building with strong in-place income and a clear value-add strategy. In-place rents average $758 against market rents of $1,100–$1,400 — roughly 50% upside on renovation alone. At approximately 750 square feet, the one-bedroom layouts are unusually generous and highly conducive to conversion into two-bedroom units, pushing the upside further with modest, targeted capital. Investors can drive returns through a straightforward renovation program, a room-count conversion strategy, or a blend of both, tailoring the business plan to market demand and available capital.
Property Facts
| Price | $750,000 | Property Type | Multifamily |
| Price Per Unit | $50,000 | Building Size | 11,250 SF |
| Sale Type | Investment | No. Stories | 3 |
| Cap Rate | 8.78% | Year Built | 1920 |
| Gross Rent Multiplier | 5.46 | Opportunity Zone |
Yes
|
| No. Units | 15 |
| Price | $750,000 |
| Price Per Unit | $50,000 |
| Sale Type | Investment |
| Cap Rate | 8.78% |
| Gross Rent Multiplier | 5.46 |
| No. Units | 15 |
| Property Type | Multifamily |
| Building Size | 11,250 SF |
| No. Stories | 3 |
| Year Built | 1920 |
| Opportunity Zone |
Yes |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 13 | - | - |
| 2+1 | 2 | - | - |
1 1
Moderately walkable
70/100
Moderately drivable
70/100
Good public transit
70/100
Fairly bikeable
50/100
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7022 S Perry Ave - 15 UNITS - Strong Income and Value add Upside