Fully Occupied | South Shore 7147 S Cornell Ave 6 Unit Apartment Building $570,000 ($95,000/Unit) 8.01% Cap Rate Chicago, IL 60649

Kiser Group is pleased to exclusively offer for purchase 7147 S. Cornell, a meticulously maintained, gut rehabbed, center-entranced six (6) unit walk-up located just outside Jackson Park in Chicago’s South Shore neighborhood. The property is tucked away on a beautifully tree lined street nestled amongst residential homes and brick bungalows. Additionally, the property sits just one (1) blocks away from the 71st/Stony Island intersection, which provides tenants with a number of transportation options to and from Chicago’s downtown.
7147 S. Cornell has an incredibly desirable unit mix comprised solely of two-bedroom apartments. All of which, however, are incredibly spacious and outfitted with original hardwood flooring throughout and contain separate living and dining rooms. Additionally, the building also features updated kitchens and baths, and each unit contains an oversized panty in the rear of the kitchen. As indicated above, the building has underwent significant and extensive improvements consisting of, but not limited to: 100% copper plumbing throughout, high efficiency and individual furnaces, an updated roof, windows, along with an abundance of masonry and tuckpointing.
7147 S. Cornell presents an investor the opportunity to acquire a fully occupied and professionally managed building in one of Chicago’s fastest growing and rapidly improving neighborhoods. Furthermore, from day one, a new owner will benefit from an incredibly stable and long term tenant base and inherit an in place cap rate of 8%. Furthermore, by solely stabilizing the rent rates at levels currently being achieved in the building, there is an opportunity to achieve a cap rate north of 10.5%.