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The Shore Residences 7350 S Phillips Ave 70 Unit Apartment Building $8,175,000 ($116,786/Unit) 9.96% Cap Rate Chicago, IL 60649
Investment Highlights
- Central Heat/Air
- Brand New Elevator
- 74% 2 & 3 Bedroom Units
- In-Unit Laundry
- Updated Electric/Plumbing
Executive Summary
CRER is pleased to present “The Shore Residences,” a 70-unit multifamily investment offering in Chicago’s historic South Shore neighborhood. The Shore Residences underwent a full renovation in 2025 and consists of a diverse unit mix of one, two, and three bedrooms. Major systems and common areas have been upgraded, including electric, plumbing, roof, elevator, trash chute, and laundry room. Residents enjoy spacious layouts featuring condo quality finishes, updated kitchens and baths, central heat and air, hardwood floors, and the convenience of in-unit laundry. With its strong unit mix, modernized infrastructure, and elevated in-unit experience, The Shore Residences offer investors a stabilized South Shore asset positioned to capture continued rental demand along Chicago's lakefront corridor.
Property Facts
| Price | $8,175,000 | Building Class | C |
| Price Per Unit | $116,786 | Lot Size | 0.42 AC |
| Sale Type | Investment | Building Size | 71,265 SF |
| Cap Rate | 9.96% | Average Occupancy | 80% |
| No. Units | 70 | No. Stories | 6 |
| Property Type | Multifamily | Year Built/Renovated | 1929/2025 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Mid-Rise | ||
| Zoning | RT-4 | ||
| Price | $8,175,000 |
| Price Per Unit | $116,786 |
| Sale Type | Investment |
| Cap Rate | 9.96% |
| No. Units | 70 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.42 AC |
| Building Size | 71,265 SF |
| Average Occupancy | 80% |
| No. Stories | 6 |
| Year Built/Renovated | 1929/2025 |
| Opportunity Zone |
Yes |
| Zoning | RT-4 |
Amenities
Unit Amenities
- Air Conditioning
- Dishwasher
- Washer/Dryer
- Washer/Dryer Hookup
- Kitchen
- Hardwood Floors
- Refrigerator
- Oven
- Stainless Steel Appliances
- Large Bedrooms
Site Amenities
- 24 Hour Access
- Laundry Facilities
- Tenant Controlled HVAC
- Gated
- Disposal Chutes
- Recycling
- Trash Pickup - Curbside
- Elevator
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 18 | - | 750 |
| 2+1 | 32 | - | 900 |
| 2+2 | 10 | - | 950 |
| 3+2 | 10 | - | 1,050 |
1 1
Moderately walkable
70/100
Moderately drivable
60/100
Good public transit
60/100
Moderately bikeable
70/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $374,236 | |
| Land Assessment | $22,947 | Total Assessment | $397,183 |
Property Taxes
Parcel Numbers
Land Assessment
$22,947
Improvements Assessment
$374,236
Total Assessment
$397,183
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The Shore Residences | 7350 S Phillips Ave
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