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7400 S Phillips Ave 15 Unit Apartment Building $975,000 ($65,000/Unit) 9.68% Cap Rate Chicago, IL 60649
Executive Summary
7400 S Phillips Avenue presents a prime 15-unit multifamily opportunity in Chicago’s South Shore neighborhood, offering an attractive unit mix and strong in-place income. The building features 4 spacious 4-bed/2-bath units, 3 large 3-bed/1-bath units, and 8 well-appointed 2-bed/1-bath apartments, catering to families and working professionals seeking quality housing near the lakefront and public transit.
Property Highlights:
Unit Mix: (4) 4-bed/2-bath, (3) 3-bed/1-bath, (8) 2-bed/1-bath
Individual Utilities: Each unit equipped with its own furnace, water heater, and electrical panel
Turnkey Systems: Major mechanicals completed; copper plumbing throughout
Upside Potential: Three units remain unfinished but are fully roughed-in with permits—allowing an investor to quickly add value and increase NOI
Positive Cash Flow: Immediate income from occupied units with opportunity to push rents through light renovations and leasing strategy
High-Demand Layouts: Larger bedroom configurations attract long-term tenants and premium rents
Property Highlights:
Unit Mix: (4) 4-bed/2-bath, (3) 3-bed/1-bath, (8) 2-bed/1-bath
Individual Utilities: Each unit equipped with its own furnace, water heater, and electrical panel
Turnkey Systems: Major mechanicals completed; copper plumbing throughout
Upside Potential: Three units remain unfinished but are fully roughed-in with permits—allowing an investor to quickly add value and increase NOI
Positive Cash Flow: Immediate income from occupied units with opportunity to push rents through light renovations and leasing strategy
High-Demand Layouts: Larger bedroom configurations attract long-term tenants and premium rents
Property Facts Under Contract
| Price | $975,000 | Apartment Style | Low-Rise |
| Price Per Unit | $65,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.23 AC |
| Cap Rate | 9.68% | Building Size | 17,616 SF |
| No. Units | 15 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1920 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | 10 | ||
| Price | $975,000 |
| Price Per Unit | $65,000 |
| Sale Type | Investment |
| Cap Rate | 9.68% |
| No. Units | 15 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.23 AC |
| Building Size | 17,616 SF |
| No. Stories | 3 |
| Year Built | 1920 |
| Opportunity Zone |
Yes |
| Zoning | 10 |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
Site Amenities
- 24 Hour Access
- Tenant Controlled HVAC
- Trash Pickup - Curbside
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 8 | $1,300 | - |
| 3+2 | 3 | $1,600 | - |
| 4+2 | 4 | $1,900 | - |
Walk Score®
Very Walkable (81)
Property Taxes
| Parcel Number | 21-30-115-013-0000 | Improvements Assessment | $58,784 |
| Land Assessment | $12,636 | Total Assessment | $71,420 |
Property Taxes
Parcel Number
21-30-115-013-0000
Land Assessment
$12,636
Improvements Assessment
$58,784
Total Assessment
$71,420
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7400 S Phillips Ave
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